So, who else is filled with glee and some confusion seeing the ECB president getting rattled by stablecoin?
Glee? Obviously, as she was being more candid than I expected of a convicted felon. Here are some snippets.
Privatisation of money
As in, this is something she fears. Yeah, I could not agree more. Like the separation of church and the state, we are on the cusp of another seismic shift...separation of money and state. So if this rattles a central banker, that is the whole point.
I don’t think that this is the purpose for which we’ve been appointed to do the job that we have
In other words, she herself is questioning her raison d'être. Look above. Her job should not exist. If private money can eliminate her job, that...is...the...fucking...point. I hope she is forced to earn her living in the free market by providing goods and services to private consumers.
Now, the confusion.
The whole tirade was not even against Bitcoin, but it was against...stablecoins, which, to me, sounds like nothing but dollar derivatives (that I would not touch with a mile long pole). And that is what she is scared of? She also said elsewhere that she thinks stablecoins will usher in a dollarisation of Eurozone, forced by Tether and Circle.
All the while some Americans are proudly dedollarising America itself, one block, one merchant, one Sat at a time, when Trump is clamouring
Bitcoin takes some pressure off the dollar
as in, the internet took some pressure off the radio or postal service, as how Netflix took some pressure off the Blockbusters.
The jokes simply write themselves. What a time to be alive!!!