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And quite apart from that fundamental misalignment, sovereign states having some measure of control over their own monetary policy is arguably a pretty good thi
by mikepurvis 2y ago
And quite apart from that fundamental misalignment, sovereign states having some measure of control over their own monetary policy is arguably a pretty good thing.
- mindwok 2y agoAnd on top of that, consumers prefer institutions in the loop. That’s why people use Amex to pay for stuff, because if it goes wrong you’ve got a massive institution with a tonne of clout to help you out.
- varenc 2y agoThis is moot for El Salvador. They’ve been dollarized since 2001 and USD is effectively the only legal tender.
- mikepurvis 2y agoThat is helpful context— it's too bad TFA wasn't a bit more clear on the history. In any event, you could still make the case that prior to this bitcoin experiment, the people and economy of El Salvador still were benefiting from a human hand on the monetary tiller, it's just it was that of the US Fed rather than their own officials (elected or otherwise).