"The U.S. government doesn't want to see this monopoly go away," he said during the third episode of "Decentralize.TV."
"I mean, it's not a monopoly per se. But … the U.S. dollar is, I think, responsible for 70 percent of the transactions in the world. It's very important for nations around the world to stay connected to the Federal Reserve and the U.S. dollar, so they can dictate a lot of things to other countries because of the U.S. dollar. If they sort of allow crypto to take over and thrive, then they would be giving up that power."
According to Alex, America would also benefit from the increased economic efficiency of having a global decentralized and frictionless medium of exchange system even if it loses the U.S. dollar monopoly. However, he cited the shortsighted governance in the U.S. which he said has become the norm.
Adams agreed, citing how the U.S. and the West cut off Russia from the SWIFT transaction system following the Russia-Ukraine war. The Natural News and Brighteon.com founder said SWIFT – formally the Society for Worldwide Interbank Financial Telecommunications – is a centralized ledger that allows nations and central banks as well as member banks of other countries to engage in clearing and transactions.
The Health Ranger continued that SWIFT's decision to cut off Russia instantly sent a message all around the world: The U.S. dollar is no longer a neutral means of exchange, and has has now become a scoring system where permission is required to use it.
Adams remarked: "If the U.S. doesn't want to give you permission as a nation, they can cut you off from that system." Alex agreed, adding that this policy from SWIFT only serves to sow the seeds of its own destruction.
The co-founder of LocalMonero also pointed out that the Fed and its counterparts in other nations, through their tendency to inflate currency and impose various restrictions, have driven people to seek alternatives. Inflating currency and restricting its movement isn't sustainable, he added, and people just want to be able to save their money and transact with each other in a voluntary free market system. (Related: Decentralize.TV interviews LocalMonero co-founder “Alex” about acquiring privacy crypto without using centralized exchanges.)
"It feels to me that we're more destined for a hard landing where it's going to be a situation that every central bank ends up in a high inflation or even hyperinflation situation," said Alex, who stated that this has driven people to switch to crypto platforms such as Monero.
The Health Ranger ultimately mentioned that Monero doesn't require permissions since it has no central ledger or controlling authority that can cut it off. Anybody can do transactions with others in Russia, Ukraine, China, South America or anywhere using the platform. People will have to thank SWIFT for demonstrating the advantages of Monero, he added.
Follow CryptoCult.news for more news about cryptocurrencies.
Watch the full Episode 3 of "Decentralize.TV" with the Health Ranger Mike Adams and LocalMonero co-founder Alex below.
This video is from the Health Ranger Report channel on Brighteon.com.