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Contrary to many who strive towards homogeneity and to be surrounded by those who look, act and speak only like themselves - diversity results in the exponential release of value… Lots of value! Keep that thought in mind as we move on.

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 This is a longer than normal blog post, but trust me... It's worth it. If you don't have the timel, feel free to pick a topic from the table of contents below.

About the Euro Project

The Euro and the One World (well, old world as Europeans would define it) Currency

So… What Happened?

The Power of Diversity, Inclusion and Pooled Economic Interests

Is Veritaseum About To Take Jamaica To the Next Level?

About the Euro Project

The Euro was the most ambitious global macroeconomic and sociopolitical project the 21st century. It has failed!

What made Europe great!

Continental Europe is one of the most culturally, economically and socio-politically diverse places on the planet. The diversity has actually served Europe well…

That is until economic value and scarce resources began to concentrate - excessively. The result was discontent among the masses, extreme populism, and…

War!

World War 1

Berlin Germany, World War 2 aftermath

Two consecutive world wars devastated continental Europe and its islands (ie. Great Britain), and it was obvious that a better way existed. That better way was envisioned by politicians, academics and economists (mistake number one).

The Euro and the One World (well, old world as Europeans would define it) Currency

Economic prosperity, or more accurately put, the dearth of, was the root of the wars born of nationalism and populism. Be cultivating economic prosperity, the progenitors of the euro sought to emulate the synergies enjoyed in the United States where a common currency united 50 states plus several protectorates over and expanse of thousands and thousands of miles, cultures and economies. As a means to an ends, the Maastricht Treaty was signed in 1993 (after the fall of the Berlin Wall, which set the socio-political atmosphere for lasting peace), laying the groundwork for modern day interpretation of what was to become the Euro.

The advocates of the euro argue (with strong empirical backing and common sense) the euro was more than a mere economic project. A common currency should:

  1. Improve standards of living through increased efficacy of resource allocations;
  2. Enable principles of comparative advantage;
  3. Enhancing competition;
  4. Enable all participants to take advantage of increased economies of scale and strengthening economic stability.

Above and beyond its individual economic parts, the euro in totality was to be more than the mere sum of its parts. The economic components were to fit together to make something bigger - a chance to mend the geopolitical fissures and enhance the political integration of Europe, bringing the people and countries closer together and ensuring peaceful coexistence.

So… What Happened?

Europe is now fragmented and hampered, both economically and geopolitically. The EMU and EZ (Eurozone:(the group of countries that share the euro as their common currency) has suffered a prolonged period of near-stagnation. GDP per capita (adjusted for inflation) for the eurozone – the countries of Europe that share the euro as their currency – was actually lower in 2015 than it was in 2007 and 2008. That’s right, after 10 years, still no recovery from the bubble bursting.

Some countries have been in depression for years. As a matter of fact, stagflation should be used in certain areas, but no one wants to mention the “S” word. Look at these charts - all going in the wrong directions.

EU GDP - Down!

EU Consumer Prices - UP!

EU Full Time Employment - Down!

As I predicted in Amsterdam in 2011, consumer prices going up as employment rate stagnates.

The US unemployment rate hit 10% in October 2009 and America thought the sky was falling.

It has since declined to less than 5%. Yet the unemployment rate in the eurozone reached 10% in 2009 as well, and has been stuck in double digits ever since.

On average, more than one out of five young people in the labour force are unemployed, but in the worst-hit crisis countries, almost one out of two looking for work can’t find jobs.

The persistent economic malaise (despite unprecedented and drastic remedial actions suchas negative interest rates, bail-ins and QE) have just as profound an effect on peace and harmony as pre-world war Europe. The underpinnings of the union are rattling:

  1. Extreme right and left political parties clamoring for the breakup of their respective nation-states, ie. Spain and Italy.
  2. Britain (the EU’s second largest economy and its primary financial center) Brexits
  3. LePenn gets much, much closer to the mantle of power than any would have ever thought possible.

The survival of the European Union, as we know it, is in serious doubt.

The creation of the European common currency known as the euro is the cause of all of this!

 

The leaders of the EU and EC opted to create a common currency that wasn’t sensitive to the Union’s common nor individual needs. Often, what benefits the euro area economic leader - Germany - damages the smaller periphery nations such a Greece or Portugal. What benefits Ireland may be detrimental to France. As a matter of fact, when dealing with a construct such at the EMU, you have over 19 distinct, individual languages, cultures, economies and legal systems to deal. The truth of the matter is, no matter how hard you try, one size will never fit all.

One size barely fits even one - thus the result is financial and political exclusion for those who are not one of the template economies that the centralized was designed to advantage. Basically, the euro concept excludes those that it sought to include at the benefit and behest of its largest (economically) and most powerful (geo-politically, not necessarily militarily) members.

The Power of Diversity, Inclusion and Pooled Economic Interests

The overarching concept is laudable and ideal - the creation of a united economic nation-states of Europa - essentially replicating the extreme success of the USA. It’s not the goal that is doomed to fail, but the implementation.

Using software robotics, blockchain technology, smart contracts and financial engineering, we at Veritaseum are realizing the goals of what the euro should have been. We plan to unleash this platform in the short term and demonstrate a template upon which to build the smart contract powered evolution to the euro concept - in other worlds, Enter the Peer-to-Peer Economy.

By embracing the diversity of the economic interests in question we hedge against economic risks (think portfolio theory in finance). At the same time as we foster the distinct economic differences in a heterogeneous fashion, we create a homogenous economic pool of value from which all participants can draw. I essence, we essentially reap the best of all worlds while being exposed to the downfalls of none.

VERI.Carib - The Pan Caribbean “Smart Currency”

Our token technology, Veritas, serves as the basis for a pan-Caribbean “smart" currency designed to operate in conjunction with traditional fiat currencies (to enable immediate adoption) that allows the entire participating set of caribbean nations of the African and latin diaspora and beyond to share common liquidity pools and markets, yet retain their sovereignty and economic independence. This avoids the marginalization that plagues the Eurozone periphery (Greece, Portugal, etc.) which gradually drags down the economic core (Germany, France, etc.).

When summing quantity of various economies of the pan-Caribbean nation's as one contiguous liquidity pool, you find a new world power arises. The same for their stock/asset/debt markets, labor markets, tourism and trade. Add in tokenized labor via smart contract interaction and we have an extreme shift in the geopolitical power structure.

This is how the world stands now...

Veritas.PanCarib can literally reshuffle the global playing cards. Observe:

Sub Saharan African

$1,619.89

Commonwealth of Independent States

$1,726.01

Emerging and developing Europe

$1,795.80

Italy

$1,901.67

ASEAN 5

$2,360.75

India

$2,487.94

France

$2,537.92

United Kingdom

$2,885.48

Middle East

$2,991.33

Middle East, North Africa, Afghanistan, and Pakistan

$3,304.07

Germany

$3,591.69

Veritas.PanCarib

$3,896.39

Japan

$4,513.75

Western Hemisphere

$4,653.56

Individually, none of the Caribbean nations rank anywhere near median in the global rank of GDP contributors. Pooled through Veritaseum, they’re over 9x greater than the world average and outrank such economic powerhouses as the Germany, United Kingdom and France (the 3 largest economies in the EU), all of the Middle East, MENA (Middle East, North Africa, Afghanistan and Pakistan) and encroach on the space of the global economic superpower Japan and the Western Hemisphere!

More importantly, by linking the economies through this common “smart currency”, the rate of GDP growth will easily outstrip all in this list (or at least those who don’t also advantage themselves of Veritaseum technology). Be prepared to observe Veritas.PanCarib to move upwards in the world ranks very, very quickly.

Is Veritaseum About To Take Jamaica To the Next Level?

Government, banking and financial leaders in one of the largest caribbean nations (both geographically and economically) have invited me to the island to walk them through specifically how Veritaseum can boost their GDP, markets and economy. I will approach them with a packaged solution that they literally cannot refuse. More on that in a few months. I’ll be in caribbean next week.

Reggie Middleton - Facilitator of the Blockchain Technology Workshop (1).jpg

 

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