We've had blockchain technology for nearly 15 years, which can do the same, with the added benefit of avoiding the need for a third-party intermediary.
It's a mystery why we persist with dollar vaporware, which can be printed to infinity, is backed by the pinky-swear of politicians, and now can be forfeited by the Fed at click of a mouse. Insanity!
"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by an endless series of hobgoblins, most of them imaginary."
Yeah, because Argentina is a mess because of debt limits and no money printing...
That MMT!
Powell's job is to protect the value of the dollar, nothing else. It is not his job to:
Ensure competition
Stop monopolies
Provide jobs
Prop up zombie banks and other businesses
If you desire these things, look to Congress, not the Fed. Higher rates are a symptom of an irresponsible government.
In the US, the government can compel you to provide something you have (fingerprint, passkey). But it cannot compel something you know (password).
Choose carefully
It is the STASIfication of society. Everyone is required to rat on everyone else - banks, doctors, lawyers, libraries, pharmacies, ISPs, phone companies, airlines, computer repair shops, schools - spending their time and money at the government's behest to collect data on you and to report it to the central scrutinizer.
Zero rates has left us with zombie banks and businesses. Some culling of the underperformers and stupids is sorely needed.
Pour encourager les autres, banks like SVB going to the wall, taking their management down, is a Good Thing. It will leave the country stronger.
Too big to fail? Bah, humbug! Inflation is the only thing.
The oceans "are infinite sinks,"
Having solar panels on your roof and selling excess electricity into the grid is the ultimate form of small stakeholder capitalism.
Do you think home solar should belong to, and be managed by the government?
Mark my electrons, by the time the facility is operating to specification, TSMC will be seaching the couch for cash. If you shares or future are tied up with the company, you should be worried.
Come back here in five years and tell me if I'm wrong.
Next month, on the one-year anniversary of the start of Russia's full-scale invasion of Ukraine, South Africa will be hosting Russian and Chinese forces for a joint naval exercise. The timing of the drills - which were apparently planned during Russian President Vladimir Putin's unprovoked assault on Ukraine - have the U.S. "concerned," and will at the very least present South Africa with a diplomatic challenge as the world marks a year of brutal warfare with no end in sight.
The South African National Defense Force has said "Exercise Mosi II" will be held between February 17 and 27 off the country's Indian Ocean coast, to share "operational skills and knowledge."
Ban lobbying? You are just setting up another expensive bureaucracy to be subverted and captured by insiders, while being used to slap down unwelcome intruders.
Publically funded campaigns? A slush fund for the Republicrats, while dark money will still find a way.
You will never get money out of politics, it is a fool's errand. Better to get the politics out of money.
"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." -- P. J. O'Rourke
People here usually blame capitalism for everything. But this is not capitalism, it is the exact opposite. This rent-seeking is enabled by legislation.
So please remember this everytime you cry for the government to intervene and for laws to be passed. The consequences are quite forseeable.
The solution is to roll back laws and regulations, not to pile them on.
Stop grandstanding (https://www.cnn.com/videos/travel/2022/12/27/southwest-airlines-flight-cancellations-buttigieg-intv-tsr-vpx.cnn) and do your job, please and thank you.
Bad weather and your crops failed? Not to worry, the government will come and support you over the lean times.
Perfect weather and bumper crops? Not to worry, the government will come and support you through the time of low prices for your produce.
Price of diesel and fertilizer increased? Not to worry, the government is right there with subsidies.
Can't compete with farmers in the rest of the world? Not to worry, the government will raise import tariffs and find diseases.
Still feeling stressed? Not to worry, the government will decree that your crops must be bought at any price to be made into alcohol for fuel.
Nobody is more mollycoddled than the American farmer. No wonder they are not stressed.
"It's the best thing since professional golfers on 'ludes." -- Rick Obidiah
