Speaking of which... #1476033, just saw Nik Bhatia's open letter/Twitter call-to-arms:
there is a balance between modern art being ugly and unimaginative, and the magnificent pace of human progress we've experienced over the past several decades.
Philosophically, and emotionally, I agree with Saifedean Ammous that savings and long-term thinking are foundational principles in building for tomorrow. In essence, Saif and I both believe in human progress.
managed decline?managed decline?
Using fiat is an advantage to those with the power to print, the power to monetize, and the power to keep bond yields and currencies stable. The winners will be those who utilize these powers.
This is less an outright endorsement of the system than it is an admission that the current system has far too many that depend on it to advocate or even root for it to be rapidly replaced by a no-credit absolutist scarce money regime. Arguing that this would increase life expectancy worldwide versus decrease it would be an Everest-sized task. Just follow the Medicare-sustained-by-deficits argument, and you’ll quickly realize that it’s not just the bankers who benefit.
"Believing that a monetary system based on scarcity, say a hard-capped leverage banking regime based strictly on gold and/or bitcoin reserves, can enable sovereigns to compete in such a buildout is folly.""Believing that a monetary system based on scarcity, say a hard-capped leverage banking regime based strictly on gold and/or bitcoin reserves, can enable sovereigns to compete in such a buildout is folly."
I mean, ok?
Instead of the death of the dollar, the fall of American hegemony, and a China-BRICs world, I’m choosing human progress, realism surrounding the technology race between the US and China, and an optimism that US-Chinese relations will be more cooperative than combative.
Having an opinion on the system’s morality or justice is a separate factor here, but I am asking you to see the inevitability of countries utilizing fiat credit creation and deficit spending to remain standing.
this is not a rah-rah fiat statement. It’s my own version of realism. If you like representative government, you have a vested interest in the United States figuring out how to survive in a world in which its primary rival doesn’t use a free market system. I take that position seriously, and that’s the attitude I’ll have in Washington DC this week when presenting my policy paper on stablecoins as statecraft #1471781
my first contribution will be on stablecoins and how to use them to the benefit of the country. It revolves around the fiat system, but part of the goal should be to weaken the offshore dollar system’s prominence and its ability to leverage capital exported from the US.
"an unashamed American tinge of property rights and representation.""an unashamed American tinge of property rights and representation."
I dunno, man; don't love it. It's an elaborate type of double-think to be able to walk this line properly. Not convinced.
Is this sarcasm? If so, well done and very well delivered.
From my vantage point, the US system is neither representative of its constituents, nor does it use a free market system.
I don't think so; I suspect Nik is very serious
Too late. Patriots already seized money printer. Immediately cut off the dead weight of 60 year old non-citizen AIDS patients and use that money to shut down the Three Gorges Dam. Print money only to pay the people who are willing to work on the side of the Second American Revolution.
PRC sympathizers like @Solomonsatoshi love "peace." It's how they manipulate the best of humanity into tolerating a slow painful death. It is less risky to absorb the suffering now than to negotiate a compromise.
We don't have to pay extortionists. Taxation is an act of violence. Tax Europe and Canada since they love taxes so much.
They certainly will be. After the communists step down.
We're not doing this for 10+ years. Hit them now while the Union is still intact.
Stating that China has won the trade war is simply stating facts rather than hiding from them.
Acknowledging that most countries globally including my own, New Zealand, now derive far more economic benefit from trade with China than USA is simply recognising the facts too.
So in terms of trade China contributes hugely to the global economy- it is simply more efficient that anyone else at converting raw materials into manufactured goods than any other country.
For example I can by cream crackers made in China for $2, or NZ made ones for $4.
The Chinese ones actually taste better as they are cooked to a golden brown finish, while the traditional favourite 'Huntly Palmers' brand, are barely cooked. Why? Perhaps because energy costs in China are less than half what they are in any other industrialised economy.
Why are they half- in large part because the Chinese politburo have engineered an economy that delivers the primary inputs of manufacturing at the lowest possible cost- rather than entrusting such strategic economic natural monopolies to rentseeking private enterprise.
Here in NZ power generation and distribution was transfered to private enterprise after previously being managed as a collective national industry serving consumers and producers with at cost electricity- since privatisation there is much less incentive for the new oligopoly to increase generation capacity and instead they have simply raised the cost of power- hugely and repeatedly. Private enterprise does not always provide the best solution for the overall economy. Key strategic assets captured by profit motivated interests can be turned against the entire nation and suck it dry.
A well managed mixed economy such as China has developed since the 1980s is a potent engine of wealth creation.
It is what the west had from the 1930s-1970s...but it does require proper management and to avoid capture by corporate lobbyists- which sadly began to corrode and corrupt western democracies from the 1970s onward.
War is sometimes justified- especially in the case of self defense.
It is also in our DNA- the competition for resources and territory has been ongoing since life began.
The current wars of aggression USA is engaged in are admissions that it has lost the trade war with China and is desperate to cut off Chinas energy supplies before USA runs out of interceptor missiles. USA cannot build anymore because China has cut off their supply
of refined rare earths.
Does @coffeebadger support the Greater Israel Project because in the bible it is written that god gave The Jews all the land between the Nile and the Euphrates?
USA is being used to Zionist war criminals to enable the Greater Israel Project because the Jewish bankers know USA is almost insolvent and China will not accept being owned by the Jewish bankers like USA has been since 1913.
Apart from Zionist Greater Israel zealot genocidal war criminals, perhaps the biggest winner in this current endless war that Trump started in Venezuela, is to Trumps major sponsors, Chevron.
The Iran war is self defense. If a leader talks shit about "death to America" or a communist invasion of Taiwan, you risk losing your electrical grid and access to drinkable water. Sorry if that wasn't obvious. Hopefully it's clear now.
No I do not support the Israeli invasion of Jordan that only exists in your propagandistic meme.
It is. That's why it will fail. The US is moving on to Laissez-Faire Capitalism. The PRC improved when it adopted a mixed economy instead of "whatever Mao says." But its refusal to progress to pure capitalism will be its downfall.
Since FDR the US government has been occupied by an insidious deep state of pro-government traitors. Against all odds and under the protection of God, those forces of evil have been utterly shellacked at the ballot box by anti-government patriots. The government has been firmly placed under the boot of the private sector. The true spirit of 1776 has finally conquered the Pacific coast. You don't see it because you bought into socialist propaganda saying the US has always been capitalist, a claim which was made up to deflect from the mistakes of socialism. The truth is that the US has only just begun to enact capitalism.
No. Since life began there has been a competition between envious communists who make excuses for thievery, and capitalist creators and workers who build wealth through peaceful cooperation. This competition is coming to an end with one final, decisive war. The PRC's economy will be exposed as just as much of a meme as was Iran's military.
'Pure capitalism' is inevitably cronyism as powerful coporate lobbys capture political power as has happened increasingly all across the western world since neoliberalism was introduced.
Look at Trump- owned by Big Oil and other corporate lobbys. Western democracy is mostly a tragic joke, owned by corporate lobbyists. The extent of rentseeking enabled by neoliberalism is what is destroying western competitiveness. Own it!
The invasion of Jordan is essential in order to fulfill the biblical prophesies Bibi and Co call their mission.
USA is being used by Israel to realise their Zionist Greater Israel mission while the USA declines in power and China rises.
Zionist bankers own USA.
Western Imperialism (financed by Jewish bankers in shadows) has dominated the planet for 5 centuries and captured the resources, markets and institutions of global hegemony. This was built upon the wests lead in technology and governance and brute force it enabled for our military power projection.
The post modern era has changed the balance of power and power projection capability.
It is not pro China to recognise this- it is pro China to pretend it is not the case!
The lead in technology came from private sector innovation. "Governance" is meaningless. The proper role of government is to get out of the way. Do you think Britain won the Opium Wars because they had smarter politicians?? You can't legislate yourself into a better navy. Technology is a product of individual minds working in the private sector.
'Do you think Britain won the Opium Wars because they had smarter politicians??'
The emperor of China wrote to Queen Victoria asking if she would allow her subjects to be enslaved to Opium addiction and whether she approved of The East India Companies campaign of doing this to millions of Chinese citizens.
Queen Victoria never answered.
The British Navy and its power projection capability were crucial to the subjugation of China during and post the Opium Wars and its capture by The East India Company and all who followed its lead...
The East India Company had more power than the British government. A classic example of corporate power motivated purely by profit motive over riding governance, ethics and 'free markets', resulting in mass human suffering and market rigging.
China has not forgotten this...even if you have.
EXACTLY. Hence the superior naval technology. Victoria's decisions had nothing to do with it. So why do you think a government is necessary for efficiency? The more "governance" you have, the worse your technological development will be.
Why would you equate the modern day PRC with the Qing? Is it because the PRC is just as bad?
I did not and do not equate the current CCP with the Qing.
The Qing was a weak and declining dynasty riven with corruption and outdated ideology.
The CCP is led by engineers and has developed a logical program of development recognising the reality of western imperialism which hit the Qing and China so brutally.
The combination of self seeking private enterprise and a government that directs that energy is greater than where either dominates the other.
Private enterprise cannot develop a strategy that sees the entire nations best interests as its priority, and government cannot act only upon a profit motive.
Good government employs taxation and investment in development of the nations resources from the perspective of the nation as a whole and in relation to its position in relation to other nations.
For example China can see it has significant potential human resources and can invest in their development to advance Chinas overall productivity.
It can and has developed a modern culture where engineering is highly respected and emphasised in the education system because engineering vital to manufacturing and infrastructure development.
China now leads the world in engineering as the result of a deliberate program of investment in skills, institutions, equipment and infrastructure that only a government could logically lead.
Private enterprise has no such mandate or motives to enable development in such a manner.
Private enterprise however, when provided with an economy where engineering skills, infrastructure and capacity are developing strongly can and will and does adopt those resources as it can profit from them and is structured and inherently disposed toward doing so.
So in China today electricity is less than half the cost of any other major manufacturing nation- Private enterprise has an immediate advantage.
There are multiple skilled engineers and technicians available.
They are employed.
The economy thrives.
The combination of good government and private enterprise is powerful.
The inappropriate domination or either is toxic.
It is a subtle formula, not a simplistic 'markets fix everything' one.
At its core it requires a considerable unity of purpose and within the population.
Some thing the west has lost.
Something China appears to still retain.
That unity is something that sustained wealth tends to erode.
The rise and fall of empires is the result.
No doubt a transition to hard money would be painful, but I don't think anyone is calling for an instantaneous transition. Right now, Bitcoiners will be happy if more people simply opt into it.
The argument about countries needing fiat systems in order to compete wasn't convincing, though. There's path dependence here. Look at how many countries stabilize their economies by pegging to the US dollar. It's not that you need a fiat system in order to be competitive, it's that you need stability relative to the social consensus unit of account, which happens to be the dollar right now. If the dollar was itself pegged to hard money, we might have avoided some of the problems with a fiat system, both within the US, and globally, without having lost competitiveness.
https://twiiit.com/TheBitcoinLayer/status/2046315519889056045