Middle East and Central America
One of the benefits of being interested in economics and history is that I see parallels in current events and historical events.
If one could step back in history, to a time before the countries in the Middle East were oil rich nations, they were struggling economically and poverty was widespread. In a single generation they successfully diverted large streams of revenue, i.e. dollars flowing out of their country back into the Leadership of these countries, and although not perfect, the lives of the typical Middle Eastern citizen was greatly improved for ever: roads, bridges, sanitization, clean water, schools, healthcare and an incredible modernization of Middle Eastern society took place.
While some could debate and pontificate about government by Monarchy, and other issues in these countries of obvious importance. However the erasure of poverty, infant and childhood deaths from disease and starvation and a huge modernization campaign which makes these countries the envy in some ways by the world, cannot be ignored.
So as I surveyed the situation in El Salvador, these thoughts came to mind.
A hundred million dollars, or even one billion dollars spread out over the whole country, won’t change the life of the average citizen in the US because there are so many of us...over 300 million Americans, that are actually counted.
But in a smaller country of 4 million like El Salvador that amount of money would be truly life changing. El Salvador is small like the Middle Eastern countries above. A Bitcoin mining facilities using hydroelectric and geothermal energy, could fuel a renaissance in El Salvador like the oil fueled renaissance in the Middle East. Hydroelectric power and geothermal energy are proven, reliable technologies used all over the world. And both of these are readily available in El Salvador.
While the term free energy is inaccurate in the beginning due to capitol costs of building facilities, longterm debt financing, at reasonable terms should allow the construction of such facilities and allow them to be profitable quickly. This free energy and the wealth created by Bitcoin could literally transform this small country in a generation to a country the people can only dream of now.
Success
As an American our countries history is full of stories of immigrants from poor countries becoming rich in America by translating the strong spirit and equally strong resolve into entrepreneurial passion. Their successes always come despite barriers like language and culture. Imagine if these immigrants didn’t have to leave their country. If a program of modernization gave people the transportation infrastructure, healthcare, schools and a brighter future in honest work and not drugs and crime? A stable currency and a country wide boom in jobs as many skilled and unskilled workers would be needed to rebuild a country.
Roads, bridges, schools, health clinics, and the technological infrastructure to make the things like clean water, electricity and the internet widely available throughout the country. This would produce economic benefits and increase the tax revenues, so the government would have additional tax revenues to further develop the country.
A Dream
Maybe I am just dreaming, but I can’t be the only one. I think the President and Congress have thought this through and now it’s up to the surrounding countries to make sure that El Salvador doesn’t stand alone.
Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance.
Read more of shortsegments articles here: @shortsegments
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