South Africa’s central bank governor mocks the idea of a #Bitcoin reserve:
“Why not a strategic beef reserve? Why not an apple reserve? Why Bitcoin?”
Discussion
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NGMI
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Somebody explain perishable goods to him
“You shouldn’t want bitcoin to go up that much. Then cheeseburgers will be $10,000”
Because I don't need a refrigerator?
(Does a nostr:nprofile1qydhwumn8ghj7en9v4j8xtnwdaehgu3wvfskuep0wp5kxucpremhxue69uhkummnw3ezuum9d3nz6er9w3jhymtfdejkgtnyv5q37amnwvaz7tmwdaehgu3wwd5hsar9v4h8x6tcw3uk7mn99e3k7mgpzpmhxue69uhkummnw3ezuamfdejszynhwden5te0wp6hyurvv4cxzeewv4esz9nhwden5te0wfjkccte9ehx7um5wghxyctwvsq3vamnwvaz7tmjv4kxz7fwwpexjmtpdshxuet5qqs9v9et20mnqagtgrnrc5qmzcrgmkt2y3087p23vawqlmyczlhfdcqnan70j Coldcard count?)
Because Nigeria or Iran or Libya can secure their national wealth beyond the capacity of any nations military on a Jade Plus for $129. Ukraine should have 100% of the money Biden sent them in Bitcoin.
nostr:nprofile1qqsvmmxrr3kegphf5lttqpn5z24xv8vax8yqxhpl6ewqvvqarjkrhyspzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtcpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhszymhwden5te0danxvcmgv95kutnsw43z7s9mpe5 why not Water Buffalo tho?
That's our hundy
absolute legend though - if you want to know what a good central banker looks like, look at him.
also, wtf is he doing there with Scarramuci and the Millenium Man himself Brian Armstrong...
like the dude is a central banker? LMFAO what
Very interesting people you got over there haha
Mocked for raising interest rates to early, mocked for lower rates too slowly
And yet inflation was only ~2.5% at peak and we're back down.
Central bankers need to be scared as fuck of everything. They should be prudent, slow, methodical and data driven
They should be influenced by monetary policies or political parties.
At the South African Reserve Bank they really understand that any percentage change in inflation will literally kill people. Life and death not just wealth errosion.
Most people hate central bankers because they've been exposed to shitty, risk on central bankers who gladly accept "transitory" inflation because "they can absorb it"
For example, US inflation went from 0 to 5% within a month, but no one really died.
Here, I watched for months people in stores choosing between what to take or what not to eat, check prices of everything and putting it back. And inflation here went up marginally.
Tbh I'd like to see the data that SARB has that correlates percentage deaths to percentage change in inflation. Must be like 100k people for every 0.6 or something crazy
I can imagine that being the case, that would be an interesting associative study.
"They should be influenced by monetary policies or political parties." this should be "They shouldn't be influenced by monetary policies or political parties."
big typo there. In the US, monetary policy to print 7 trillion fucked everyone up. Central bankers should and can middle finger such things, but alas, if they are potbellied and weak spined, then you get the shit show that most central banks are.
These new tariffs on Mexico is just to pull back on that $7 trillion, for example. Bad fucking monetary policies.
What are you gay South Africa?
This guy is retarded.
LMFAO you don't know what you are talking about.
Go hang out with Scarramuchi
Beef, mutton, and apples rot. Not so good for saving over long periods
you need to listen to what he is saying - and understand central banking
Nothing he says indicates he understands central banking.
Is that why EU and US central bankers consult with him over the last decade?
Lots of people who get consulted on all sorts of topics are fools. Don’t be such a sap.
and yet they still printed $7 trillion? lmfao. dumb asses. No amount of consulting will resolve that. Only war spend.
No wonder almost all of you have this perception and understanding of central bankers. They have failed you, where as here in South Africa, any percentage change in inflation means death from starvation.
It's just different playing fields chief, especially when central bankers understand the gravity of their actions.
I advise this man start a strategic bannana reserve?
ASYMMETRIC
This guy has never heard of government cheese ?
Link (Clean) - https://www.youtube.com/watch?v=2ikDuE3Mhus
Starts at the 35 minute mark.
I can't believe people cut this clip of Brian's response without the SA president.
That might have been the best HFSP opportunity ever presented.
He's the head of the SA central bank
How does someone get a high banking position without understanding money?
Dude's been the head for years because he's fucking boss.
What do you make of the horrendous take in the clip?
Listen to what he is saying, that's the problem.
"what is the reason for a strategic reserve" you can have a reserve of anything. Is it public consensus, is it beneficial or is it just some lobby trying to shill?
Central bankers need to be methodical, reserved and prudent. You can have a strategic reserve of anything, corn, wheat, oil, coal, apples, beef etc. There's both a value attributable and a yield.
BTC sitting in a wallet doing fuck all isn't the same as any other strategic reserve. And no, Gold isn't 'sitting around' either.
If the public consensus and policy is to have a reserve of X, then it is with the central banks authority to research and create options to make that happen. That is what he is saying.
Bitcoin is obviously not in the interests of central banks, so him downplaying the idea given his role makes sense. I understand that it is his job to play things ultra conservatively for the perceived good of his people.
Given that Bitcoin is a reaction to central banks authority, I assume they will mostly take a different route and work to suppress any notions of decentralized financial movements.
"I have a significant problem with any lobby that says government should hold this asset or that asset"
LMFAO Kganyago basically telling crypto lobbies to chill the fuck out and stop shilling "strategic reserve".
Chatted with a CFA about this the other day, and to be honest there are more valuable strategic reserves (coughs loudly OIL) that can be more economically beneficial as a strategic reserve.
Idk, if you're siding with the baldy and saccamuchi LMFAO but yeah stop shilling something that can be EMP'd to non existence.
I’ve got no problem when these people are left in the dust.
Some people never learn.
He might want to think about how to ensure electricity is available 24/7 in his country before making a complete dick of himself.
The South African government has been corrupt to the core for many years. They lined their own pockets, destroyed the country's energy infrastructure, sunk the economy, wrecked people's lives, and embarrassed themselves on the world stage several times over. They have been a complete and utter joke of an administration. Pushed around by the WEF, WHO, China and Russia.
If they had a #bitcoin reserve it would, in all likelihood be plundered by officials as soon as the price begins to run.
nostr:note1lsvl932pn55pepdhft020a6p4c9c85dl3lc7k7k27kynxz6eua6sh8h9dg
The South African government has been corrupt to the core for many years. They lined their own pockets, destroyed the country's energy infrastructure, sunk the economy, wrecked people's lives, and embarrassed themselves on the world stage several times over. They have been a complete and utter joke of an administration. Pushed around by the WEF, WHO, China and Russia.
If they had a #bitcoin reserve it would, in all likelihood be plundered by officials as soon as the price begins to run.
Yikes. There are children who could give this guy a lesson on the basic qualities of money.
Was nobody worried he was gonna stab his own eye with that pencil.
Wonder if he’s ever read about aggry beads and the speculative attack on the West African monetary system by the Europeans… Hard money shouldn’t be hard to understand after something so unconscionable.
Blame it on white privledge
Why not? Also, why not Bitcoin reserves to buy more apples and beef for cheaper each year?
I wonder if that dude knows how much bitcoiners love beef 😂
Why not? Canada has a strategic maple syrup reserve.
I mean, who could blame them! https://m.primal.net/Nuww.webp