this post was submitted on 20 Nov 2023
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Ahahah. No. Cryptocurrency is for rubes to get rubed, and tying a State’s sovereign fiat money to a commodity belongs in the dustbin of history.
The value of a State’s 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 don’t, and they can regulate its value by destroying some of it through taxation.
Second Thought: Why The Government Has Infinite Money
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 doesn’t 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
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It’s a good reason to end capitalism. Until we abolish private ownership of the means of production, the capitalist class will control the State.
I’m 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 monkey’s 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.
If you wanna believe in dunning-krugerrands, I can’t stop you.