Uzbekistan begins government bond-backed stablecoin payment pilot
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Brian Armstrong: The U.S. Constitution lacks a cap on government spending growth and a requirement for a hard asset-backed currency.
Brian Armstrong, in an Odaily published on the X platform, stated that the US Constitution is the most important political innovation in history, but it lacks two crucial elements: a cap on government spending growth and a requirement for a hard asset-backed currency. Without these two elements, every democracy will move towards more debt and eventually lose its reserve currency status (see *The Changing World Order*). The US debt is $39 trillion and is increasing by approximately $1 trillion every 100 days. Currently, interest payments exceed the defense budget, and existing mechanisms cannot stop this trend. Politicians are elected by promising to use other people's money to provide free welfare, benefiting some voters in the short term, while the negative impact of this spending is borne by future generations who do not yet have the right to vote; the incentive structure has become ineffective. Solutions include drafting a new constitution in forward-looking regions, such as Mars, special economic zones, and cyberspace; adjusting the incentive mechanisms in the existing system through amendments, but this is politically challenging; or achieving super-high economic growth exceeding inflation through AI, robotics, and cryptocurrencies.
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