I wanted to take a moment and introduce myself to you. My name is David Dorr, and I’m the Founder and new CEO of Coro Global. You may have seen some of my videos on our Youtube channel or heard my interviews on podcasts such as Palisades Gold Radio and The BigBiz Show.
For over 20 years, my brothers Brian, Cameron, and I have discussed the implications of a destabilizing U.S. dollar on our country and our families. Since 1971, when President Nixon removed the United States from the gold standard, we’ve seen the purchasing power of the U.S. dollar drop 97%. This has had devastating consequences on our society such as loss of our middle class, reduction in real wages, loss of savings and income, higher debt levels, and overconsumption of natural resources.
Money is part of the fabric of society. It’s the magic tool that allows us to voluntarily cooperate with one another and freely exchange goods and services. It allows creativity to bring ideas to reality.
Many of you may have grown up in households where money was scarce. That was certainly the case for me and my brothers. Some of you may have even come to resent money or those that had it, by being taught that “money is the source of all evil”. I’d like to share with you a different interpretation, and understanding this interpretation is key to understanding Coro Global’s mission as a company.
I believe first and foremost that money is a neutral magnifier. If you’re a nice person and treat your employees, neighbors, and family members well, then with more money you’re likely to magnify those personality traits. Maybe that means thoughtful bonuses or benefits for your employees, maybe that means building a playground in your neighborhood for everyone to use. If you’ve got a big heart, then adding some money on top of it will most likely make it grow bigger because you’ve now expanded your resources to express your heart’s desires.
Likewise, if you’re insecure or a jerk to people, and you find yourself with more money, it is guaranteed that your insecurities will grow and the way you treat people will get worse. There is no Lamborghini expensive enough nor house big enough that will reduce those personality traits, in fact, money will exacerbate them.
Therefore, lesson #1 is that money is a neutral magnifier that will amplify your good and bad traits. This is why the greatest wealth you can ever create all begins with inner development.
Here’s my second belief about money. This second belief comes from studying history and macroeconomics. More importantly, this second belief was developed from working in global capital markets. Why is my work in global capital markets important? Because in the news, every day, we hear economists and politicians flexing their intellectual muscles as to how economies work. They appear intelligent but unfortunately, they are proven wrong over and over again. This happens because their success in academia or politics has led them to believe that they would be successful in the real world. If they had to operate a lemonade stand in the real world they might learn that their big theories are complete nonsense.
For example, the most popular theory coming out of academia is known as MMT, or Modern Monetary Theory. In a nutshell, it believes that governments can print money with little to no consequences. Ok, sure. Tell that to my friends in the 200,000+ community of Venezuelans living in Miami. So, my second belief about money is that it must be sound. Sound money is gold.
Gold exists in the real physical world, and cannot be created out of thin air like all the fiat currencies used around the world right now.
When money is not sound, it creates a subconscious distrust in our societies. Let’s use a simple example. Let’s say that you offer to build me a new deck for $1,000. This represents a good deal for you to trade your labor, materials, and expertise, and this represents a good deal for me to trade my cash savings for your services, which are much more efficient than if I were to attempt to build the deck on my own.
In other words, we have both voluntarily entered into an exchange where both sides win. Now, during the month when the deck is being completed, let’s say the $1,000 loses 20% of its purchasing power. For me, as the buyer of the deck, I now have a deck that’s worth much more than what I paid. But sadly, my gain is at your expense, as the deck builder who finds that $1,000 doesn’t buy as much lumber and labor as it did only one month earlier. You may even have lost all of your profit margins. Imagine how you would feel.
This changes a transaction that started off as win/win, to a transaction that is now win/lose. Is it any surprise that many of us in society feel that the “system” is unjust and that everyone gaining money must be doing so at the expense of someone else? Politicians and economists fuel this sentiment with rhetoric blaming the rich, and policy prescriptions that worsen the situation and attempt to treat the symptoms rather than the root cause. One highly visible example of this is minimum wage laws. The problem is always positioned as employers not paying their employees enough. That’s not the only root of the problem. Another key issue is that the money that had previously been paid to employees is losing its value, so it takes higher wages to buy the exact same things.
The culprit is always unsound money.
Lesson #2 is that if we want to return to a win/win society, then we need to return to sound money.
In future letters to you (and some of the videos we’re creating), I’ll expand on these themes and connect the dots for you to understand how sound money is synonymous with a sustainable planet. In fact, my third belief about money is that if we are to have a sustainable planet, and this is something I encourage everyone to work towards, then the foundation for that is first to have sustainable money. There’s a lot to unpack on that theme, so I’m going to save those details for future correspondence.
Lesson #3 is that a sustainable planet requires sustainable money, and sustainable money by definition must be sound money.
With those three lessons in mind, let’s tie that all back to Coro Global. I’ve been fortunate to work with my brother Brian for nearly 20 years. He is the Co-founder of Coro Global and has taken the COO position to continue leading alongside me.
It’s easy to see from what you’ve read thus far that we have a preference for gold, but you might be curious to know when the idea for Coro Global was born. To be exact, right after Bitcoin was born. Bitcoin was and remains an incredible invention. It was created as digital gold that couldn’t be controlled by anyone and could move freely across borders.
Brilliant! We thought. That was until we started to dive deeper into how blockchain technology works. We quickly came to the conclusion that Bitcoin was indeed making a tremendous contribution to computer science and the ways that value could be stored and transmitted, but like most new technology it was best viewed as a first draft, in need of many improvements before it could truly be considered digital gold. And for us, the biggest drawback was that it ignored the real benefits of having something physical that exists in the real world.
We spent the next seven years carefully studying the technology advancements of distributed ledger technology, watching for our wishlist of improvements to be made. When Dr. Leemon Baird invented the hashgraph consensus algorithm, we knew right then and there that the time had arrived to combine the physical aspects of gold with the distributed ledger technology of the future. There was finally a real opportunity to bring gold back as money, and more importantly, through technology, we could make it accessible to everyone.
That’s the mission behind CORO, democratizing access to gold as money.
I’m grateful to my friends and colleagues Mark Goode and Nikki Noel, who have served as CEO and COO since the company was founded. Mark and Nikki worked tirelessly to steer the company through its startup phase over the last three years, and are now kindly passing the baton to Brian and me to lead the company into the growth phase.
Brian and I couldn’t be more excited to deliver on this mission, one that we dreamed about over family dinners more than two decades ago.
From our family to yours, thank you all for being on this journey together with us. We are just getting started!
Founder & CEO
Coro Global Inc.