Central Bank Digital Currency to End Inflation

[Votto]

I'm not saying it appeals to me. All I'm saying is it looks like it would appeal to enough voters.

A lot of folks are feeling the pain of high inflation, especially folks living on fixed incomes. They just want a little financial security.

All it takes is a good ad campaign to get public opinion to be in favor. A good PR campaign should play up all the benefits and ignore or put a positive spin on the downside risks.

As I said, create enough of an economic crisis and people will go along with pretty much anything, like they did Hitler and then elected Nazis to power.

This is nothing new

Every collectivist revolution rides in on a Trojan horse of 'emergency'. It was the tactic of Lenin, Hitler, and Mussolini. In the collectivist sweep over a dozen minor countries of Europe, it was the cry of men striving to get on horseback. And 'emergency' became the justification of the subsequent steps. This technique of creating emergency is the greatest achievement that demagoguery attains.

-Herber Hoover

After all, the political leaders of today are not smart enough to come up with something new.

 

[Ragnar Celine]

As I said, create enough of an economic crisis and people will go along with pretty much anything, like they did Hitler and then elected Nazis to power.

This is nothing new

Every collectivist revolution rides in on a Trojan horse of 'emergency'. It was the tactic of Lenin, Hitler, and Mussolini. In the collectivist sweep over a dozen minor countries of Europe, it was the cry of men striving to get on horseback. And 'emergency' became the justification of the subsequent steps. This technique of creating emergency is the greatest achievement that demagoguery attains.

-Herber Hoover

After all, the political leaders of today are not smart enough to come up with something new.

When hyperinflation hit Germany in 1923, it wiped out the value of the life savings and social-security benefits of millions whose anger contributed to the rise of Nazism.

When you have digital currency indexed to inflation, at least you won't need a wheelbarrow of worthless paper to buy a loaf of bread.

 

[Toddsterpatriot]

When hyperinflation hit Germany in 1923, it wiped out the value of the life savings and social-security benefits of millions whose anger contributed to the rise of Nazism.

When you have digital currency indexed to inflation, at least you won't need a wheelbarrow of worthless paper to buy a loaf of bread.

When you have digital currency indexed to inflation,

Never gonna work.

 

[Ragnar Celine]

When you have digital currency indexed to inflation,

Never gonna work.

It's crazy enough it just might work.

 

[Toddsterpatriot]

It's crazy enough it just might work.

No, it will never work.

 

[Ragnar Celine]

No, it will never work.

Shiller says it will work and he has a Nobel prize.

Where's your Nobel prize?

 

[Toddsterpatriot]

Shiller says it will work and he has a Nobel prize.

Where's your Nobel prize?

Shiller was never wrong in his career?

 

[Ragnar Celine]

Shiller was never wrong in his career?

All I know is he's less wrong than you.

 

[Toddsterpatriot]

All I know is he's less wrong than you.

You know very little indeed.

This is similar to the Unidad de Fomento used in Chile. In the 1960s, Chile created a quasi-currency called the UF to track inflation. If inflation rapidly accelerates, the UF becomes more valuable against the Chilean Peso, allowing UF holders to maintain buying power. Items priced in UF stay the same all the time, automatically adjusting with inflation.

In his book "The New Financial Order", Shiller proposed the US adopt a digital version of the UF.

Shiller wants to introduce a digital version of the UF into the US economy to protect the value of people's money from being eroded by inflation.

The UF isn't "used", it's non-circulating.

 

[Ragnar Celine]

You know very little indeed.

This is similar to the Unidad de Fomento used in Chile. In the 1960s, Chile created a quasi-currency called the UF to track inflation. If inflation rapidly accelerates, the UF becomes more valuable against the Chilean Peso, allowing UF holders to maintain buying power. Items priced in UF stay the same all the time, automatically adjusting with inflation.

In his book "The New Financial Order", Shiller proposed the US adopt a digital version of the UF.

Shiller wants to introduce a digital version of the UF into the US economy to protect the value of people's money from being eroded by inflation.

The UF isn't "used", it's non-circulating.

Thanks for the powerful insight, Professor.

What do they have it for if they don't use it?

For decoration? They just like having it around to feel better?

 

[Grumblenuts]

Shiller says it will work and he has a Nobel prize.

Shiller's just shilling for the banks and rich industrialists.

Germans with large debts also benefited from hyperinflation, since they could be easily repaid. Some clever businessmen borrowed early in the inflationary cycle to buy property, then repaid the loan weeks or months later for next to nothing.

Big Banks (huge corporations) have money printed to lend to debtors (wealthy industrialists) who similarly benefit from inflation. Meanwhile, the government, being too weak to fix its currency, still has to pay reparations in fixed dollars. Small wonder the MIC is constantly beating its war drums.

Notice how real estate and rents have gone up during this current inflation. Why? Because, instead of just buying war making materials, the rich now largely borrow money to buy real estate to turn into rental properties, then simply write off all unoccupied units as business losses. Rents go up. Real estate goes up. The rich get richer. They lobby governments to cover their losses so easily pay back their own debts. The rest of us get stuck holding the bag -- cryptocurrency or none.

 

[Toddsterpatriot]

Thanks for the powerful insight, Professor.

What do they have it for if they don't use it?

For decoration? They just like having it around to feel better?

What do they have it for if they don't use it?

Exactly. You should ask Shiller.

 

[Ragnar Celine]

Shiller's just shilling for the banks and rich industrialists.

Big Banks (huge corporations) have money printed to lend to debtors (wealthy industrialists) who similarly benefit from inflation. Meanwhile, the government, being too weak to fix its currency, still has to pay reparations in fixed dollars. Small wonder the MIC is constantly beating its war drums.

How is Shiller helping rich banks and industrialists by pushing to cure inflation if they benefit from it?

Poor people who also have a lot of debt would similarly benefit from hyperinflation.

It's creditors who lose to high inflation.

 

[Natural Citizen]

As I'd mentioned elsewhere a couple of years ago on the board, basically they'll be modifying the value of currency at will.

To put it country simple, the implementation of digital currencies free the central bank and speculators from having to use slower, clumsier means of manipulating stocks, bonds, commodities, and currencies in order to manipulate currency and other types of value. They'll be able to walk away from their generational crime and fraud at the convenience of a push of a button

 

[Grumblenuts]

How is Shiller helping rich banks and industrialists by pushing to cure inflation if they benefit from it?

Poor people who also have a lot of debt would similarly benefit from hyperinflation.

It's creditors who lose to high inflation.

No. The wealthy use their banks which use their governments to help them steal from all. Go back and read what I added on.

 

[Ragnar Celine]

As I'd mentioned elsewhere a couple of years ago on the board, basically they'll be modifying the value of currency at will.

To put it country simple, the implementation of digital currencies free the central bank and speculators from having to use slower, clumsier means of manipulating stocks, bonds, commodities, and currencies in order to manipulate currency and other types of value. They'll be able to walk away from their generational crime and fraud at the convenience of a push of a button

Were they ever in any danger of not getting away with their crimes without digital currency?

Seems things will just continue on as they always have, only easier for everyone.

 

[Ragnar Celine]

No. The wealthy use their banks which use their governments to help them steal from all. Go back and read what I added on.

Sounds like the wealthy are gonna do what they're gonna do no matter what so might as well soften the sting of inflation for the rest of us while they're at it.

 

[Toddsterpatriot]

Sounds like the wealthy are gonna do what they're gonna do no matter what so might as well soften the sting of inflation for the rest of us while they're at it.

It won't "soften the sting of inflation for the rest of us".

 

[Ragnar Celine]

It won't "soften the sting of inflation for the rest of us".

Thank you, again, for the incisive analysis. Your powers of contradiction are breathtaking.

 

[Toddsterpatriot]

Thank you, again, for the incisive analysis. Your powers of contradiction are breathtaking.

No contradiction.
People won't hold this "digital currency", how will it protect them from inflation?