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RE: My Response To @cryptoeagle And The New Paradigm That We Are Entering

in #steem • 8 years ago

What do they think the US Dollar is based upon. "The full faith and credit of the U.S. Government".

Isn't the national debt supposed to be backed by the national lands (national parks, etc)? Maybe that's different than the backing of the dollar as the dollar is issued, not by the US government, but by the Fed, which is a private organization.

I agree that there are a lot of opportunities in crypto. Overwhelmingly so. That means failure is bound to happen because so much is going on, and it's all so new (like you said). It also means that it's important to only invest money that you afford to lose, because the risk is high. But having your money in crypto rather than in a traditional system could be the difference of getting by and getting wealthy.

8 years ago in #steem by
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     8 years ago 

    Or, the government (We, the People are the government) could Constitutionally just print 21 trillion dollar coins to "pay off" the debt and tell the banksters to go take a hike!?!?!

    • If a created entity (the feral government, oops I mean federal government) owns something,
      • ultimately, don't the creators (We, the people) of said entity actually own it?
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       8 years ago 

      I'm not an economist, so I can't tell you the effects of printing $21 billion. But I can tell you that this isn't the first time I've heard the idea considered. It would cause massive inflation and hurt people who already have money. One of the things I've heard is that the government could print enough money to pay the debt, plus enough to give each person $30,000. It wouldn't be worth as much because of inflation, but it would be something. And it could stimulate the economy to get rolling. A lot of wealthier people would be upset because the inflation would lower the amount they're worth. I doubt it would ever happen though.

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         8 years ago 

        Maybe we could just elect @AdamKokesh not-POTUS.

        • His plan is to issue an executive order to simply dismantle the Federal Government.
          • Shut it down... 😎

        The only people who would be hurt by printing Constitutional money, would be those holding FRNs.

        • That's mainly 2 groups of people I don't give 2 hoots about.
          • Thugs like drug lords sitting on their cache of "cash."
          • Thugs like banksters sitting on their cache of "cash."
            • Something would have to be done to allow the minnows to recoup "money" held in a bank...

        Current US population = 326,055,074
        x 30k as you suggest
        = about 10 trillion.
        That would mean we the people would hold half the value we just gave to the banksters.

        • I don't think that's enough.
          • Let's print an additional 21 * 9 = 189 trillion.
            • That way, We the People control 90% of the "wealth"
              leaving the banksters 10%...
        • Meaning each citizen would receive about $580 US Constitutional Dollars.
          • I don't think this would cause inflation.
            It would seem like inflation, since we are talking much larger numbers,
            but in actuality it wouldn't be...
            • We're simply exchanging one currency for another
              and in the process removing control of the banksters from 90% to 10%...
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