In a recent interview with Bloomberg, when asked about the potential of Bitcoin, Kenneth Rogoff, an economist and Harvard faculty member, conceded that the cryptocurrency has a future…. but only if the future is “dystopian” in nature.
But what if the dystopian future is already here? Without wishing to engage in linguistic inflation, let us start off by defining the term “dystopia.”
A dystopia is simply “a community or society that is undesirable or frightening.” One needn’t be living in a Mad Max nightmare to find modern day existence both undesirable and frightening. Unlike utopias, which are both idealistic and unattainable, dystopias are both brutal and entirely attainable.
From “Resident Evil” to “RoboCop,” truly dystopian societies are violent, often brutally so. However, one needn’t escape into the world of fiction to find volatile societies. With rates of violence reaching dangerous new highs in major cities like New York and Ontario, for example, acts of brutality are alarmingly common.
As Cormac McCarthy’s magnum opus taught us, dystopian societies are also mired in poverty. Considering that 45 percent of Americans have absolutely nothing in savings, it’s safe to say that daily existence is a dystopia for a sizable portion of the United States. In the U.K., things aren’t much better, with one in 10 people having no access to savings. When it comes to emotions, despair is very much the flavor of the month.
Meanwhile, governments across the world are drowning in a sea of debt. Last year, we saw global debt hit new, historic highs. Expect new, historic highs to be reached again this year.
How do governments continue to finance their debt? By printing money, of course. Meanwhile, unemployment rates are dangerously…