Oddbean new post about login | logout "Louisiana is a leader in bitcoin—banning CBDCs and protecting self-custody. We should continue to lead by having a strategic reserve of bitcoin" -The governor of Louisiana, just now I wonder what the average person thinks when they read that in the news Wild times!
I'm curious if Louisiana has done one singular thing related to bitcoin. What makes them a leader? Just jumping on the bandwagon? That's cool if that's what he's doing, I'll take it. But I can't recall anything around bitcoin and Louisiana
Woah
I can see how the US could obtain Bitcoin by printing more money, but with its current debt levels it would have to liquidate it - possibly in a bear market. That's not much of a reserve, let alone strategic. Unless they're really saying they want to default on all debt first and then build the reserve. But here I'm assuming they're actually serious and not just uttering random words suggested by chatgbt to maximize votes.
You should read more MMT modern monetary theory. The US can never default 😉 The book “the deficit myth” by Stephanie Kelton is a great start 😉😂 https://www.goodreads.com/book/show/45731395
Technically true. But what matters is not the name put on something, but its real effects: While not technical defaults, what do you make of: 1933: Executive Order 6102 and the1934 devaluation of dollar 1965: Elimination of silver from many coins 1970: All silver removed from coins 1971: De-pegged dollar from gold (triggered the oil price shock) 2008 onwards: Financial repression via regulation and QE
Good news. But we must keep in mind that the government can still outsource financial censorship to the banks - similar to the censorship it is already outsourcing to social media companies. nostr:naddr1qqxnzdejxgcn2dfsxscrgvfkqyxhwumn8ghj7mn0wvhxcmmvqgsyydpz8xtvue2fwg8xdhttcjaha7ulyhrqcjqk677y0fj7rkqdkfqrqsqqqa28njpd0q