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91 sats \ 18 replies \ @SimpleStacker OP 21 Oct \ on: Minneapolis Fed Bitcoin Paper | Article Review BooksAndArticles
@Undisciplined
Would be curious as to your take. The reaction to the paper in the other thread was very negative, but from my reading I don't think they are explicitly anti-bitcoin. I think they are more interested in the conditions under which indefinite deficits can be sustained, not necessarily because they think it's good, but as a theoretical exercise.
(Of course, not ruling out that they think permanent deficits are good, either)
@siggy47
Just tagging you since you've indicated an interest in these academic reviews. Curious as to your thoughts too.
I decided to review this paper instead of the ECB one. The ECB one is actually really bad, with bad faith arguments or plain misunderstandings of Bitcoin, so I don't think I'll review it; plus, many others have done so already.
I agree, although I think they also seem to prefer the option with perpetual budget deficits.
What struck me as most interesting in the passages quoted in the other thread was that they're identifying an incompatibility between bitcoin just existing and the current debt-based monetary system. God I hope so.
I haven't had time to read either the article or your review yet, though.
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Yeah, I'm on the fence about the authors preferences, but if I had to guess I'd lean towards them preferring perpetual deficits.
But still not really sure. From the sounds of it, there's an entire research agenda trying to show the conditions under which persistent deficits can be sustained in a long run steady state. That could explain why the paper is so focused on demonstrating the possibility.
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The Fed does a ton of research and I think that is something people don’t associate with the Fed. They pump out a ton of papers each year and even more working papers that they really spend years working on. It would make since they are trying to research and see if persistent deficits is possible.
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Yeah most are honestly just nerds trying to explore what's possible mathematically and what's not.
Not saying some aren't ideologically driven, but most are really just eggheads.
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The mechanism is more that you aren't going to get one of those jobs unless you seem to have respectably mainstream opinions.
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It's the largest employer of economists and almost all of them are researchers.
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BLS is also one of the largest employers of economists.
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Mediocre economists have to go somewhere.
From what I saw, I could imagine that the author was subtly indicating why that isn't plausible. The hypothetical measures to be taken against bitcoin seemed obviously nonviable.
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I like to think that the authors are secretly pro bitcoin :)
But that could be totally wrong haha, maybe they are more like Roubini
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Yeah I read the Medium article too and thought he did a good job. The ECB article is just bad... totally misunderstanding Satoshi Nakamoto's vision from the very beginning.
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Are you on nostr? There is such a crazy back and forth going on now between people who really don't understand the issue. Maybe if you link to your post and express your opinion maybe you can elevate the discourse? I'm not suggesting in a confrontational way. Nostr isn't twitter. It's a pretty cordial environment.
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I'm not on Nostr, or Twitter/X. I don't do much social media except SN, actually.
Happy to let others cross-post this to any other platforms.