“In fact, even today coins and banknotes are a rare form of money. The sum total of money in the world is about $60 trillion, yet the sum total of coins and banknotes is less than $6 trillion. More than 90 per cent of all money – more than $50 trillion appearing in our accounts – exists only on computer servers. Accordingly, most business transactions are executed by moving electronic data from one computer file to another, without any exchange of physical cash.”
The above quote is from the book Sapiens – A Brief History of Mankind by Yuval Noah Harai.
I started wondering if for some reason electricity generation became an issue then all those 1s and 0s, those bits and bytes in a myriad of computers around the globe would be naught. There goes 35 or 40 years of hard work, saving , investing and retirement dreams. Of course if electric generation went away there would be logarithmically worse problems on the third rock from the sun.
60 trillion dollars worth of money in the world and 50 trillion of that is in digital form… talk about your cyrpto-currency. Have you ever noticed the first 3 letters of this new fad in “money” is C-R-Y said the Curmudgeon channeling his inner Seinfeld.
And so it does not go… I hope.
And here is a country worried about electricity: Winter is coming: The ‘best country in the world’ is planning to ban electric cars amid the energy crisis. Is it time to revisit oil stocks? Here are 3 big plays