4 ms·

"The reason that the dollar has value is because the US government has a legal monopoly on producing the dollar." That's a completely ridiculous statement, com

"The reason that the dollar has value is because the US government has a legal monopoly on producing the dollar." That's a completely ridiculous statement, coming from none other than Neel Kashkari. These are the people in charge of your currency, desperately trying to convince you that the money they created out of thin air is more sound than a joke currency created after an image of a dog.

lupire 5y ago
He said the dollar has value, not that it is sound. If you think you understand better than a leading professional in the field, you might be the mistaken one.
- clipradiowallet 5y ago
  > If you think you understand better than a leading professional in the field, you might be the mistaken one. I don't understand professional baseball, but if the owner of a team says "my pitchers are the BEST" - I can call "bullshit" on them without actually knowing if his pitchers are the best. It's in his best interest to say his pitchers are the best, even if they are not. He owns the team, and his livelihood is linked to the efficacy of his pitchers. This MN reserve employee has the same link between his livelihood and perceived value in the US dollar. tldr; the "professional" making the statement is heavily biased.
- incrudible 5y ago
  > He said the dollar has value, not that it is sound. He gave a completely ridiculous reason why the dollar has value. It's along the lines of "Bitcoin has value because it is scarce and hard to create". It's a non-sequitur. It's also ignoring that 90% of the money supply is not created by the government. Perhaps he wanted to sanitize the following argument: Each year, there's a lot of people that owe a certain amount of dollars to the US government. If they don't find those dollars, they could end up in jail. This is a valid reason why the US dollar has natural demand and thus is valuable. > If you think you understand better than a leading professional in the field, you might be the mistaken one. That's not what I am saying. I'm pretty sure he knows better, but he is lying to you with a straight face. That's part of his job.

lupire 5y ago

He said the dollar has value, not that it is sound. If you think you understand better than a leading professional in the field, you might be the mistaken one.

clipradiowallet 5y ago
> If you think you understand better than a leading professional in the field, you might be the mistaken one. I don't understand professional baseball, but if the owner of a team says "my pitchers are the BEST" - I can call "bullshit" on them without actually knowing if his pitchers are the best. It's in his best interest to say his pitchers are the best, even if they are not. He owns the team, and his livelihood is linked to the efficacy of his pitchers. This MN reserve employee has the same link between his livelihood and perceived value in the US dollar. tldr; the "professional" making the statement is heavily biased.
incrudible 5y ago
> He said the dollar has value, not that it is sound. He gave a completely ridiculous reason why the dollar has value. It's along the lines of "Bitcoin has value because it is scarce and hard to create". It's a non-sequitur. It's also ignoring that 90% of the money supply is not created by the government. Perhaps he wanted to sanitize the following argument: Each year, there's a lot of people that owe a certain amount of dollars to the US government. If they don't find those dollars, they could end up in jail. This is a valid reason why the US dollar has natural demand and thus is valuable. > If you think you understand better than a leading professional in the field, you might be the mistaken one. That's not what I am saying. I'm pretty sure he knows better, but he is lying to you with a straight face. That's part of his job.