Posted on 01/18/2018 9:56:24 AM PST by Quilla
Paul Krugman, who really, really, really wants you to know on his Twitter account that he's a Nobel laureate in economics, has made a name for himself for his bad economic forecasts.
So bad, in fact, that President Trump and the Republican Party have awarded him their top spot in their 2017 Fake News Awards, writing:
[Twenty seventeen] was a year of unrelenting bias, unfair news coverage, and even downright fake news. Studies have shown that over 90% of the media's coverage of President Trump is negative.
(Excerpt) Read more at americanthinker.com ...
Bitcoin currently $11,700. Dallas Mavericks owner Mark Cuban announced customers will be able to buy tickets with bitcoin. Interesting.
Except cryptocurrency is nothing like a “gold standard” because a gold standard is, well, backed by physical gold. Cryptocurrency like bitcoin is backed by, well, nothing-nada-zilch.
Any monetary parking spot, competes with other monetary parking spots.
If people were to start holding Bitcoin vs the U. S. Dollar, the dollar would come under negative pressure.
That negative pressure on the dollar would not be helpful.
Hi.
I’ll make a prediction according to the laws of probability.
One day Paul Krugman will get something right.
I’d like to be alive to see it.
5.56mm
“Cryptocurrency like bitcoin is backed by, well, nothing-nada-zilch.
All currency today is backed by nothing but the confidence in a government.
Crypto currency is no different.
Making our country great today at the cost of our unborn grandchildren’s future is not a moral or ethical position.
Yes it would be great if we could keep the US Dollar as the standard for the world, but our politicians have proven they can’t be trusted. The best way to make and keep America great is to learn how to live within our means, otherwise we are destined to be a failed state.
Having the gold standard or a cryptocurrency as the world standard would make smarter, more efficient, and less corrupt nations the winners.
A strong dollar makes the U. S. more secure.
Weakening the dollar is national suicide.
Crypt currencies are no different than having the Yen, the Rubble or some other currency become the global standard vs the U. S. Dollar.
You seem to think that seeing the U. S. Dollar abandoned overseas would help us control spending. It would have the exact opposite effect.
As the value of the dollar dropped, the U. S. Government would have to pay out more dollars to purchase the same things it does today. Even slashing government payouts would not suffice. You couldn’t slash enough in that climate.
It would cause a collapse of our economic system. It would screw our citizens into the ground.
A weakened dollar would result in you and I having to pay more for everything.
If you want to pay $15.00 for a loaf of bread, $150,000 for an econobox car, $10,000 a month for rent, or $7.5 million for a shack of a home, your idea would be a great one.
And in six months, all these costs would likely be doubled.
You strengthen your economy by sparking the economy, reducing your expenditures, and paying down the national debt.
Trump has already made great inroads on two of the three things above.
As he addresses welfare and federal receipts go up, the dollar will get stronger, and the things that concern you will fade.
If he addresses privatization of our retirements in a new form of social security that gets the government out of it for future generations, he’ll have gone about things in exactly the right way.
Huge difference between cryptocurrencies and a nation’s currency. It can’t be manipulated via things like printing money. It basically makes no one in charge (like with gold). Whoever gets the money has the money.
You are suckering for the equivalent of a global EURO.
Once again you aren’t understanding that no one controls the crypto currency. The rules are the rules and people can accept those rules or not use it.
Unlike a nation backed currency where they can change the rules and print more money to pay off their debt.
“Except cryptocurrency is nothing like a “gold standard” because a gold standard is, well, backed by physical gold. Cryptocurrency like bitcoin is backed by, well, nothing-nada-zilch.”
True, it has no real backing, but it is similar to gold in the fact that cryptocurrencies have a built-in rarity and cannot simply be cranked out in great amounts like fiat currency. In fact, gold production can be ramped up much easier than cryptocurrency production, once a certain plateau is reached.
Once again you are not grasping that once you have destroyed your own currency, there’s no going back.
You are then a member of the globalist society.
I don’t want a global crypto currency replacing the dollar and every other currency.
“If people were to start holding Bitcoin vs the U. S. Dollar, the dollar would come under negative pressure.”
Well, everyone rues the consequences of the free market when they begin losing to the competition.
“That negative pressure on the dollar would not be helpful.”
I disagree. Those types of consequences can be great motivators to a government who would otherwise blithely pursue silly liberal economic and monetary policies that undermine their own country.
Nothing is stopping the US from having its own currency. Hell the US could even make it illegal to own bitcoin directly (like they did before with gold). Then bitcoin would be used only to convert USD to other currencies.
The US already devalued our currency with quanatative easing.
And the reason people may do just that is BECAUSE of the federal reserve printing money. No one can print more bitcoin. There are 21 million and that's it.
The government steals your wealth without ever having access to your funds by simply increasing the supply of money. "printing money".
Thanks for the comments.
Thanks for your additional comments.
And yet the value of the bitcoin is 15,000 one day, and 10,000 the next.
Has your dollar ever been worth 66 cents the next day?
It is indeed wonderful that President Trump is cutting spending so effectively.
Can you remind me again how much it been so far?
are really the way ahead for all of us.
Do you think the government wont regulate it?
I believe China is moving in that direction now.
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