In December, I had the privilege of attending the Africa Bitcoin Convention (ABC) in Accra, Ghana. As a public well being professor with a background in well being schooling and group well being, this will seem to be an odd convention to attend, however this journey was pivotal for me because it introduced me to my father’s beginning nation for the primary time and related me to the wonder and resilience of Ghanaians, their struggle for freedom, and cemented my concepts that cash is a public well being situation.
Whereas in Ghana, I met extremely brilliant folks from engineers to grassroots group educators from varied elements of the continent and the world, together with a number of fellow Canadians. I additionally had the prospect to fulfill with one among my uncles for the primary time, and we walked round Kwame Nkrumah sq. on a superbly sunny and sizzling day. We toured the park the place Nkrumah’s Mausoleum was, and my uncle proudly walked round with me, every landmark and memorabilia, and we realized about Kwame Nkrumah’s life and political reign because the President of Ghana. I used to be capable of revisit Nkrumah’s story which led Ghana to independence in 1957, a day celebrated by Ghanaians and lots of Africans, as this present day represented hope and true freedom.
Just a few days later, I toured the College of Ghana, Legon campus, a stunning and intellectually vibrant campus. Amongst different locations, I walked into the campus bookstore and was immediately drawn to books on subjects of decentralized authorities and central banking, particularly books by Kwamena Ahwoi and Ivor Ageman-Duah.
This led me to mirror on a few of the discussions at ABC about points associated to the centralization of cash. These points made me notice that centralized cash, particularly fiat cash, which is imposed on many voters the world over by governmental decree, is dangerous to public well being as a result of it’s marred by debt, corruption, colonial management buildings, and lack of clear guidelines. What number of hundreds of thousands of African lives may have been saved, wars prevented, staff, and companies free of financial shackles if cash was not constructed upon debt?
Public well being is finally about what we, as people in society, select to do to guard ourselves, households, and our communities. If we proceed to repeat our previous actions, we supply on to construct public well being interventions on a flawed socioeconomic basis and treating signs of a damaged financial system. Thus, I’ve come to the conclusion that we have to discover the deserves of latest cash like bitcoin so it will probably kind a extra sturdy base layer of society.
What’s Cash?
Cash is meant to be a medium of change, unit of an account, and a retailer of worth [1]. Nonetheless, our cash immediately is much from a retailer of worth. These days, folks should earn their cash twice: first, work to earn a paycheck, and secondly, determining a technique to make investments a portion in property or monetary merchandise as a result of their {dollars} lose worth as a consequence of inflation and forex debasement. This example impacts on a regular basis peoples’ capacity to maintain up with the price of their dwelling and thus negatively impacts their lives and well being in devastating methods. It additionally causes costs of meals and power to rise [2]. Research present that debt and monetary stress is related to varied antagonistic well being outcomes reminiscent of melancholy, suicide ideation, weight problems, and heart problems [3, 4]. World wide these well being points are at epidemic ranges.
Traditionally, the economic system of fiat cash and debt has been ignored by earlier analysis [5]. In lots of nations, cash is centrally managed, printed out of skinny air by authorities, and serviced by debt contributing to disaster conditions. Additionally, the foundations of how cash is created and circulated is opaque to the on a regular basis particular person. This hurts working-class individuals who save in cash that depreciates over time. Subsequently, there’s a want for cash that can’t be debased by central authorities so folks can protect the fruits of their labor. Cash, like bitcoin, may encourage extra low-time desire behaviors the place folks may actually save and work much less thereby decreasing stress and adverse psychological well being issues related to monetary worries of the long run.
Bitcoin is public software program code that enables for an open peer-to-peer system of cash that anybody can be a part of and is dominated by guidelines and never rulers. Extra particularly, it’s a new financial community that’s deflationary and counter to the prevailing inflationary system of fiat cash that operates world wide. In case you haven’t already, I invite you to re-visit Bitcoin and ask your self why you might be dismissing it. Bitcoin is just not “crypto” and isn’t the reason for the scams on fraudulent exchanges like FTX. To study cash creation and the ills that it spawns in society, I encourage you to learn books like:
- The Fiat Normal by Saifedean Ammous.
- Bitcoin is Higher by Daniel Hershberger.
- The Hidden Value of Cash by Seb Bunney.
- The Worth of Tomorrow by Jeff Sales space,
- Fiat Ruins Every little thing, by Jimmy Tune, and
- Damaged Cash by Lyn Alden.
Debt-based cash is a public well being situation, and we should begin recognizing it as such.
The Well being Impression Pyramid and The Base Layer
In 2010, Dr. Thomas Frieden, an American infectious illness physician and public well being doctor printed “A Framework for Public Well being Motion: The Well being Impression Pyramid,” a concept that’s broadly utilized in well being promotion immediately [6]. In it, the five-layered pyramid reveals a hierarchy of public well being and well being interventions. On the base layer are socioeconomic components which are foundational to creating the best inhabitants impression. Frieden goes on to say that “interventions specializing in the decrease ranges of the pyramid are typically more practical as a result of they attain broader segments of society and require much less particular person effort.”
Given the significance of socioeconomic components, I consider that public well being and well being care professionals ought to intervene to enhance this base layer of inhabitants well being by analyzing the underlying well being of fiat cash and advocating for higher cash. If fiat cash is certainly damaged it can not adequately help public well being intervention. “Revenue” or “dwelling wages” are incessantly advocated for; nevertheless, these components are downstream from cash. Successfully, if we preserve advocating for secondary components to alter when the bottom layer of cash is damaged, it is sort of a physician treating the signs of a illness with out first addressing the basis trigger.
Public Well being Advocacy
Virtually 100 years in the past, earlier than Frieden’s work, the Canadian Public Well being Affiliation (CPHA) was established as a sovereign voice within the nation with connections to the worldwide group [7]. World wide, comparable organizations exist, just like the American Public Well being Affiliation, Africa Healthcare Federation, European Public Well being Affiliation, Affiliation of Asian Pacific Group Well being Organizations, Public Well being Affiliation of Australia, and Public Well being Affiliation of New Zealand to call a number of. These organizations play an lively function in shaping coverage and public discourse within the subject of public well being and well being care. For instance, CPHA performs a serious function in advocacy for bringing consciousness to points that warrant nationwide consideration. Over the previous seven years, CPHA has known as consideration to a number of points together with naming psychological well being, local weather change, and even racism a public well being situation. More and more, points associated to the social determinants like anti-racism have obtained quite a lot of consideration each nationally and regionally given its associations with colonialism and inequality. This and elevated nationwide recognition of inequality in Canada has contributed to the renaming of outstanding locations within the nation like Ryerson College, which is now generally known as Toronto Metropolitan College and most just lately there have been talks led by Toronto’s Metropolis Council to rename Younger-Dundas Sq. to Sankofa Sq. [8].
As a Ghanaian Caribbean Canadian, this actually strikes me as a superficial technique to tackle social inequality in Canada. Sankofa is a time period that derives from the Akan Tribe of Ghana that’s depicted by a hen that’s wanting again with an egg that signifies the long run, saying “At all times keep in mind the previous for therein lies the long run, if forgotten we’re destined to repeat it.” [9] Renaming historic and outstanding locations within the metropolis could also be applicable ought to there be sufficient community-backing; nevertheless, if it fails to handle the basis dysfunction on the base layer, debt-based cash.
If we’re to mirror upon historical past, cowrie shells had been as soon as used as cash in West Africa. Finally, European merchants infiltrated the system and debased the cowrie shells which decreased their financial worth [10]. Whereas the European merchants disturbed the native economies, we have to take a look at the bigger situation that no matter race, man’s coronary heart is rarely glad and is lured to need extra. This identical trait is existent in our present centralized financial programs in Canada and world wide. We’d like cash that can’t be debased by one other human being.
The Way forward for Public Well being and Cash
As public well being professionals, it’s essential for us to dig into the problems we stand behind and perceive the function that cash itself performs within the social determinants that impression well being. At present, in Canada, common primary revenue is a sizzling matter, and intense analysis and debate is underway to suggest a nationwide framework [11]. Such proposals by previous presidential candidates in the USA and elsewhere have additionally introduced this as much as tackle inequities. Election years are at the moment upon us, now in the USA and in 2025 in Canada and public well being and healthcare professionals ought to have an lively voice in defending decentralized cash, i.e., bitcoin, so the free market can select one of the best cash for society.
Public well being and well being care professionals ought to contemplate the next three main factors:
- Be taught in regards to the historical past of cash: Learn books, watch, and hearken to podcasts that discover the evolution and improvements of cash and the way centralized fiat cash can result in poor outcomes for society. Some notable podcasts embrace Natalie Brunell’s “Exhausting Cash” present; Preston Pysh’s “Bitcoin Fundamentals”; Robert Breedlove, “What’s Cash?”; Peter McCormack’s “What Bitcoin Did”; and movies by Luke Broyles and BTC Periods (Ben Perrin). Additionally, contemplate becoming a member of your native Bitcoin meetup group to study extra about Bitcoin with folks in your group or contemplate volunteering with nonprofits like Bitcoin is Higher that goals to introduce Bitcoin as sound cash to the working class.
- Naming Debt-Cash as a Public Well being Situation: As we enter election years now in nations reminiscent of the USA and Canada, public well being and well being care professionals ought to contemplate elevating their voices to call debt-money as a well being situation. The detrimental results of a centralized monetary system on the socioeconomic standing of people, which straight impacts well being outcomes, must be explored, acknowledged, and addressed.
- Selling Public Discourse on Bitcoin: Public discourse ought to embrace conversations round what insurance policies are wanted to guard all residents’ entry to a decentralized system like Bitcoin. Extra particularly, we must always overtly look at what well being outcomes and social fairness would seem like if there was a worldwide economic system that drew its financial power from a base of solely 21,000,000 divisible models. May life, and particularly public well being, be higher?
References
- Manuel Tacanho, (2022) https://mises.org/wire/money-what-it-more-important-question-why-it Date accessed February 17, 2024
- Ainul Mohsein, A.M., Taib, F.M, & Sani, S.A. (2019). Rising Value of Dwelling: The Function of Fiat Cash and Cash Creation. Worldwide Journal of Accounting, Finance and Enterprise (IJAFB), 4(22), 116-125
- Swarup, S. S., et al. (2024). “Cardiovascular penalties of economic stress: A scientific evaluate and meta-analysis.” Present Issues in Cardiology 49(2): 102153.
- Turunen, E., Hiilamo, H. Well being results of indebtedness: a scientific evaluate. BMC Public Well being 14, 489 (2014). https://doi.org/10.1186/1471-2458-14-489
- Friedline, T., Chen, Z. & Morrow, S. (2021). Households’ Monetary Stress & Nicely-Being: The Significance of the Economic system and Financial Environments. J Fam Econ Iss 42 (Suppl 1), 34–51. https://doi.org/10.1007/s10834-020-09694-9
- Frieden, T.R. (2010, April). A framework for public well being motion: The well being impression pyramid. American Journal of Public Well being, 100 (4), 590–595. doi:10.2105/AJPH.2009.185652
- Canadian Public Well being Affiliation, https://www.cpha.ca/vision-and-mission, Date accessed February 17, 2024
- Toronto Metropolis Council Approves “Sankofa Sq.” as new title for Yonge-Dundas Sq. and initiates plans to rename different Metropolis property that embrace the title Dundas:https://www.toronto.ca/news/toronto-city-council-approves-sankofa-square-as-new-name-for-yonge-dundas-square-and-initiates-plans-to-rename-other-city-assets-that-include-the-name-dundas/ Date accessed February 17, 2024
- Kwarteng, Appiah Kubi (2016), Journal of Utilized Christian Management: Vol. 10: No. 1, 60-69.
- The Shell Cash of the Slave Commerce, Jan Hogendorn, Marion Johnson https://www.cambridge.org/us/universitypress/subjects/history/regional-history-after-1500/shell-money-slave-trade
- When may Common Fundamental Revenue begin in Canada, Christl Dabu, https://www.ctvnews.ca/canada/when-could-universal-basic-income-start-in-canada-1.6770762, Date accessed February 17, 2024