Uh huh, and no one talks about the negatives of the gold standard. Wealth inequality was highest then. How high? The wealth hoard that Rockefeller had in that system equates to trillions in today's money. He would call Bezos a filthly poor.
In the old standard those with "money" had a death grip on it. Today's grip by the rich is barely an infant's grab in comparison. JP Morgan bailed out the US gov from his private liquidity back in the day.
Many of downfalls of today's system, which is not by faith. That's straight up flat earther level research. It's a complex system based more on import/export rates along with debt to fulfillment ratios. Take an econ 101 class or pick up a book from the library to get a better run down. Anyways, the downfalls come from early implementation problems and micro management. Micro management and mishandling can be seen in the Zimbabwe scenario. That didnt happen in a bubble. Mugabe embezzled tons of money, over taxed, did land redistribution of farms to those that didnt know how to manage the land, and implemented a pseudo command control economy. Nope, its "fiat currency's" fault. That's the equivalent of stubbing your toe and blaming an enemy religion.
Is capitalism and current money policy perfect? Hell no. But it's been the best system so far to actually even out wealth thus far. Again, not perfect (by a lot), but its opened up far better than the past systems. This demand of burn it down is just childish, flat earth level ranting. Read a 101 book on current micro and macro econ before taking hot-take cherry picked talking points as defining gospel.
just FYI telling somebody to "read a 101 book" or take a class doesn't really help them see your side of things.
I agree that Zimbabwe situation was a combination of bad decisions by a state actor. All I'm trying to say here is that bad decisions are always going to happen when money is controlled by state actors.
Bitcoin exists outside the politico-economic decision-making system we currently rely on to uphold the value of our money. Therefore it's a hedge against inflation.
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[ 24.2 ms ] story [ 348 ms ] threadIn the old standard those with "money" had a death grip on it. Today's grip by the rich is barely an infant's grab in comparison. JP Morgan bailed out the US gov from his private liquidity back in the day.
Many of downfalls of today's system, which is not by faith. That's straight up flat earther level research. It's a complex system based more on import/export rates along with debt to fulfillment ratios. Take an econ 101 class or pick up a book from the library to get a better run down. Anyways, the downfalls come from early implementation problems and micro management. Micro management and mishandling can be seen in the Zimbabwe scenario. That didnt happen in a bubble. Mugabe embezzled tons of money, over taxed, did land redistribution of farms to those that didnt know how to manage the land, and implemented a pseudo command control economy. Nope, its "fiat currency's" fault. That's the equivalent of stubbing your toe and blaming an enemy religion.
Is capitalism and current money policy perfect? Hell no. But it's been the best system so far to actually even out wealth thus far. Again, not perfect (by a lot), but its opened up far better than the past systems. This demand of burn it down is just childish, flat earth level ranting. Read a 101 book on current micro and macro econ before taking hot-take cherry picked talking points as defining gospel.
I agree that Zimbabwe situation was a combination of bad decisions by a state actor. All I'm trying to say here is that bad decisions are always going to happen when money is controlled by state actors.
Bitcoin exists outside the politico-economic decision-making system we currently rely on to uphold the value of our money. Therefore it's a hedge against inflation.