“Imagine if it was a democratic process…and the government went to the people and said ‘hey who wants a 44% reduction in their purchasing power next Wednesday?’ Zero people would raise their hands obviously…devaluations can never be democratic; but the economic part of it is the hidden repression – this is the part they always hide from you.”
— Alex Gladstein

Jeff Booth is the Author of The Price of Tomorrow & General Partner at Ego Death Capital and Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation. In this interview, we discuss the devastating effects of currency devaluation, the systemic issues of exploitation, debt, and inequality, and the potential of Bitcoin to provide economic hope and empowerment.

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In mid-November, the Malawian government announced a sharp devaluation of its currency, which resulted in instant price increases for commodities such as fuel and electricity of 40%. This has devastating effects on people already struggling to make ends meet. To add further insult, there is a serious lack of transparency in the process. The injustice of the situation is glaring, with no one held accountable for the harm caused by the devaluation.

Our conversation touched on the hidden nature of modern-day slavery disguised as economics. We highlighted how the West's living standards are based on stealing resources and exploiting cheap labour from countries like Malawi. The International Monetary Fund (IMF) plays a role in ensuring cheap goods for the West, but their public statements focus on stabilising the world and reducing poverty.

We also discussed the issue of wages in sub-Saharan African countries, which have not recovered from their peak in the 1970s. The impact of debt and interest payments on these countries' budgets is ruinous, with a significant percentage of their annual budget going towards paying off debt. The entire global economic system is based on theft, and the uncomfortable truth is that the rate of theft influences economic conditions in the West.

Bitcoin, as a decentralised system, reveals the truth about what is happening in the world. Bitcoin allows individuals to protect themselves from devaluation and move into a system that doesn't constantly steal their wages. We were fortunate to see how Bitcoin can bring positive change to countries like Malawi, where Bitcoin mining is enabling a remote village to utilise hydro energy to power the village and generate income.

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This episode’s sponsors:
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Swan Bitcoin - Invest in Bitcoin with Swan

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WBD751 - Show Notes

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