Charles Hoskinson announced the death of the world economic order of the XX century

The global economic order of the 20th century is dead, Cardano founder Charles Hoskinson said in a recentvideo message.

Under the "20th century economic order" Hoskinsonimplies a centralized, hierarchical economy built on the basis of a “series of treaties” between several great powers. This economy was built in a time when access to information was not instantaneous and most people accepted the Big Brother order.

Hoskinson says the observed decline inmarkets caused by the mismatch of hierarchical foundations created by governments, corporations and international organizations, imagining that they have the right to decide the fate of billions of people. This centralized hierarchical structure no longer represents a new, decentralized world, he noted.

According to him, a new decentralized order,based on blockchain technology, it is designed to solve some of the most pressing problems of our time, such as data ownership, privacy and identification.

Hoskinson believes that the very fabric of the world order is falling apart before our eyes.

«What we are watching now, — Thisdestruction of the economic order of the 20th century. Those who had certain assumptions about how power should work, how money should work, how loans should work, how finance should work, how information should flow — lost»,— said the co-founder of Ethereum.

Hoskinson claims the old systemcorrected the flaws of the ancient economy with such things as simple credit, but in the end it led to a five-fold increase in US government debt in less than 20 years. In the case of Japan, the Olympics were supposed to give impetus to the country's stagnant economy, but this will not happen because of the coronavirus pandemic. He points to Italy, where 16 million people could potentially be isolated. Hoskinson believes that this will lead to the election of a populist government and says:

«We will probably see an Italian version of Brexit. Can the EU survive if Italy leaves? And perhaps France too.

After criticizing international governments, Hoskinson strikes at the American establishment:

«The President and the opposition party couldFor the good of the people, put aside our petty rivalries and declare that we must work together. What did they do instead? They regarded it as a political game in which they needed to score more points. The ruling party, knowing that the fall of financial markets can have a bad impact on the political reputation, is trying in every possible way to make sure and prove that the decline is happening independently of them and to convey this to others. Meanwhile, the opposition, not wanting to allow further economic decline, ignores the fact of the pandemic and the fact that millions of people could die. This is disgusting».

According to him, everyone sees a lack of fundamental integrity. People do not believe that current institutions can protect us and allow us to solve the problems of the 21st century.

«We no longer need central power. We no longer need presidents, kings, governors, leaders, CEOs to get things done», — Hoskinson is convinced.

He also says that the cryptocurrency industry is notassociated with «quick profit» or «price of bitcoin». Its main task — destruction of the old order. The decentralization movement is built on unchanging rules that are not bent by political winds, natural disasters or plague. These rules behave like the laws of physics, and therefore you need to rely on them.

Hoskinson believes that people are tired of living ina society where the institutions of the old world control the financial accounts, data and identity of everyone. He also notes that the fastest growing browser at the moment is Brave, developed on the basis of cryptocurrencies. At the current pace of adoption, in five years the browser could become more popular than Google Chrome.

Hoskinson's message to the crypto community: relax!

At the end of the speech, Hoskinson refers toto the crypto community with reassuring words, stating that the crypto industry is more stable than traditional markets panicking at a loss of 10%, while the crypto industry experienced 90% falls, but recovered and continued to develop. He believes that it is important to remember the big picture, and notes that what will be built by the cryptocurrency industry will fundamentally change the way society works.

See also: Detailed live broadcast about all market movements with expert comments.