From Mendizábal to tokens: the endless cycle of public asset stripping
From Mendizábal's disentailment in Spain to the tokenization of public assets: the same asset-stripping pattern with digital tools. BlackRock, debt and auctions.
English · Original discussion in Spanish · Published
From Mendizábal to tokens: the endless cycle of public asset stripping
In 1836, Mendizábal expropriated Church lands in Spain and auctioned them off to the highest bidder. The result: vast estates, landowning elites and an inequality that still lingers today. Almost two hundred years later, the script repeats itself with the tokenization of public assets, except that now the bidders wear suits and operate from funds like BlackRock.
The analogy is no coincidence. The 19th-century disentailment justified its "public utility" as a way to shore up the State's finances; today, accumulated public debt is presented as the perfect excuse to privatize what is left of the collective patrimony. Blockchain technology and tokens would be the digital hammer used to finish off the operation.
BlackRock, founded in 1988, symbolizes the concentration of capital that already controls 0.1% of the planet. In parallel, figures like Jim Rickards warn of a "National Trust Fund" that would allow large investors —with just one billion dollars as an entry fee— to buy public assets with expedited permits. Trump's proposal to create a federal Bitcoin reserve and his "gold card" for millionaire investors complete the picture.
Defenders of tokenization argue that it democratizes investment; critics see a new disentailment in which 99.9% of the population will be unable to compete in the auction. "The intermediary doesn't disappear, it becomes embedded in the asset," they warn, and property rules are enforced through smart contracts that require permission rather than presume rights.
The end of the story has yet to be written, but historical patterns are stubborn. What begins as a fiscal necessity ends as a transfer of wealth upward. The question is whether this time technology will serve to distribute or to concentrate even further. For now, the script is moving forward without surprises.
Related debates in the forum
In 1836, Mendizábal expropriated Church lands in Spain and auctioned them off to the highest bidder. The result: vast estates, landowning elites and an inequality that still lingers today. Almost two hundred years later, the script repeats itself with the tokenization of public assets, except that now the bidders wear suits and operate from funds like BlackRock.
The analogy is no coincidence. The 19th-century disentailment justified its "public utility" as a way to shore up the State's finances; today, accumulated public debt is presented as the perfect excuse to privatize what is left of the collective patrimony. Blockchain technology and tokens would be the digital hammer used to finish off the operation.
BlackRock, founded in 1988, symbolizes the concentration of capital that already controls 0.1% of the planet. In parallel, figures like Jim Rickards warn of a "National Trust Fund" that would allow large investors —with just one billion dollars as an entry fee— to buy public assets with expedited permits. Trump's proposal to create a federal Bitcoin reserve and his "gold card" for millionaire investors complete the picture.
Defenders of tokenization argue that it democratizes investment; critics see a new disentailment in which 99.9% of the population will be unable to compete in the auction. "The intermediary doesn't disappear, it becomes embedded in the asset," they warn, and property rules are enforced through smart contracts that require permission rather than presume rights.
The end of the story has yet to be written, but historical patterns are stubborn. What begins as a fiscal necessity ends as a transfer of wealth upward. The question is whether this time technology will serve to distribute or to concentrate even further. For now, the script is moving forward without surprises.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (21 replies).
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