I think we have to stop trusting government with control over inflation. In an ideal world the government would specify a purity and content requirement for gold in a monetary unit. They could then setup required specifications for "money". Than any company who can meet that specification can mint money. The government would insure that company's product continues to comply with specification. I think things like the Goldback are a good solution about fungibility of gold as a "money". Also I think you could easily have a crypto GoldBack, things like PAXG exist. And coins and bars will remain as a source of bulk physical transfer.
Coin 🪙 clipping is a centuries old trick. Unfortunately, today’s governments have found far more numerous and efficient tools to do this at scale and to blur the view of the wood from the trees. Great article Ken - interesting to learn about Congressman Buffett.
The world's largest Ponzi scheme, benefitting only banksters and their government crony partners, while impoverishing us and our nations childrens with centuries of debt.
It's really quite heartbreaking. It puts ordinary people going the wrong way on a treadmill, exaccerbates the wealth gap, and is socially destabilizing over the long term.
If we want to see stable healthy societies, we need to have fewer generationally procyclical policies. More sound money would be a useful countercyclic force and could help produce more stability.
That doesn't necessariliy mean we should return to a gold standard. We could start with, for example, a 0% inflation target and allow for overshoots into low deflation as a healthy part of the business cycle to balance periods of inflation.
In my mind a commodity - gold, silver, palladium, copper - standard is fine, since the 'money' supply is slowly increasing, thus leading to very slow inflation.
There was discussion in my early forays into crypto of the deflationary aspect of Bitcoin (being fixed supply). Opponents stated that a deflationary monetary system penalizes spending and would lead to hoarding of money and no growth. Inflationary and Deflationary cycles are definitely good then, but who would manage these, and how would they be structured? A predictable cycle could be gamed. Ergo a random cycle managed within the bounds of crypto code (random number generator for e.g.) would be a black box to all stakeholders and be more fair. Ultimately the govt/banks fascist system is not sustainable and inherently unfair in implementation.
I think we have to stop trusting government with control over inflation. In an ideal world the government would specify a purity and content requirement for gold in a monetary unit. They could then setup required specifications for "money". Than any company who can meet that specification can mint money. The government would insure that company's product continues to comply with specification. I think things like the Goldback are a good solution about fungibility of gold as a "money". Also I think you could easily have a crypto GoldBack, things like PAXG exist. And coins and bars will remain as a source of bulk physical transfer.
I just learned about goldbacks. I think the idea has merit but I think Treasury will be quite hostile to it.
Coin 🪙 clipping is a centuries old trick. Unfortunately, today’s governments have found far more numerous and efficient tools to do this at scale and to blur the view of the wood from the trees. Great article Ken - interesting to learn about Congressman Buffett.
The world's largest Ponzi scheme, benefitting only banksters and their government crony partners, while impoverishing us and our nations childrens with centuries of debt.
It's really quite heartbreaking. It puts ordinary people going the wrong way on a treadmill, exaccerbates the wealth gap, and is socially destabilizing over the long term.
If we want to see stable healthy societies, we need to have fewer generationally procyclical policies. More sound money would be a useful countercyclic force and could help produce more stability.
That doesn't necessariliy mean we should return to a gold standard. We could start with, for example, a 0% inflation target and allow for overshoots into low deflation as a healthy part of the business cycle to balance periods of inflation.
In my mind a commodity - gold, silver, palladium, copper - standard is fine, since the 'money' supply is slowly increasing, thus leading to very slow inflation.
There was discussion in my early forays into crypto of the deflationary aspect of Bitcoin (being fixed supply). Opponents stated that a deflationary monetary system penalizes spending and would lead to hoarding of money and no growth. Inflationary and Deflationary cycles are definitely good then, but who would manage these, and how would they be structured? A predictable cycle could be gamed. Ergo a random cycle managed within the bounds of crypto code (random number generator for e.g.) would be a black box to all stakeholders and be more fair. Ultimately the govt/banks fascist system is not sustainable and inherently unfair in implementation.
digital ducats, I love it!
Great!
Waiting for next one so I can educate myself :)
WOW