In 1989, Wayne Angell of the Federal Reserve came to Moscow to talk to representatives of Gosbank (the Soviet central banker) about the debasement of the ruble. He told them that the first thing they need to do was to go to a gold standard.
When the Soviets skeptically asked why the West didn't take this advice, Angell replied that the dollar benefited from a long association with gold and as long as the public had confidence in the currency, the West doesn't have to do this.
I'm fairly certain some younger folks are using credit cards for cash advances which they use to buy bitcoin.
The debt will follow them for seven years, post bankruptcy, but they guess that it might be worth it because the bitcoin (if held on a secure cold wallet) cannot be confiscated.
That poor button on Agustin Carstens's jacket.
Nobody knows the troubles that button has seen.
In 1989, Wayne Angell of the Federal Reserve came to Moscow to talk to representatives of Gosbank (the Soviet central banker) about the debasement of the ruble. He told them that the first thing they need to do was to go to a gold standard.
When the Soviets skeptically asked why the West didn't take this advice, Angell replied that the dollar benefited from a long association with gold and as long as the public had confidence in the currency, the West doesn't have to do this.
From the horse's mouth....
"A luxury bag will retain some value in trade in the End Game."
There's an analog in the book "When Money Dies," when the formerly-well-off widow trades a piano for a few sacks of potatoes from a farmer.
I'm fairly certain some younger folks are using credit cards for cash advances which they use to buy bitcoin.
The debt will follow them for seven years, post bankruptcy, but they guess that it might be worth it because the bitcoin (if held on a secure cold wallet) cannot be confiscated.
I think that fat fuck owes me money!
Excellent and very valuable post, Rafi.
Great essay, Rafi. Fun to read and easy to comprehend.
I love your analogy! Keep stacking! And keep writing!