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we rightfully rail against the Fed. but as nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a often points out, this period of money printing is fiscal rather than fed-driven.

would we put the same energy into resisting a direct debt monetization, as existed in 1863, when the greenback was backed by nothing but 'in God we trust'?

cause it looks to me like that's a direction djt could be moving towards; a direct monetization of t-bills on XRP & SOL (esp in light of Barron's recent tweet re the Fed, which I mostly agree with).

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Discussion

Micael 10mo ago 💬 2

It’s true that both are fake money.

The only difference is the greenback was debt free and interest free. And Federal Reserve Nots are debt based and always compounding interest.

There’s a big difference: one can be a service for the people and the government the other will end up bankrupting the government and the people.

👁️⃤.sats / Hobo.sats 10mo ago

seems a dubious distinction though. the reason this was tried at all was because our backs were against the wall. California and Oregon refused to accept them as their value relative to gold dropped so fast.

fwiw, from time to time the Fed even warns the Treasury about our deficits. would this not remove that little guardrail? how do we get our fiscal house in order then? can't just be solved thru tariffs.

to be clear, I agree some serious monetary reform is way overdue, and the buck has gotta stop somewhere. I just don't see this being anything short of chaotic.

I gotta stack harder.

Micael 10mo ago

Idk fuck banks and fuck the governments anyways, nothing stops the train of currency debasement. They are all broke criminals trying to get our wealth. Bitcoin or slavery!

👁️⃤.sats / Hobo.sats 10mo ago

(btw appreciate the engagement. nostr is fun but still getting used to smaller network 🫡)