3 ms·
It is business as usual, is it not? I remember my dad talking about the same problem when I was quite young. Somehow, though the numbers keep growing, the wheel
by marssaxman 3y ago
It is business as usual, is it not? I remember my dad talking about the same problem when I was quite young. Somehow, though the numbers keep growing, the wheels continue not to fall off: presumably there are people whose job it is to keep those wheels attached, who have thus far performed their duties with competence. One can hope that they will continue to do so. In any case, there is nothing meaningful I can do about any of it, so I worry about this problem in approximately the same way that I worry about meteor strikes or nuclear war.
- chiefalchemist 3y agore: "the wheels continue not to fall off" Then what was the 2007 / 2008 bail out? And the Covid "bail outs" (on the part of the Fed)? But yes, a Ponzi Scheme looks perfectly fine... until it doesn't. Keep in mind, this financial vehicle isn't standing still. Once the wheels come off, there will be plenty of sparks, with plenty of flammable liquid nearby.
- ccorcos 3y agoI get that. And at the end of the day the problem is a relative one. If the US Dollar isn’t the reserve currency for the world, then what will take its place? There aren’t any particularly good alternatives… Bitcoin is volatile with slow transaction speed and high transaction cost. Yen is controlled by an untrustworthy government… I suppose we don’t have control over the outcome, but we do have some control over how we hedge against it or not…