4 ms·

Don’t let China mint the money of the future

3 points by RyanShook 5y ago

throwaway4good 5y ago
I remember Niall Ferguson was pro-China. I guess his new paymaster gets to pick which tune is played. And paying your kid 25 USD for doing the dishes (which is then spent in an online game). Is that normal?
- hulitu 5y ago
  Yes it is. "Journalism" is a profesion. A "journalist" goes to work, writes a story which may have some connection to reality (or may not) and he is paid for his work. Like everyone of us he (she, it) is working on a project, has some specificationsy, a deadline and a manager. That some people expect some integrity from a "journalist" is strange.
  - throwaway4good 5y ago
    I think he has gone full intellectual all-right after his relationship with Ayaan Hirsi Ali. I liked his "Ascent of Money" TV-show / book.
  - yorwba 5y ago
    He's not a journalist. Niall Ferguson is the Milbank Family Senior Fellow at the Hoover Institution at Stanford University and a Bloomberg Opinion columnist. He was previously a professor of history at Harvard, New York University and Oxford. He is the founder and managing director of Greenmantle LLC, a New York-based advisory firm.
- yorwba 5y ago
  Alternatively, assigning people to clearly demarcated camps doesn't work because their opinions don't fit neatly on a one-dimensional scale.
- throwaway4good 5y ago
  Otherwise; his monetary musings are kind of mess up. From points in a computer game (Roblux), over proof of work distributed cryptocurrencies, to international interbank settlement using swift, to daily mobile payments replacing cash or card. It is not the same stuff. What China is doing foremostly prudent. It is about controlling credit creation. Not just limiting credit creation but also expanding it (or getting similar effects by using time limited money which obviously has faster velocity). If you give all your citizens an account at the central bank then your traditional bank disappears and with it the goes credit creation done by it. China and Western states for that matter can already do all the surveillance they want (using your credit card transactions or your mobile phone). As for payments between countries: This is not a technical problem but a problem of trust in currency and the credit extended.
rini17 5y ago
tl;dr:Scaremongering aimed to justify removing privacy from the money. Complete with derailing discussion by who-pays-the-journalists accusations in the comments.
cyanydeez 5y ago
then stop coveting digital beanie babies.

3 points by RyanShook 5y ago

I remember Niall Ferguson was pro-China. I guess his new paymaster gets to pick which tune is played. And paying your kid 25 USD for doing the dishes (which is then spent in an online game). Is that normal?

hulitu 5y ago
Yes it is. "Journalism" is a profesion. A "journalist" goes to work, writes a story which may have some connection to reality (or may not) and he is paid for his work. Like everyone of us he (she, it) is working on a project, has some specificationsy, a deadline and a manager. That some people expect some integrity from a "journalist" is strange.
- throwaway4good 5y ago
  I think he has gone full intellectual all-right after his relationship with Ayaan Hirsi Ali. I liked his "Ascent of Money" TV-show / book.
- yorwba 5y ago
  He's not a journalist. Niall Ferguson is the Milbank Family Senior Fellow at the Hoover Institution at Stanford University and a Bloomberg Opinion columnist. He was previously a professor of history at Harvard, New York University and Oxford. He is the founder and managing director of Greenmantle LLC, a New York-based advisory firm.
yorwba 5y ago
Alternatively, assigning people to clearly demarcated camps doesn't work because their opinions don't fit neatly on a one-dimensional scale.
throwaway4good 5y ago
Otherwise; his monetary musings are kind of mess up. From points in a computer game (Roblux), over proof of work distributed cryptocurrencies, to international interbank settlement using swift, to daily mobile payments replacing cash or card. It is not the same stuff. What China is doing foremostly prudent. It is about controlling credit creation. Not just limiting credit creation but also expanding it (or getting similar effects by using time limited money which obviously has faster velocity). If you give all your citizens an account at the central bank then your traditional bank disappears and with it the goes credit creation done by it. China and Western states for that matter can already do all the surveillance they want (using your credit card transactions or your mobile phone). As for payments between countries: This is not a technical problem but a problem of trust in currency and the credit extended.

rini17 5y ago

tl;dr:Scaremongering aimed to justify removing privacy from the money. Complete with derailing discussion by who-pays-the-journalists accusations in the comments.

cyanydeez 5y ago

then stop coveting digital beanie babies.