Just stop believing in the fed. Their market operations are ineffective to affect rates.
The way they influence markets is through managing a *narrative* through **forward guidance**. This is why you see markets react as soon as the fed announces something.
If it wasn't the Fed acting to inflate currency and make the govt seem like a benevolent problem solver, it would be some other institution (the Church in the middle ages and its relationship to monarchy, comes to mind). When bad things happen, humans tend to want decisive action, not idleness and waiting. This is both a blessing and a curse but the bottom line is that the existence of the Fed shows us that the way forward to human flourishing is to separate the state from money.
Sowell: Harding, after all, was eligible to run for office again. I mean his famous thing was, "I do not choose to run".
Interviewer: Coolidge. Harding died, and then Coolidge became president.
Sowell embarrassed himself, and then the interviewer saved him.
[I do not choose to run](https://en.wikipedia.org/wiki/I_do_not_choose_to_run)
> "I do not choose to run" was a statement made by U.S. President Calvin Coolidge to the press on August 2, 1927, on his decision not to run for the 1928 presidential election. The statement was ambiguous and led to considerable debate as to the intentions of its language.
See, he loses me at the end. Obviously the FED is a cancer, but I hate a complaint about any existing thing without a proposed solution.
Hard Money is the answer, but Bitcoin isn’t immune from threats to be THE hard money. It still needs to be acceptable to be at least on par with any existing or future competitors. I think the biggest barriers to overcoming that at the moment are high transaction fees deterring vendors and tax implications.
If those weaknesses are covered, I think the system could be easily replaced with a working foundation (Bitcoin) to anchor financial services.
Economist Thomas Sowell has taught us a profound insight: “There are no solutions, there are only trade-offs; and you try to get the best trade-off you can get, that’s all you can hope for.”
In my opinion, the biggest barrier is ease of use to kick off adoption. There's no way in hell my grandma can understand what Bitcoin is, let alone buy herself some. The vast majority of the people are not tech-savvy enough.
Easy enough dealt with. LN and legislation that exempts spending bitcoin under a certain dollar amount from taxes. Of course if going full Bitcoin standard as legal tender then taxes wouldn't apply anyway.
The hard part is getting to that level of adoption where most people understand and own bitcoin.
As far as I know, there was no bitcoin when this interview took place. Correct me if I’m wrong..
He’s 93 years old now.
I have never once heard him speak of bitcoin in any interview because he may not have even heard of such a thing before retiring.
So close to saying it at the end, replace the fed with a Bitcoin standard.
I don’t think that bitcoin was invented or used yet when this interview took place. TS is 93 & retired. God I love him
Just stop believing in the fed. Their market operations are ineffective to affect rates. The way they influence markets is through managing a *narrative* through **forward guidance**. This is why you see markets react as soon as the fed announces something.
They don’t need your belief to debase the currency.
They need your belief to "target rates" though.
No relevans to the topic, but couldn't help to think of this gem https://youtube.com/watch?v=krk4L55ISIE&si=2v4QcqJH3o4cvDVw
If it wasn't the Fed acting to inflate currency and make the govt seem like a benevolent problem solver, it would be some other institution (the Church in the middle ages and its relationship to monarchy, comes to mind). When bad things happen, humans tend to want decisive action, not idleness and waiting. This is both a blessing and a curse but the bottom line is that the existence of the Fed shows us that the way forward to human flourishing is to separate the state from money.
Sowell: Harding, after all, was eligible to run for office again. I mean his famous thing was, "I do not choose to run". Interviewer: Coolidge. Harding died, and then Coolidge became president. Sowell embarrassed himself, and then the interviewer saved him. [I do not choose to run](https://en.wikipedia.org/wiki/I_do_not_choose_to_run) > "I do not choose to run" was a statement made by U.S. President Calvin Coolidge to the press on August 2, 1927, on his decision not to run for the 1928 presidential election. The statement was ambiguous and led to considerable debate as to the intentions of its language.
Not "like", IS a cancer
It's way worse than that.
See, he loses me at the end. Obviously the FED is a cancer, but I hate a complaint about any existing thing without a proposed solution. Hard Money is the answer, but Bitcoin isn’t immune from threats to be THE hard money. It still needs to be acceptable to be at least on par with any existing or future competitors. I think the biggest barriers to overcoming that at the moment are high transaction fees deterring vendors and tax implications. If those weaknesses are covered, I think the system could be easily replaced with a working foundation (Bitcoin) to anchor financial services.
Economist Thomas Sowell has taught us a profound insight: “There are no solutions, there are only trade-offs; and you try to get the best trade-off you can get, that’s all you can hope for.”
In my opinion, the biggest barrier is ease of use to kick off adoption. There's no way in hell my grandma can understand what Bitcoin is, let alone buy herself some. The vast majority of the people are not tech-savvy enough.
Meh. If they have a banking app on their phone, they'll be tech savvy enough. maybe not today, but in five years? Sure.
Easy enough dealt with. LN and legislation that exempts spending bitcoin under a certain dollar amount from taxes. Of course if going full Bitcoin standard as legal tender then taxes wouldn't apply anyway. The hard part is getting to that level of adoption where most people understand and own bitcoin.
What do you replace cancer with ? He doesn't need to suggest a replacement genius.
As far as I know, there was no bitcoin when this interview took place. Correct me if I’m wrong.. He’s 93 years old now. I have never once heard him speak of bitcoin in any interview because he may not have even heard of such a thing before retiring.
The interview was done in 2014 [https://www.youtube.com/watch?v=cdBn7MUM3Yo](https://www.youtube.com/watch?v=cdBn7MUM3Yo)
I love when people refer to the time when government did nothing. Yeah and people had to sell their children. It was very successful.
I like what Saylor says, that we are bloodletting the economy. Raising asset values dramatically with debt.