55 days from now will be the hundred-year anniversary of when the American industrialist and service mogul Henry Ford spoke about a unique “energy currency” that could “stop wars.” The well known founder of the Ford Motor Company suggested that a currency could be backed by energy in kilowatt-hours (kWh) in a similar fashion to the way energy is leveraged to mine bitcoin.
New York Tribune, December 4, 1921: ‘Ford Would Replace Gold With Energy Currency and Stop Wars’
Close to 100 years ago on December 4, 1921, Henry Ford went over a concept he developed in the New York Tribune. The title of the published article was called “Ford Would Replace Gold With Energy Currency and Stop Wars.”
Ford is popular for establishing the assembly line strategy and producing among the very first mass-produced American-developed autos. Ford’s energy currency concept describes a digital currency much like Satoshi Nakamoto’s Bitcoin and one that is also scarce.
Not just would Ford’s energy currency be backed by energy determined in kilowatt-hours (kWh) he likewise went over with the Tribune that the currency would “be issued only to a certain definite amount and for a specific purpose.”
It has always been understood that Henry Ford was well ahead of his time, but he also thought about a concept that is very similar to what’s described in the Bitcoin white paper. Ford even had an area prepared to begin the concept at Muscle Shoals Dam. The treacherous and wild Muscle Shoals section of the Tennessee River produces a lot of energy as the dam provides electrical power, flood control, and a water supply.
Ford even took chance ats the banking cartel in 1921, which are essentially the exact same banks and member of the family running the world’s financial resources today. “It’s simply a case of thinking and calculating in terms different from those laid down to us by the international banking group to which we have grown so accustomed that we think there is no other desirable standard,” Ford stressed.
While the cypherpunks like Timothy May and Eric Hughes blogged about ideas that looked closer to today’s cryptocurrency, lots of others had visions comparable to Henry Ford’s energy currency principle. The Nobel laureate and Austrian economist Friedrick Hayek discussed the idea of a free market currency.
“I don’t believe we shall ever have good money again before we take the thing out of the hands of [the] government,” Hayek worried. “That is, we can’t take it violently out of the hands of [the] government, all we can do is by some sly roundabout way [to] introduce something that they can’t stop.”
In addition to Hayek, Milton Friedman went over the concept of a cryptocurrency in 1999. “I think that the Internet is going to be one of the major forces for reducing the role of government,” Friedman said during his interview that went viral in 2014. “The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A,” the economic expert included.
Henry Ford: ‘It Would Mean Changes in World Finance — Bankers Always Oppose Changes’
Ford’s energy currency editorial in the New York Tribune not only takes aim at the bankers but blames gold as well. “It’s very simple when you analyze it,” Ford stressed. “The cause of all wars is gold. We shall demonstrate to the world two things, first, the practicability, second, the desirability of displacing gold as the basis of currency and substituting in its place the world’s imperishable natural wealth.” Ford continued:
Almost everyone on the planet, other than the papers and lenders acknowledges that civilization has actually entered upon a brand-new age. The newspapers don’t see it and the international bankers don’t want to see it — It would mean changes in world finance and bankers always oppose changes.
It could be stated that the pattern in America has actually currently gone into a world of digital currency which is done mainly by the banking system’s databases. In many respects, Ford got his way because the powers that be essentially replaced gold with unbacked fiat. However, fiat is a far cry from a limited and energy-backed currency Ford thought up long ago.
The banking cartel moving off the gold standard has pushed a “desirability of displacing gold” from both sides of the spectrum. Decentralized crypto properties like bitcoin (BTC) are certainly displacing gold even if the measurement of displacement is still rather little.
These days people use cryptocurrencies as a hedge against fiat and the central banks’ massive monetary expansions just like precious metal (PM) collectors and ‘gold bugs.’ In this line of believing there is likewise a “desirability of displacing gold” forming amongst the masses as digital currencies use advantages that PMs like gold cannot offer.
According to assetdash.com bitcoin (BTC) is the sixth top asset by market cap. The web portal companiesmarketcap.com states bitcoin (BTC) is placed in the 8th area. The top position held by Gold is an $11.161 trillion market valuation, while BTC’s is roughly $1.041 trillion, according to the website’s metrics. Gold’s evaluation is 972% bigger than BTC’s as the crypto property has a long method to go to capture up if it wishes to displace gold.
