History says that you will stagnate. It doesn't mean you can't, but it doesn't mean you will out pace other nations.
to some degree it is, not as hard as gold bullion, and not as easy as cash.
Remember, if you have it in cold storage, you'll have to load it up, move it, check mempool for fees, then move it on chain - these things aren't so easy and are actually quite cumbersome if you think about it.
in other words, hard assets, are often cumbersome and slow to move. In fact they are that way because they are hard yielding (aka hard to mine and refine). There is only so much of it as well, thus if you cannot fund with hard assets, you fund with debt. That debt is an IOU issuance with collateral.
yes, but it requires financing to do so.
Like I said earlier, if you have 200 tons of Gold, you can only do 200 tons worth of value. If the state is using 197 tons of gold to run itself, then you only have 3 tons available to develop or grow.
In order for you to say do 50tons of new work, say build a new Colosseum, you'd need to pay for labour and for materials, before even any economic growth.
Does this make sense?
where the fuck are the media relays gone? Nostrudel wtf I can't upload anything
well, that's the thing right. If the world starts to wane on US confidence, not only to pay its debts but the future of payment, then it very well might go the exact way of the USSR
well then, what's the difference really?
Promissory note on bitcion == promissory note on gold.
Either way you're holding paper, whilst someone else holds the actually underlying
indeed it was debased. When Mansa Musa travelled through North Africa and parts of the Middle East on his way to Mecca, he handed out Gold like it was candy, which lead to severe debasing of gold due to over supply.
I believe on the way back he collected some of it just to help regulate the economies of Italy, Greece, Egypt etc.
yes, well this is post WW2 because again, the limited number of reserves meant that Europe couldn't rebuild itself WITHOUT debt. So the USA facilitated that debt but shifting away from hard commodities into paper reserves or IOUs/promisary notes.
These promissory notes take on more than just the debt burden; it encompasses all American potential GDP, future growth and labour endeavors, which makes it more worthwhile than just gold.
yeah but that's why empires collapse.
In order for excessive growth, you need to issue the debt to facilitate that growth because the reserves cannot. Unless you go an horde someone else's economy - but that only works for a short time.
Hence why the US leaps and bounds in growth, it has high debt issuance that facilitates everything.
And they can't default because they can just print their way out of the default, no other country can do this.
well, you keep playing the game really
The main difference is liquidity to do the developments. By funding the debt, bankers can repackage that to instituations or pay out an interest rate to saving account holders.
Other than that, the 600 million goes into materials, labour, localised workforce, job creation etc. etc. and when the housing is completed the apartments offer cheaper rents, more accommodation etc. etc.
Society improves off that debt issuance.
It's why Strike is offering loans against bitcoin, something like 100k for 2.5BTC. This is a debt facility that allows you to do things (hopefully that make you a return) and pay off the debt.
I'm not knowledgeable on anything; not having a willingness to learn is more detrimental than anything else.
I've heard of this too. Lady walks on the inside, same concept really.
and yet it is used by both the commies and the capitalists alike!
Gold is not a money system at all. no one is getting paid in gold coins or bullion unless you explicitly ask for it.
Stop saying stuff;
Gold is a hedge against inflationary pressures, both ways, as is many other store of value commodities with quantifiable use cases.
okay I'm at my desk;
No I'm not wrong because this is global standards.
Debt facilitates economic growth. If you want to do anything substantial that increases GDP, you require financing. That is the explicit purpose of banks and bankers. To issue financing and debt. Central banks don't do this by the way, only BANKS.
Debt creates enough leeway for real estate, construction, developments, research etc. etc. to be undertaken without explicit risk in moving physical commodities.
example: Joe Soap wants to create a block of new apartments. This development will cost him 500 million. He goes to the bank, pitches the idea and gets approved financing of 600 million. This 600 million is "funny money" or debt, that has a interest yield on it which he is liable to pay back or will have a underlying collateral to pay. The bankers then take that percentage as profit, whilst PAYING BACK the reserve bank for the issuance. The reserve bank will set baseline rates to either allow for liquidity or remove it. That's all they do.
The 2008 financial crisis was simply an over issuance of shitty debt to buy and build houses. China faced the exact same thing in 2022 with Ever-grande.
The current issuance on car debt for second hand cars is a huge signal again, so look into that. Unsecured loans for second hand cars.
Many many many empires and countries have collapsed upon themselves because they did not issue enough debt to facilitate their endeavors, from the Egyptians, Sumerians, Babylonians, Romans etc. etc. because in order for them to DO any new GDP-growing developments they first had to acquire the GOLD to do so. If you want to look more modern, look at any European empire, including England and how as mercantilism died, so did their grip on territories, wealth, bullion and influence. Belgium, Portugal, Spain, France any colonial power is a case study.
Example: if the Romans had 200 tons of Gold bullion, which is used currently to run the endeavors of the state, then where to they get the capacity to build (and pay) for new buildings or new sieges? Do they take from their 200 ton bullion to pay the workers or the soldiers? That was the case for a long time.
BUT in order to increase GDP, the reserves need to increase. This is mercantilism; Adam Smith/Classical Economics. In order for say, the Netherlands to prosper, it had to take over the Dutch East Indies and Indonesia etc, extract that wealth back to the Netherlands and then have those reserves to develop and grow.
Hence why Keynesian economics ended up winning and why Classical/Austrian economics is relegated to the hollow halls of social media and podcasts.
I'll explain it when I'm at the PC keyboard
No, fixed hard currency does not allow for economic growth.
Debt does.
We discussed this already
No. Pay for good education and go to a good school.
Prestige exists for a reason.
YouTube will only educate you so far and there's actually very poor and almost zero source material, references or accurate information. Just some kid making a YouTube video for likes and subscribes.
Wharton, NYU ETC. all great business schools, in fact you can do their online courses.
dude, there's tons of replicated bitcoin forks. So it can literally be replicated.
you can watch the video.
Building 7 is opposite the street of the main towers. You can see the fires burning in the building, and it took a week for it to collapse, hence the crews there to film it.
yeah that seems crazy high for a daily death count?
she attributed this number to fentanyl though
yeah I think the update reset the relays