A New Bretton Woods Moment (IMF, October 15, 2020) \ stacker news ~bitcoin

It's funny, I think that a lot of elites will read this and think: "Yay CBDCs". But without modifying it basically at all, it's equally a good argument for Bitcoin.

0 sats \ 1 reply \ @k00b 19 Oct 2021

If this article is representative of the IMF's thinking, they seem to not only have a fiscal mission but a (woke) cultural one - which always strikes me as conflicting. Like, should you only help people if you get power over them?

Main things that stood out to me:

Today we face a new Bretton Woods “moment.” A pandemic that has already cost more than a million lives. An economic calamity that will make the world economy 4.4 % smaller this year and strip an estimated $11 trillion of output by next year. And untold human desperation in the face of huge disruption and rising poverty for the first time in decades.

We have seen global fiscal actions of $12 trillion. Major central banks have expanded balance sheets by $7.5 trillion. These synchronized measures have prevented the destructive macro-financial feedback we saw in previous crises.

We expect 2021 debt levels to go up significantly – to around 125 percent of GDP in advanced economies, 65 percent of GDP in emerging markets; and 50 percent of GDP in low-income countries.

The best memorial we can build to those who have lost their lives in this crisis is, in the words of Keynes, “that bigger thing”— building a more sustainable and equitable world.

11 sats \ 0 replies \ @cozy OP 20 Oct 2021

Felt the same way, all of those rhetorical justifications could also be used to promote Bitcoin--but none of them explain or argue why one option would be better than the other.