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Absolutely, had I realized what the fed was doing when QE was happening I would have definitely done that. And a lot of people smarter than myself did do preci
by freejulian 9y ago
Absolutely, had I realized what the fed was doing when QE was happening I would have definitely done that. And a lot of people smarter than myself did do precisely that! Inflation is only “incredibly low” if you cherry pick the basket of goods used to measure it.
- fwdpropaganda 9y agoSo. No need for bitcoin. You're just running away from a complex thing you don't understand but has a lot of traction, to a simple thing which you understand but has no traction. My strategy is stick with the former and educate myself more. Different strategies.
- whytaka 9y agoI think an alternate money system that works alongside government issued currencies would be a huge boon to society.
- _jal 9y agoLong term, you will either have government as we know it now, or an alternate currency, but not both. The monopoly on currency is closely related to the monopoly on force. I generally think a lot of anarcho-capitalist theory to be obvious nonsense, but on that, they have a point.
- whytaka 9y agoI agree that governments will try but there are already plenty of countries where merchants will accept USD as well as their local currency.
- fwdpropaganda 9y agoIt already exists https://en.wikipedia.org/wiki/Complementary_currency https://en.wikipedia.org/wiki/Complementary_currency The reason why you've never heard of it it's because it's not a huge boon to society. In the vast majority of cases it's an entirely pointless thing that you do just because you can.
- whytaka 9y agoI think that's a weak argument. All of the currencies listed in the article are limited to local purchases. At first glance they all seem to be paper money as well. They clearly solve none of the problems that concern crypto-enthusiasts/non-keynesians. No, the reason I never hear about them is because they are limited in scope and simply defer power to another authority.
- nopriorarrests 9y agoIt's amazing that you are being downvoted for explaining exactly what Ben Bernanke himself said back in 2010. [0]. "This approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate this additional action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion". [0] https://www.federalreserve.gov/newsevents/other/o_bernanke20101105a.htm https://www.federalreserve.gov/newsevents/other/o_bernanke20...
- freejulian 9y agoPretty common for me to get downvotes for making a statement that goes against the hackernews groupthink. Then their comment throttle kicks in and I can’t post for a few hours and the groupthink can continue without interruption.
- yxhuvud 9y agoI downvoted him for the conspiracy claim that the inflation numbers are intentionally kept lower than they should.
- freejulian 9y agoWhy do you think they aren’t?
- fwdpropaganda 9y agoI have noticed a great overlap between crypto-fundamentalists and conspiracy theorists.