Argentina elects 'shock therapy' libertarian Javier Milei as president
Argentina elects 'shock therapy' libertarian Javier Milei as president
Milei is pledging economic shock therapy, including shutting the central bank, ditching the peso and slashing spending. His challenges will be enormous: Empty coffers, a $44 billion debt program with the IMF, 150% inflation and more.
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This is good for Bitcoin š
Bitcoin does present a possible solution to the monetary woes of Argentina.
Mileis election signals a growing awareness that central bankers are just scammers and getting off the gold standard was one of the biggest mistakes humanity ever made.
Ahahah. No. Cryptocurrency is for rubes to get rubed, and tying a Stateās sovereign fiat money to a commodity belongs in the dustbin of history.
"...tying a Stateās sovereign fiat money to a commodity belongs in the dustbin of history."
I've got to ask, what makes you say this? Especially when scarcity is one of the most critical properties of money, and the governments of the world have shown their willingness to print money infinitely. Which makes modern, unbacked, Fiat currencies virtually worthless in the long run.
The value of a Stateās fiat money comes from them requiring that taxes be paid in that same money. Yes they can print as much money as they want, but they donāt, and they can regulate its value by destroying some of it through taxation.
Second Thought: Why The Government Has Infinite MoneyHere is an alternative Piped link(s):
Why The Government Has Infinite Money
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If they can print as much money as they like then they obviously they can always make any interest payment, as former Fed. Chair Alan Greenspan himself has plainly stated.
Furthermore, the government doesnāt need to borrow money in the first place, because again, it can print as much as it wants.
So you might ask, why does our government create these treasury securities in the first place? I think the answer is largely twofold. Firstly as another tool for managing inflation. By giving the wealthy a safe place to profitably park their money, that money is temporarily removed from the real economy. Secondly because those same wealthy capitalists are the ones calling the shots in the first place, and they want a safe place to profitably park their money.Here is an alternative Piped link(s):
former Fed. Chair Alan Greenspan himself has plainly stated
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I'm open-source; check me out at GitHub.
"those same wealthy capitalists are the ones calling the shots in the first place"
That's a good reason to take money out of the hands of the state.
Itās a good reason to end capitalism. Until we abolish private ownership of the means of production, the capitalist class will control the State.
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Iām an elder Silicon Valley software developer who has followed crypto since the early days. I never bought the hype because 1) I understand the technology and 2) I have a Marxist perspective on economics and politics.
I think cryptocurrency was a libertarian monkeyās paw wish that only further empowered those who already had power. The crypto grift collapsed early last year, and everyone has moved on to the shiny new AI grift. Most people know now that the crypto emperor had no clothes.