Bitcoin

Discussion in 'Opinion POLLS' started by Canell, Mar 25, 2021.

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What is Bitcoin?

  1. A new global currency

    3 vote(s)
    13.6%
  2. A Ponzi scheme

    7 vote(s)
    31.8%
  3. A stock buble

    3 vote(s)
    13.6%
  4. A globalist scam

    2 vote(s)
    9.1%
  5. A great thing

    3 vote(s)
    13.6%
  6. Other

    3 vote(s)
    13.6%
  7. I don't know

    4 vote(s)
    18.2%
  8. I couldn't care less

    2 vote(s)
    9.1%
Multiple votes are allowed.
  1. a better world

    a better world Well-Known Member

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    So...the question is how informed is your "opinion"?
    (link)
    ROSS GITTINS: Funding the budget by printing money is closer than you think

    and

    Who’s afraid of MMT? | Jordan Times

    by James K Galbraith.

    "As anyone who has ever been responsible for legislative oversight of central bankers knows, they do not like to have their authority challenged. Most of all, they will defend their mystique, that magical aura that hovers over their words, shrouding a slushy mix of banality and baloney in a mist of power and jargon".

    Note my underlined. the author is not just someone with an opinion....
     
    Last edited: May 11, 2021
  2. fmw

    fmw Well-Known Member

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    Sorry, I disagree with all of that. It fails the common sense test. Creating money dilutes the value of existing money. It is, in effect, a tax on everyone. Since the ability to create money is unbounded, it allows government to spend as much as cares to spend. And that is exactly what government will do until the people revolt to stop it or the currency is destroyed. We've seen it in Germany, Brazil and other places. Why it continues to appeal to governments is obvious.

    Nobody gains from it except for government at least on a temporary basis. It allows unfettered spending and the ability to pay debt with cheaper currency. Nothing good ever comes from it except for government.
     
  3. L_Ron_Paul

    L_Ron_Paul Member

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    Printing indiscriminately is bad but never adding new money to the economy as the population and economy grows would also be very bad, and is as much a political choice as the decision to have a positive inflation target.
     
    a better world likes this.
  4. a better world

    a better world Well-Known Member

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    You haven't read any of it - haven't learnt anything. Commonsense is not always consistent with reality eg the earth appears flat, the sun seems to rise and set around the earth.


    So common sense says, but in reality the quantity of debt-free money which governments can create AND spend is limited to the goods and services available for purchase.
     
  5. fmw

    fmw Well-Known Member

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    Since economics is a social science and not a hard science there are opposing opinions by economists about nearly every economic issue. You choose your economist and I'll choose mine.
     

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