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I'm pretty sure I do want people and banks to be able to get back millions they have given away because of a bug :)
by forty 5y ago
I'm pretty sure I do want people and banks to be able to get back millions they have given away because of a bug :)
- sumedh 5y agoyes that is a valid point but there are others who dont want that because then the central authority can take away your money or stop payments send to you just because they dont like you like what happened to Wikileaks.
- forty 5y agoYes, it's true that in case you are in the legendary fascist state that steals your money but allows you the hide your money in crypto currency it can be useful ;) it reminds me of https://xkcd.com/538/ https://xkcd.com/538/ (note that I do not count government taxes in democratic countries as stealing, while I do think tax avoidance is stealing in that case).
- bradwood 5y agoAnd what would you call the US dollar's monetary expansion of over 40% [1] since the start of the pandemic, if not stealing? The Cantillon Effect has never been stronger, but those that continue to measure their financial worth in a unit of account that is shrinking in its purchasing power every day are missing the point. The system _is_ stealing your savings! [1]: https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL
- ethanbond 5y agoLet’s not act like the infusions were for no reason. Many people are willing to incur some inflation and inflation risk in a gamble to avert a near-certain societal level catastrophe.
- bradwood 5y agoand which people were those? rich people, that's who... I agree that desperate times call for desperate measures, but there are fairer ways to fund this. Just inflating the money supply just hits asset-poor people hardest... this is the very definition of the Cantillon Effect...
- askmike 5y agoCitibank wants that too: https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html https://edition.cnn.com/2021/02/16/business/citibank-revlon-...