“As is often the case, we are navigating by the stars under cloudy skies.”
-Jerome Powell 8/25/23
This is literally impossible. You cannot navigate the starts when you cannot see them. He’s telling us he has no idea what he’s doing! #Bitcoin
Discussion
Maybe he means partly cloudy
In any case nobody can do his job
No central planner has (or could have) the information necessary to set the time-price of money (interest rates) to balance savings and investment
I agree. That’s why I think it’s important to have monetary policy carved in stone like bitcoin does. But yeah…maybe he does mean partly cloudy…wouldn’t bank on it. I think they will screw us ofer again. Time will tell
We need full-reserve banking for demand deposits.
If a bank promises to pay gold, or Bitcoin, or Federal Reserve Notes on demand it has to actually keep that available for withdrawal, not lend it for years.
Banks were never able to print gold but they were able to paper-ize and fractional-ize it, which led to the downfall of gold standards & the current fiat nightmare. They can do the same with Bitcoin if you let them.