On March 29 and 30th, senior government officials and leaders of international organizations from more than 190 countries met in Dubai for the World Government Summit 2022. The participants present their ideas for the future from their different fields.
Dr. Pippa Malmgren, an economist who served as an Economic Policy senior adviser to former President George W. Bush made a notable announcement about the relationship about finance and the world order.
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“What underpins a world order is always the financial system. I was very privileged. My father was an adviser to Nixon when they came off the gold standard in 71. And so, I was brought up with a kind of inside view of how very important the financial structure is to absolutely everything else,” she said.
(Her father served as a senior aide to former presidents Gerald Ford, Lyndon Johnson, John F Kennedy, and Richard Nixon.)
“And what we’re seeing in the world today, I think, is we are on the brink of a dramatic change where we are about to, and I’ll say this boldly, we’re about to abandon the traditional system of money and accounting and introduce a new one. And the new one. The new accounting is what we call blockchain.”
But Malmgren wasn’t talking about a decentralized system of finance such as Bitcoin; she was referring to central control.
She added: “In my opinion, we’re going to need a digital constitution of human rights if we’re going to have digital money. But also this new money will be sovereign in nature. Most people think that digital money is crypto, and private. But what I see our superpowers introducing digital currency, the Chinese were the first, the US is on the brink, I think of moving in the same direction the Europeans have committed to that as well.
“And the question is, will that new system of digital money and digital accounting accommodate the competing needs of the citizens of all these locations, so that every human being has a chance to have a better life? Because that’s the only measure of whether a world order really serves!”
For there to be a global digital financial system such as the one Malmgren speaks of, governments would have full control over currencies, making financial surveillance and censorship easier than ever.