By Thomas J. DiLorenzo
The US abolished its first three central banks, and this was followed by a period of immense economic growth. End the Fed? We did it before and can do it again.
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By Thomas J. DiLorenzo
The US abolished its first three central banks, and this was followed by a period of immense economic growth. End the Fed? We did it before and can do it again.
If only the people could rally together and do this.
It would benefit the people in so many ways.
They have before, but that was also before America was the global empire and before the dollar was the world reserve currency. It's hard to imagine they'd ever give up control over the dollar.
Right, the people in charge want to keep the power.
But soon, the USD might not be the reserve currency.
BRICS might be taking over?
I don't think BRICS will take over as the reserve currency globally, but it may displace the dollar in a large portion of the world. We just wouldn't have a global reserve currency, then.
I dont feel BRICS will get anywhere.
China's economy is going down....
That's largely how I feel too. The question is just how far BRICS makes it before it fails.
I feel that they are going to start strong, then they are going to lend too much money.
It will just collapse on itself.
It'll have the same poor incentives as the EU, but with much worse actors who have no cultural or geographic ties to each other. I expect it to fail much faster than the EU is.
I can't see this going down, but if it did, it would be a huge win for Bitcoin, right?
I'm not sure, beyond the way everything is good for bitcoin.
It would likely mean a strengthened dollar, which I imagine would reduce the demand for Bitcoin. However, it might just lead directly to hyperbitcoinization.
Great Article!
I'm however susceptible for 'the end of Fed' in this age. With so much going on in for dollar in modern world, US may need agencies to look after its currency. Talking of other varied global collaborations, I don't think, they are posing any challenge to dollar as of now. They could have been a little more successful if China hasn't been seeing a decline in their economy.
In periods without a central bank, the US Treasury was responsible for managing the money supply. It's not quite as radical of a proposal as it might seem, nor as radical as we might prefer.
Everyone now has the ability to abolish the Fed individually, one bitcoiner at a time.