Attali Proclaims: Stablecoins To Become Currency of World Government
Aug. 31—In his typical One-Worldist fit-mode, former French presidential advisor and would-be financial wizard Jacques Attali says the stablecoin is a promising step in the direction of his wet dream: the creation of a world government that does away with nation-states.
Citing his latest article in Les Echos, he posted in English on X on May 16: “Against all attempts at sovereignty, technology is helping people in every country to use a global digital currency, the stablecoin, backed by the most powerful economies, breaking down all barriers: a global currency, created by the people, could thus be born. My new column for @lesechos is online.”
On his blog, the wizard writes, “Do You Know What a Stablecoin Is? You Should!”: "Among all the cryptocurrencies that have made headlines, there is one very special one that could soon revolutionize the global economy. … I am not referring here to speculative cryptocurrencies, which have led to high-profile bankruptcies and sent financiers to prison, nor to the one issued by President Trump, which serves only to organize a transfer of money to his family….
“I am referring here to a cryptocurrency that is apparently completely useless, since its value is not supposed to fluctuate, but is designed to maintain a stable value, indexed to a fiat currency such as the dollar or the euro, or to gold. … Then, little by little, people all over the world, from all walks of life, realized that stablecoins were much more than just a kind of digital dollar. They realized that they could obtain them without having a bank account and therefore without having to provide the information required to open one; and that they could also acquire them in countries with little or no dollar reserves and then transfer them anywhere via a virtual transaction for free use. …
“We can imagine this going much further, with millions of people in a country gradually transferring their transactions between themselves and with other countries to the dollar, without their governments being able to do much about it. This would lead to a bottom-up dollarization of the economy, without any central decision. We can even imagine that little by little, a very large part of global trade would be organized in stablecoins, i.e., virtual dollars backed by US Treasury bills. Some large countries could see their national currencies disappear: Brazil, Nigeria, Indonesia, Turkey, and India are natural candidates for such a transformation.
“The countries most advanced in the digitization of their currencies, the U.S. and China, will be the first to offer them to others. The U.S. government would thus rid itself of the cumbersome supervision of its central bank, and the Chinese would circumvent the requirements of the single party. It is conceivable that the euro could join the dance, because it is at least as strong as the dollar.
“It is also conceivable that these issuing companies would, in a fully transparent manner, invest only part of their revenues in Treasury bonds and also become lenders, creating a tremendous leverage effect that would be completely external to the current global monetary system. We would have moved from the current shadow banking system to a shadow monetary system.
“I am convinced that such instruments can become major players in the globalization of markets … that they can give the poorest people the means to protect and enhance their savings, and make trade work through micropayments between micro-enterprises with resources that are unimaginable today.”