The original blog entry with the same title is sever days back in the blockchain of my blog so I will make a direct link to it by folding the digital paper with two points of time on it so that one point in time directly touches the other point in time.
I just created time travel!
This blog entry now is in direct contact with a previous one on the time line:
http://www.scmp.com/tech/innovation/article/2083536/hong-kongs-monetary-authority-unveils-trade-finance-platform-based
This is the previous blog entry link that it now directly touches through time travel that leaps the abstract barrier of time and space:
The essence of the matter is that China will move to a debt free monetary system based on the blockchain concept. The move will be rapid and will become the model for the world monetary system leaving the USA the last to fall clinging to the debt based monetary system that enabled it to be the world economy dictator. Unfortunately the USA will not go down without a fight and in the debt throes of its debt based monetary and economic system it will lash out with the means created to enforce its debt based system. The war will be about money and if the American public understood that we are being ruled by the Debt Based Monetary System Masters of Finance they would not support the war and rebel. The nation that elected Donald Trump will not understand that they are serfs to Finance extraction and will find to defend the right of the Debt Based Monetary System to benefit its richest masters as they increasingly extract wealth from the general public welfare.
There will be blood?
Maybe not as the "Smart Money" of the Lords of USA Finance extracting from the public design a way to make their current wealth holding permanent. They figure out how to benefit from the paradigm shift to a debt free monetary system to escape the guillotine that the rich did not escape in a prior revolution. The Lords of Finance have outsmarted the public welfare for a long history of the debt based system. They will recognize the inevitable fallacy of the debt based system will soon be seen by the world as the curtain drops on the man behind the curtain that had remained hidden for so long. Risk of loss mitigation must consequently be mitigated by obviating the social public benefit of the paradigm shift to a debt free monetary system that would put economic power into the hands of the public for the benefit of the public.
Someone must say to debt based monetary system Finance Masters: Your money isn't good here anymore. It must be converted to my debt free blockchain money before you can do business with me. China is the one to make this statement.
Watch China. Here what China is saying. China is preparing to defend its statement.
The initial link at the beginning of this blog entry deals with the application of Blockchain control to trade in Hong Kong. Trade is a transaction. Trade is the transaction of exchanging this thing for that thing.
The key to understanding what comes next is that the current "owner" of Blockchain digital crypto currency "spends" the blockchain units of value received that were directly associated with a uniquely identified transaction (the very last past transaction(s) "owned" by its current owner and valued in the unit of value of the blockchain transaction currency as the vehicle of the medium of exchange in a transaction where the current owner of a specific very last transaction.....meaning they own the transaction because the previous "owner" of the transaction paid the transaction (and its associated number of blockchain currency units of value to them medium of exchange payment for some "thing" of value).
A complicate explanation of an extremely elegant debt free monetary system that shifts trust in the currency from debt based balance sheet accounting to validating trust in the fact that the last transaction in chain leading back to the very first transaction that introduced the birth of the blockchain units of value to the system in exchange for some thing of value that gave the currency life as a medium of exchange. Life free of a counter party balance sheet system of debt obligation that enslaves our social society.
Debt in the blockchain monetary system will continue to exist. The creation of debt in the debt free blockchain monetary system will be a single application of the debt free monetary system called a smart contract where previously existing transactions and their associated currency unit values will be "loaned" by a lender to a borrower.
Debt therefore become not the basis of the Monetary Operating System design but an Application Program function of a Debt Free Operating System design. The entire concept of balance sheet debt moves down to a lower level of a unique Application Program among a multitude of programs that are functionally enabled by the blockchain concept in an Application Program category of "Smart Contracts".
That complex chain of thoughts on the Yellow Brick Road (YBR) to becoming a Debt Free Monetary System brings me....and you if you did not fall of the YBR blockchain of thought.....to the point of view that the beginning link of this blog entry is aimed at the very heart of the blockchain concept..........
China is aiming blockchain control at the trade transaction as presented by the link as a point of entry to the back door stealth creation of a Debt Free Blockchain Currency by going through the front door of what a blockchain monetary system is all about: A medium of exchange to serve trade transactions.
That is exactly what money "IS".
Apply the blockchain concept simply to validate the transaction of the trade independent of the monetary unit serving as the medium of exchange. That monetary unit currently being a functional product of debt money based balance sheet creation. Once the Transaction Documentation Blockchain is established managing the validity of "Things" involved in the transaction exchange then the next step is to substitute a blockchain concept debt free medium of exchange to accomplish or implement the transaction. That medium of exchange used in payment settlement of the trade may or may not be "owned" by the payee as result of its immediate prior trade transaction that conveyed "ownership" of the transaction to the payee with an associated Smart Debt Contract exchanging future payment obligation for current money in hand with future payment debt association.
That is how debt is moved from master of the monetary system design based to servant role as an application to serve the Debt Free Monetary Operating System.
It is an elegant one/two punch by China to accomplish the paradigm shift from a first and foremost primary debt based monetary system to a first and foremost debt free blockchain based monetary system and push debt down to a categorical Smart Contract Application of the debt free monetary system.
China induces the Debt Based Monetary System to skin itself!
Purely elegant.
Sun Tzu smiles!
Ironic that Trump is to meet Xi soon
http://www.cnn.com/2017/04/03/politics/trump-foreign-policy/
http://www.pymnts.com/news/b2b-payments/2017/standard-chartered-hong-kong-blockchain-distributed-ledger-trade-finance-banking-pilot-blockchain-hong-kong/
http://www.the-blockchain.com/2016/04/06/smart-contracts-bridging-the-gap-between-the-real-world-and-blockchain/
http://www.media2b.net
http://contracts11.com
https://www.instapay.today/2017/04/03/power-social-payments-experience-asia-opportunities-europe-us-circle/
http://bankinnovation.net/2017/03/fintech-companies-should-head-east-for-funding/
Finance loses with the implementation of Blockchain. Yes!!! Extractive bloodsuckers!
http://www.businessinsider.com/r-financial-institutions-risk-24-pct-revenue-loss-from-fintech--pwc-2017-4
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