The gold standard brought Europe to the pinnacle of civilisation #Bitcoin is its only chance to get back there

#Bitcoin #art: The Angelus (1857–1859) - Jean-François Millet

Low time-preference = country ⤴ High time-preference = country ⤵

"Out of #Bitcoin grow miracles." -Jean de la Bruyere

#Bitcoin #art: Barge Haulers on the Volga (1870–1873) - Ilya Repin

The 🇺🇸US’s main export is money. Other countries have to produce stuff to import stuff. The 🇺🇸 can just print dollars. The 🇺🇸 lives above its means, the rest of the world below it.

Because the basket keeps changing, CPI is a terrible way to measure inflation. Its “flexibility” makes it easy to hide money devaluation. View quoted note →

#Fiat allows politicians to print as much money as they want & use it however they see fit. This gives them immense power to interfere with our lives. With the #gold standard, governments had to be careful about how they spent their money, which led to better decisions.

There are only 3 ways to decrease government debt: 1- Spend less (yeah right) 2- Increase taxes (= not re-elected) 3- Print money to reduce the value of debt (←this what's happening)

Bitopia

Why Peter Schiff is right… about the system

We often tease Peter Schiff for sticking to #gold while its replacement #Bitcoin has already...

Why Peter Schiff is right… about the system We often tease Peter Schiff for sticking to #gold while its replacement #Bitcoin has already arrived. And rightly so because by advocating for gold he is doing neither himself, nor his followers a service. But credit where credit is due: his analysis of the problems in our current financial system are spot on! He probably influenced countless Bitcoiners in their thinking about the financial system. In his recent conversation with Jordan Peterson, Peter Schiff made some really good points: 1. Here's what you need to understand about inflation “Inflation is a bigger threat now than it has ever been because of the fiscal predicament the major governments have put themselves in.” Government debt is increasing exponentially, and it seems nobody can stop it. There are just three ways to decrease this debt: Spend less (which most governments seem incapable of doing), Increase taxes (which people don't like) or Reduce the value of money by printing more of it (this makes the debt seem smaller). The threat Peter Schiff refers to is option 3) because it is the easiest way for governments to get out of their fiscal predicament. And most people won’t realise it's happening. 2. Gold kept governments honest “With the gold standard the only way for governments to get money is through taxes or spending less. It couldn’t print it, because gold had to be mined. And was a way to keep the politicians in check.” Fiat allows politicians to print as much money as they want and use it however they see fit. This gives them a lot of power to interfere with our lives. The extreme measures taken during the Covid crisis are a recent example. The problem is, because there's no limit on how much money can be printed, a lot (if not most) gets misallocated. With the gold standard, governments had to be careful about how they spent their money, which led to better decisions. 3. CPI numbers are being manipulated “Governments keep their own scorecard on inflation and while the basket of goods to calculate it used to be the same always. Now the basket changes and the government can add and take out products from the basket. And it is no surprise that usually they take out the products that went up in price.” Because the basket keeps changing, CPI is a terrible way to measure inflation. Its “flexibility” makes it easy to hide the fact that money is being devalued. Until they can't hide it anymore, even with the changing basket - a situation we're currently in. This is when you'll start to hear talk about changing the basket formula to "more accurately reflect the real situation". 4. People are going to leave “The trajectory of debasement and money printing we are on means people get less and less benefits from the government and at one point (young) people will simply leave.” Countries are in competition with each other for capital and the best talent. Those with good fiscal policies and strong currencies will draw talents (and their money) from countries with bad policies and weak currencies. What I find hard to believe is that Peter Schiff really thinks they will be taking their life savings in gold. Instead of using a 24-word sentence they memorised… 5. The US’s main export is money “Where the rest of the world has to produce stuff to import stuff, the US can just print dollars and export these. Therefore Americans leave above their means while the rest of the world lives below their means.” Most Americans are probably not aware, but the rest of the world is very aware. This causes a lot of anger towards the US and is an important reason why other countries are trying to find ways to stop using the dollar as their backup money.

The G20 is trying to plug the "black hole" that is sucking up all energy... 😁

Bitcoin News

G20's FSB Pushes for Global Crypto Regulations and Standards Aiming to Curb Crypto ‘Spillover’ Risks

The G20’s Financial Stability Board (FSB) wants to rein in the crypto industry with tighter regulations and standardized frameworks.

Paul Krugman's calculator broke down. He observes de-dollarisation. Knows the yuan won't replace the dollar. But has no idea what will replace it. #Bitcoin

Bitcoin News

Nobel Laureate Paul Krugman Says US Dollar Dominance Won't Last Forever but Doubts Chinese Yuan Can Replace USD

Nobel laureate Paul Krugman says the U.S. dollar's dominance "won't last forever," but he doesn't expect the Chinese yuan to replace...

Sound money leads to: 1- Trade 2- Savings Which leads to: 1- Prosperity 2- Innovations #Bitcoin

#Bitcoin #art: Prisoners from the Front (1866) - Winslow Homer

Inflation is a bigger threat than ever before. This is b/c of the fiscal predicament governments all over the world have put themselves in. They have allowed debt to spiral out of control...

Great civilisations start with small government. As they become richer, the government grows. Until the civilisation can't support the dead-weight anymore... #Bitcoin breaks this cycle

Civilisation depends on our ability to use the resources at our disposal as efficient as possible.

Smithsonian Magazine

Rare Neolithic 'Polishing Boulder' Discovered in England

Used to sharpen axes, the 5,000-year-old polissoir is only the second of its kind ever found in the country

We are what in Chinese #history would be called a Warring States era, where after the fall of a dynasty different warlords fight for dominance. Until the new dynasty is established: #Bitcoin

Bitcoin News

India and UAE Break Away From US Dollar: Landmark Agreement Enables Trade Settlements in Rupees and Dirhams

India and the UAE signed a memorandum of understanding Saturday to promote trade settlements in rupees and dirhams.

In addition to transcending any one currency, #Bitcoin will also transcend any one asset. It is so clear at this point that not holding any is unforgivable...

Bitcoin News

Blackrock CEO Larry Fink Says Crypto Will 'Transcend Any One Currency' — Sees Broad-Based Global Interest

Larry Fink, the CEO of the world’s largest asset manager, Blackrock, says crypto is so international that it will transcend any one currency.

He is dead wrong about #Bitcoin, but @peterschiff hits the nail on the head about the flaws of our financial system.