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 ...
Nope, my dollars have only ever decreased in purchasing power and there lies the problem. With your reasoning anyone who buys and holds gold or any other precious metal is a globalist that is hurting the US dollar. People are buying bitcoin for many of the same reasons they buy gold.
Bitcoin is volatile because crypto currency is in it's infancy. This is true of almost all emerging markets.
Deportation, repatriation, and the wall will help the U. S. to save upwards of $50 to $100 billion per year.
Trump has left many offices open, saving the cost of department heads.
He is looking to cut Welfare. People on unemployment are at the lowest numbers in 45 years. As of last August a report stated that food stamp usage had dropped to it’s lowest since 2010.
Trump is doing the right things, and the savings will increase.
Undercutting the dollar is when you print trillions of them out of thin air and devalue them.
It is not undercutting to go to a standard like gold, or bitcoin with it’s fixed number of coins.
They can’t regulate the currency, but they can regulate their people’s use of the currency and tax it.
They can’t directly manipulate it like they do now with their own currency where they can just print more money. Or people can easily counterfeit the money too. North Korea is known to counterfeit US money all the time.
It is volatile because it’s vapor.
This is not going to a gold standard.
It is an attempt to replace the dollar with another currency.
Crypto currency is no different.
So then we agree that spurious statements like “it’s like a gold standard” make zero sense when discussing cryptocurrency.
“The value of the U.S. dollar is backed up by the confidence in an economy that generates one of the largest (if not largest) GDPs in t”
That “confidence” in the dollar comes from us demonstrating responsible monetary policy, not from our economy. When we stripped away the gold standard, foreigners were basically told that we would not devalue their currency holdings by rampantly inflating the money supply like the Weimar Republic or Zimbabwe.
When we owe massive amounts of money, like 20 Trillion, and we move to devalue the dollar to make that debt easy to pay in increasingly worthless dollars, the confidence is sodomized.
And if you’re a Chinaman holding US debt, you don’t want to be paid out in dollars that have been inflated away. And you don’t want to buy or sell oil or other commodities using dollars. You might insist on gold or bitcoin.
Confidence in our currency is not fully connected with confidence in our currency.
Relatable in production philosophy doesn’t make them similar overall or the same in any way. I can still go to my safe or a lock box & hold gold coins, or gold flake, or bullion. Cryptocurrency is vapor & on top of that it’s ridiculoysly hard & mildly complicated to purchase things with cryptocurrency (something you can’t do in person, without computers).
“A strong dollar makes the U. S. more secure.
Weakening the dollar is national suicide”
We don’t have a strong dollar. We have one that is steadily being debased and degraded. The thousand dollars you had in your pocket in 1985, is worth 427 dollars today. If you had 1000 dollars in your pocket in 1972, it would spend like 166 bucks today.
Go ahead, lecture us about the strength of the dollar and about how crypto is debasing it. Don’t be a tool.
You just told me that the dollar has lost about 57% percent of it’s value since 1985.
Bitcoin lost between 33 and 50% of it’s value in one day in the last few weeks.
Then you tell me not to be a tool.
“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. “
All a gold standard does is make it impossible to inflate money supply by assigning a fixed value to a dollar. A fixed supply of gold means a fixed supply of dollars, ergo, the value isn’t harmed over time.
Bitcoin will only have 21 million bitcoins, ever. Essentially it’s a digital gold standard. And it has the added fun of transactions not having to go through a bank.
It’s good stuff and will only be more prevalent.
“Relatable in production philosophy doesn’t make them similar overall or the same in any way.”
No, just similar in a certain way.
“I can still go to my safe or a lock box & hold gold coins, or gold flake, or bullion. Cryptocurrency is vapor...”
Well, so are the “dollars” in your debit card or bank account. Sure, you can convert them into something you can hold in your hand, but most of the time, they are just ones and zeroes out there in the ether, just like bitcoins.
“on top of that it’s ridiculoysly hard & mildly complicated to purchase things with cryptocurrency (something you can’t do in person, without computers).”
The same could be said of the early days of credit cards, but they are universally adopted now. If cryptocurrency turns out to provide a similarly valuable service, I expect we’ll see a similar type of adoption commercially.
Hmm so have you invested in bitcoin?
Seems risky to me altho they are now doing futures on it which seem safer to me.
If you have a/some bitcoin primer/s, I’d appreciate a link/s.
Sounds like you won’t need any bitcoin then. I wouldn’t worry about it if I were you.
Enjoy your dollar that has lost 85% of it’s value since 1972. It is backed by nothing, and a huge part of the world sees that it is being destroyed by uncontrolled QE.
But enjoy it. It’s as “sound as a pound”.
“So then we agree that spurious statements like “it’s like a gold standard” make zero sense when discussing cryptocurrency.”
I certainly agree.
It is a hedge against government.
It is a cheaper way to transfer or pay internationally.
It is not private.
I don’t believe it is any kind of currency either.
It is an alternative asset class.
Do you favor a cashless society in the U. S.?
If so, you are the first self-proclaimed Conservative I’ve seen do that.
Bitcoin lost between 30 to 50% of it’s value in one day and you’re still trying to get mileage out of the dollar’s purchasing power going down over 45 years.
That doesn’t make sense to me.
I think crypto currency and technology is here to stay. For Bitcoin in particular if the trend of it being a store of value continues its going to be some very valuable vapor in a couple years.
One last thought on this thread about Bitcoin. If Paul Krugman says its a worthless scam that should be the signal to buy the $hit out of it!! lol
Do you support a cashless society in the United States?
I don’t.
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