“It’s the good people that are suffering, the bad people are never going to comply with you anyway, so you’re not accomplishing anything. I do think the Bitcoin will help to change that.”— Matthew MežinskisMatthew Mežinskis is the creator of the Crypto Voices podcast and Porkopolis Economics website. In this interview, we discuss the concept of base money, a comparison of global currency valuations (including Bitcoin), COVID-19’s impact on the monetary base, limitations of the current monetary system, government debt, inflation, political problems, and the need for change. - - - - There are quite rightly real concerns over the societal implications of Central Bank Digital Currencies particularly in relation to the capacity it will give governments to erode democratic principles. However, there are already serious concerns regarding the existing system. The transmission of monetary policy, that is, the impact of central bank policy decisions on the economy, is significant. And yet, these policy decisions are done behind closed doors.Around two-thirds of the United States’ monetary base is digital: equating to 20 trillion dollars. Central banks add and remove trillions of dollars from the monetary system through keystrokes and computer strokes, increasing and reducing the bank reserves by increasingly eye-watering amounts. The latest changes have removed material liquidity from the banking system. This has caused interest rates to rise, which has resulted in banking collapses and a cost of living crisis.Some are calling for central banks to be abolished, such as Javier Milei, the libertarian candidate leading Argentinia’s presidential polls. However, central banks are closely entwined to the global economy; there is no easy way to surgically remove them without causing collateral damage to the real economy. Yet, if central banks continue on their current path there will be more currency collapses and a concentration of value in a narrowing set of global currencies. The monetary system is therefore becoming a cartel controlled by a small elite who are benefiting from this situation whilst the majority suffer. There is growing dissatisfaction with this situation and a desire for change among the general population. Bitcoin can play a role in such a change: it both offers a more efficient and less restrictive alternative, but also, educates people as to the nature of the problem with a centralized monetary system.- - - - This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----WBD702 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.