Thank you for sharing this. I think many people may not know/understand this aspect /feature of our existing banking system and the role of government.
Or they deliberately try to ignore the entire safety mechanism because it goes against their narrative that government control is bad, it collides with this libertarian spiel. All to keep the grift going.
When not understanding or misunderstanding things makes you more money (let’s you recruit new ‘suckers’) a honest discussion will start to become impossible.
It is really telling that the people who complain most bitterly about
fiat currency fall into a few different camps, most of which want to
destroy any kind of government social safety net. On the one hand
we have the right-libertarians / "anarcho"-capitalists promoting bitcoin
etc. On the other hand, elements of the wacko/fringe right in the US
have been attacking "fiat" currency and Keynesian economics for decades,
loudly calling for a return to the gold standard.
By wacko right, I mean organizations like the John Birch Society,
Liberty Lobby, and similar, and ideological descendants thereof.
These seemingly disparate camps -- fringe right and "anarcho"-capitalist -- share
a fundamentally anti-democratic philosophy. For example, one of
the seminal texts of "anarcho"-capitalism is Hans-Hermann Hoppe's
_Democracy: the God that Failed_. If you look through my posting history,
you'll find a quote from Tim May, an "anarcho"-capitalist and leader of
the cypherpunk movement, wherein his anti-democratic sensibilities are on full display.
I'll end with a quote:
Begin quote.
More than that; we can tell them that they will search the pages of history in
vain to find a single instance where the common people of any land have ever
declared themselves in favor of the gold standard.
They can find where the holders of fixed investments have declared for a gold
standard, but not where the masses have.
End quote, from William Jennings Bryan's "Cross of Gold" speech.
I'm totally in favor of a cryptocurrency ban; we will not be crucified
on a cross of bitcoin.
Your observation that cryptocurrencies are also embraced for nefarious - democracy undermining - purposes seems an additional aspect that justify a ban.
It’s just such a shit show, I hope the music stops soon, in order for a lot of people to lose their ‘faith’ in this ‘currency’. There is a finite supply of suckers.
Or they deliberately try to ignore the entire safety mechanism because it goes against their narrative that government control is bad, it collides with this libertarian spiel. All to keep the grift going.
When not understanding or misunderstanding things makes you more money (let’s you recruit new ‘suckers’) a honest discussion will start to become impossible.