WORLD - The Future of Money

Arno Froese

For most people, money still means physical cash printed by a sole, public authority. Yet that is a surprisingly modern incarnation: only a century ago, private currencies competed with government-issued banknotes. It may be short-lived, too, as cash succumbs to the digitalization of finance and new means of payment take over. This big bang will have huge implications for states, people and companies. Whether it does more good than harm, says Eswar Prasad, depends on the world’s dowdiest institutions—central banks—embracing change without losing control.

That cash is declining may not surprise readers. Many will bank from laptops and make payments on their phones. Financial innovation is old news, too. One of the first “fintech” breakthroughs happened centuries ago, when China helped engineer a boom in Asian commerce by introducing paper currency to replace metal coins, which were heavy and scarce. Yet this time is different, Mr Prasad insists. Previous overhauls mainly improved existing systems, he notes. The end of cash—likely within a decade or two—is revolutionary.

As it loses physical form, money’s meaning will become ever harder to grasp. 

-www.economist.com, 2 October 2021

Arno's Commentary

The author of the book reviewed in this article, Eswar Prasad, an Indian economist, tries to predict the future of money based on his excellent international education and experience. He sees the decline of printed money. We all know that printed currency—in any denomination—is in itself worthless, but experience has shown that it is powerful and continues to dominate planet earth.

Yet one day, money as we know it—in physical form—will cease to exist. One information source states that today, consumers in the United States use cash for 26% of transactions; that is down from 30% in 2017.

We are continually coming closer to the time when the mark of the image of the beast will be the absolute currency (see Revelation 13:16-17).

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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