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re: The Time Table for the Dollar
Posted on 12/3/12 at 11:28 pm to TheHiddenFlask
Posted on 12/3/12 at 11:28 pm to TheHiddenFlask
quote:
You win. I don't think I've ever said that on this site before.
I sense sarcasm.
To clarify, I was thinking in terms of a global currency like bitcoin, which if it gained traction on a global scale would be immune to the impossibly trinity, don't you agree?
3
Posted on 12/4/12 at 12:45 am to WikiTiger
quote:
I sense sarcasm.
Not really. You make some good points. You are describing a system which I did not consider an option. I think it has some inherent flaws which make it unsustainable, but in all fairness to you, you have similar legitimate concerns about the current system.
quote:
To clarify, I was thinking in terms of a global currency like bitcoin, which if it gained traction on a global scale would be immune to the impossibly trinity, don't you agree?
A global currency would inherently give up the sovereign monetary policy, unless there is a one world government. Agreed?
Posted on 12/4/12 at 1:12 am to WikiTiger
this is part of what I was trying to explain to you the other day. what bitcoin or it's successors may very well end up doing is forcing free capital mobility on developing countries, giving them only the choice between option 1 and 2. I don't think the economics world has really taken notice of the implications yet.
eta there's actually a growing trend towards arguing for more capital controls, and they might be ten or twenty years away from being impossible to enforce.
eta there's actually a growing trend towards arguing for more capital controls, and they might be ten or twenty years away from being impossible to enforce.
This post was edited on 12/4/12 at 1:14 am
Posted on 12/4/12 at 7:42 am to WikiTiger
quote:
WikiTiger
Why do you think bitcoin, or any single global currency, would work? The notion that a single currency benefiting the majority of sovereigns that use it is a very, very misconceived notion. The only way a single monetary union works is with a single fiscal union.
ETA: I know you said you didn't want this discussion to devolve to that but I'm really curious what you believe the benefits are to it.
This post was edited on 12/4/12 at 7:48 am
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