The post-reading activity of ‘A Monetary History of the United States’ which discussed the digital assets from the perspective of the global monetary system hold by OUMI group brought to a successful close.
As bitcoin hits the $40,000 mark, the event explored the logic of currency and forecasted the developing trend in the future through the Monetary History of the United States (1867-1960), which is called the bible of monetarism.
Based on three important periods in U.S. history: the green Money era, the Great Depression, and the the boom years after World War II, the event dissected the development of digital assets through the economics principle of the currency nature.
During the period of the green Money era, both of the green money monetary standard and gold monetary standard existed, the former was official but the latter was unofficial. During this period, deflation occurred with the excessive development of productive force. The supply of social production exceeded demand, and the currency circulation became slow, which brought the vicious circle of economic recession and slowed the population growth. Making the analogy of the historical law to bitcoin, the activity pointed that the store function exceeded the trade function. The unbalanced supply-demand ratio will become a hidden danger for the development of Bitcoin without regulation.
Another deflation occurred in the Great Depression of the United States, when the overall social income was unequal, the public consumption desire was depressed. The capitalists increased exploitation in pursuit of interests, forming a vicious circle that resulted in serious imbalance between social supply and demand. Besides, bank run occurred under the wrong policy, which affected the currency regulation and failed to effectively stimulate and improve the producer side.
Finally, in view of the economic trend after World War II, currency substitution will have an impact on economy through its impact on money supply. In the future, the definition of personal wealth will be expressed in various forms. The scale production of industrial age makes the cost of supplies lower and lower, so the means of production are wealth, and resources are wealth. From the perspective of blockchain, data is a new resource, data on the chain is a public resource, and data analysis tool as a new production tool is also wealth. In addition, the global monetary system will become more complex and diversified with the addition of currency substitution. Tokens are the new wealth that will have a huge impact on deposits, the use of high-powered money and the speed of money circulation, affecting prices and production. In this activities, the current situation and development of digital assets were deeply interpreted based on the economic principles in the Monetary History of the United States.
In the future, OUMI group will hold more summit conferences, round-table conferences and roadshows about the related projects. Carrying out thorough study of this new field to achieve the purpose of project development, and discuss the business prospects together in exchanges and cooperation.