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Comment Re: Bye, UNESCO. It’s Not Us; It’s You (Score 1) 118

Losing the role as a major international trading currency is the ONLY way to ever fix US trade imbalance, it was only possible because the rest of the world needed more and more dollars for US-external trade, once that is gone, there is no growing external need for US dollars, and the trade "imbalance" will fix itself by making everything more expensive for US customers.

Comment Re: Kiss Monetary policy and the USA goodbye (Score 2) 52

I understand your knee jerk intuition about crypto currency. But very earnestly I suggest learning a bit about monetary policy. It's indispensable. And after that you may want to read about bretton woods and how banks in different countries actually can trade money to each other. The US treasury and its impact on monetary policy enables this. It's not just a methodology in the sense that bitcoin is a method for moving money. Monetary policy is how countries can perform the miracle of Keynesian economics to regenerate Growth in a downturn. That cannot ever be done ever without fiat currency and a central bank. Period. This was. Why for example Germany plunged in to pre-hitler ruin after world war 1. There was no way to climb out of turned down economy when you had no gold reserves (France took them). Germany only managed to recover when they pegged their mark to a kilo of wheat-- not a long term solution but a desperate move that mostly worked. But the economic malaise didn't end till Hitler started spending money into the economy. That was made possible by moving off the gold standard prior to Hitler.

Without monetary policy you are left with the austerity of Austrian economics which pretty much inverts the rational of monetary policy and loses all it's advantages.

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