The last paragraph from David Graeber is something that’s gonna take me a lot of time to digest. The twist and turns to allow for money to be printed out of thin air is absolutely scary. If my memory serves me well, money is not even backed up by Gold anymore since the Nixon administration. Maybe I’m wrong (because economics is not my expertise) but I think the validity of the dollar, relies solely on the influence the United States has politically and militarily in relationship to the world. Also, I think cryptos like Bitcoin and Etheruem present a threat to U.S. currency and perhaps that’s why they’re trying to put a ton of regulations on it. What’s your take on this, Nathan?
The last paragraph from David Graeber is something that’s gonna take me a lot of time to digest. The twist and turns to allow for money to be printed out of thin air is absolutely scary. If my memory serves me well, money is not even backed up by Gold anymore since the Nixon administration. Maybe I’m wrong (because economics is not my expertise) but I think the validity of the dollar, relies solely on the influence the United States has politically and militarily in relationship to the world. Also, I think cryptos like Bitcoin and Etheruem present a threat to U.S. currency and perhaps that’s why they’re trying to put a ton of regulations on it. What’s your take on this, Nathan?
I believe you're exactly right, Noah, about Nixon, the gold window, and crypto.
I think of the gold standard as kind of like limiting the amount of inches available by limiting amount of rulers 📏.
Looking forward to your next piece!
I learned so much from your substack! You rock!
Thank you, my friend!