Fed Chair Jerome Powell on 60 Minutes: The US is on an unsustainable economic path
Fed Chair Jerome Powell on 60 Minutes: The US is on an unsustainable economic path
“We mostly try very hard not to comment of fiscal policy and instruct Congress how to do their job, when they have oversight over us,” said the head of the US private bank cartel.
These finance industry capitalists run the country. They are major donors to politicians’ election campaigns, and they have a revolving door between major corporation C-suites and the US Treasury and other federal regulatory bodies: Regulatory capture.
Regulatory capture is exactly why we should not trust a single, centralized entity to print the global reserve currency.
Bitcoin, with its fixed supply and decentralized production solves this. It is immune to regulatory capture.
Regulatory capture involves:
- A centralized entity which has power
- Influencing that centralized entity.
Bitcoin is decentralized and immune to influence. No matter how rich and powerful you are, you cannot print Bitcoin that is not meant to be printed and you cannot spend BTC which you do not hold the private key to. Period. Rich, powerful people are used to having outsized influence in our legal and political systems, but they are subject to the same laws of physics and math as the rest of us.
Other advantages include:
- The ability to transact for everybody on the planet with access to a cell phone and a halfway reliable internet connection. Including the billions of people who no access to stable banking infrastructure "the unbanked".
- Bitcoin has a clear economic policy: There are 21 million BTC total, no more will ever be printed.
- With Bitcoin lighting, transactions settle in under a second and cost pennies in fees.
- It has functioned 365 days a year, 24 hours a day without a single hack, bank holiday, or hour of downtime for 15 years.
- A market cap of 850 billion, in the top 25 countries by GDP, higher than Sweden, Vietnam, or Israel. Consistent growth in adoption year after year no matter how you measure it. Big banks and hedge funds invest in it because its simply better currency, they see that it is useful.
- And it does this for <1% of global energy usage, mostly from renewables.
Oh right, I remember now, your whole thing is to shill cryptocurrency bullshit.
- Bitcoin has a clear economic policy: There are 21 million BTC total, no more will ever be printed.
....in terms of capitalism, this is horrible. How does an economy grow if the supply of money remains unchanged? That'd be like the US having printed money in the 1960s and then no more. What would it mean for a company to be valued at $1 billion then?
Really decentralized when two groups hold 54.3% of all mining activity and historical precedent shows that miners always side with the whales, which are people made rich in the old financial system and who now hold even more influence in the space.
Indeed, given that hard non crypto cash and the compute power it buys is the ultimate decider on the protocol, updates, and which fork is the correct one, Bitcoin would seem to be a system which removes any semblance of power over the monetary system from elected leaders and explicitly gives it to the rich.
Also, why is having a set unchanging hard limit on total supply that important?
The braindead answer is something to do with inflation, but outside of hyperinflation the total money supply has little if any impact on inflation. BTC actually demonstrates this quite nicely, given that it saw over three hundred percent inflation between November of 21 and 22, despite there being a slight decrease in the total money supply. While those months were chosen for dramatics, Bitcoin’s swings from rapid inflation to deflation and back are wild when compared to even poorly managed third world currencies.