63 sats \ 12 replies \ @Undisciplined 21 Oct \ parent \ on: Minneapolis Fed Bitcoin Paper | Article Review BooksAndArticles
I agree, although I think they also seem to prefer the option with perpetual budget deficits.
What struck me as most interesting in the passages quoted in the other thread was that they're identifying an incompatibility between bitcoin just existing and the current debt-based monetary system. God I hope so.
I haven't had time to read either the article or your review yet, though.
Yeah, I'm on the fence about the authors preferences, but if I had to guess I'd lean towards them preferring perpetual deficits.
But still not really sure. From the sounds of it, there's an entire research agenda trying to show the conditions under which persistent deficits can be sustained in a long run steady state. That could explain why the paper is so focused on demonstrating the possibility.
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The Fed does a ton of research and I think that is something people don’t associate with the Fed. They pump out a ton of papers each year and even more working papers that they really spend years working on. It would make since they are trying to research and see if persistent deficits is possible.
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Yeah most are honestly just nerds trying to explore what's possible mathematically and what's not.
Not saying some aren't ideologically driven, but most are really just eggheads.
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The mechanism is more that you aren't going to get one of those jobs unless you seem to have respectably mainstream opinions.
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It's the largest employer of economists and almost all of them are researchers.
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BLS is also one of the largest employers of economists.
From what I saw, I could imagine that the author was subtly indicating why that isn't plausible. The hypothetical measures to be taken against bitcoin seemed obviously nonviable.
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I like to think that the authors are secretly pro bitcoin :)
But that could be totally wrong haha, maybe they are more like Roubini
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