Trump’s pick for OMB Director is excited about cryptocurrency

www.nmb.sc ^ | Dec 19, 2016 | Steve Schulin

[Steve Schulin]

Rep. Mick Mulvaney (R-SC) has been selected by President-elect Trump to be the next Director of the Office of Management and Budget, according to an article in today's The Washington Times. I had the pleasure of hearing Rep. Mulvaney speak at a John Birch Society meeting in Columbia SC last July. I've heard a lot of officials speak to groups like JBS and America's Party over the years, but Rep. Mulvaney made an especially lasting impression with me because he expressed much hopefulness about how cryptocurrency may help turn our nation onto a better economic path. I share his enthusiasm about this, and I'm delighted at the prospect that the Trump cabinet will include at least one member who understands the disruptive nature of "the future of payments".

[Steve Schulin]

In his July 2016, Rep. Mulvaney was especially enthusiastic about the ability to place a design limit on the number of a particular cryptocurrency's coins that can be mined. This feature eliminates the inflationary disadvantage of ever-increasing amount of a fiat currency like the US Dollar. We often hear complaints about the printing of trillions more Dollars. But printing is a very small portion of the creation of new dollars. The Federal Reserve doesn't even publish the "M3" money supply statistic anymore, because most of the change in money supply no longer involves printing physical currency. Banks create dollars, every day, without printing. I've seen an estimate that perhaps 90% of new money supply in US these days is attributable to banks' ledger entries, not to printing of new currency.

[L,TOWM]

That 90% number may be low. People just can’t really the difference between currency (legal tender) and money.

Part of me knows loves fractional banking as being an engine of growth and prosperity. Another part of me hates the inflationary nature of bank created money and an economy that is too dependent on debt...

[Garth Tater]

Part of me knows loves fractional banking as being an engine of growth and prosperity.

Fractional banking is simply a nice phrase to cover for the counterfeiting that it actually is. Every dollar that magically appears out of nothing dilutes the existing currency, is a hidden tax on the populace, and benefits directly the first spender of the counterfeit dollar by stealing purchasing power from everyone else. Sound money is the best engine of growth and prosperity.

[BipolarBob]

ability to place a design limit on the number of a particular cryptocurrency's coins that can be mined.

Mined? Things that make me go huh? As the talk goes more and more to a cashless society, I see gold and silver and other precious metals going up.

[Steve Schulin]

Gold and silver ae good stores of value, but cryptocurrency has other advantages. For example, try taking $50,000 worth of gold out of the country on a commercial airline flight. It’s not so easy. A growing number of people can access their cryptocurrency holdings from almost anywhere in the world.

[Jack Hammer]

“Fractional banking is simply a nice phrase to cover for the counterfeiting that it actually is. Every dollar that magically appears out of nothing dilutes the existing currency, is a hidden tax on the populace, and benefits directly the first spender of the counterfeit dollar by stealing purchasing power from everyone else. Sound money is the best engine of growth and prosperity.”

Hear, hear!

[BipolarBob]

A growing number of people can access their cryptocurrency holdings from almost anywhere in the world.

With computers and electricity yes. Try doing it when an EMP has shut everything down electronically.

[cpdiii]

“Fractional banking is simply a nice phrase to cover for the counterfeiting that it actually is. Every dollar that magically appears out of nothing dilutes the existing currency, is a hidden tax on the populace, and benefits directly the first spender of the counterfeit dollar by stealing purchasing power from everyone else. Sound money is the best engine of growth and prosperity.” Hear, hear!

When fractional banking reaches its end we have a name for it, Venezuela!

I lived there in the 70s when their currency was tied to the US Dollar. Most of us ex-pats keep our money in local banks in the local currency. We had no fear as at that time the Bolivar was as good as the US dollar as the currency was tied to the US dollar. In effect the Bolivar was a US dollar.

[4Liberty]

What kind of Keynesian nonsense is this?

How did JimRob let you even join FR?

[palmer]

Yep, just need that private key and keeping it safe it getting easier. The problem I find is people simply do not understand it.

[struggle]

I know him and his family quite well and I’m happy he gets the chance to do this. You’re giving a guy that wants to slash government the government.

[Eisenhower Republican]

I was sold at “John Birch Society”, but first hand accounts are better. Sounds like exactly the kind of man to be heading up OMB.

[Laser_Ray]

While you are technically right, by the time an EMP strike has wiped out the grid to that degree your dollars (and by extension all your credit/debit cards) are going to be as worthless as my Bitcoins because the entire transactional network will be down. No online ordering (bye-bye Amazombie and Feebay), no bank-to-bank transfers, checks to pay rent can’t clear...our financial system will be set back to the 1800’s if we can’t get things back up and running.

[Lion Den Dan]

A growing number of people can access their cryptocurrency holdings from almost anywhere in the world.=================

So can a hacker, the government, s bank that claims you owe them, on and on. My hard currency is mine until I let go.