Understanding Economics & Bitcoin @understandingeb
What is the future of the monetary system? Exploring Bitcoin, economics, and the forces shaping global finance. youtube.com/channel/UCBzeT… Orangeville, Ontario Joined June 2012-
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What is Triffin's Dilemma? In 1959, a Belgian economist named Robert Triffin testified to Congress about the dangers of the USD becoming the global reserve currency, after he observed what was called the "dollar glut". Under Bretton Woods, the dollar was to be redeemable into gold, but the 'dollar glut' noted that there was an overabundance of dollars outside the US, without the corresponding amount of gold. This ultimately led to a collapse of the gold standard in 1971. Because of being the reserve currency and the demand for dollars, the US was forced to run deficits on its current account. This means that the US was importing more than it was exporting, then financing the difference by borrowing or creating more dollars. However, this current account deficit led to an accumulation of vastly more dollars overseas, than there was gold (which allegedly backed those dollars' value). Balance of payments ('BOP'- the difference between money flowing into a country, vs out of the country): The BOP has two main components: -Current Account -Capital Account and Financial Account The Current Account, as previously mentioned, is primarily comprised of the Trade Balance ('BOT'), or the value of imports vs exports. The Capital Account represents capital transfers and the transfer of non-financial assets and the Financial Account shows investment flows which include foreign direct investment ('FDI'), portfolio investment, and other capital investments into and out of the country. As you can see, any deficit in the current account (mainly, the trade deficit), must be balanced by an equal amount of capital inflows. This is what has led to the hyper-financialization of our economy. Post Bretton Woods, the agreement was essentially this: "We love the power that comes with being able to wield King Dollar as a weapon so much, that we will hollow out our industrial base and ship our jobs overseas. You will make everything we need, and we will run ever-increasing twin deficits to get you dollars for our stuff. We'll oversee the best capital markets in the world, so you can recycle those dollars back into our assets." This is what has led to historic wealth inequality, *worse even than The Gilded Age* This has also created, arguably, the biggest national security threat of our time, illustrated beautifully by COVID (reliance on China for PPE, medication, etc.) and the stunning lack of a functional defense industrial base (eg losing a proxy war to a country with 1/10th the GDP) As the dollar continues to strengthen, our exports become less and less competitive, but the 'carry' for the rest of the world (especially given how strongly performing US assets are), continues to increase. This only ends, when the dollar's reserve currency status ends.
"It doesn't matter if the existing system prints $2T, $8T, $50T... Bitcoin measured against a piece of paper will look like it's going up. But all prices relative to Bitcoin are actually going down & will forever." @JeffBooth w/@WalkerAmerica 🔥
What are the most important concepts to grasp in order to understand economics?
LFG! Dalio, who is he?
Vitalik doesn’t buy Ethereum, only sells it. Ripple doesn’t buy XRP, only sells it. The US doesn’t buy USD, only prints it. There can only be one Bitcoin - WAKE UP!
In December 2023 it cost $440 to buy 0.01 Bitcoin, or 1 million Satoshis Today it costs $965
That's right. The system keeps printing, and Bitcoin remains the only way to break free from the endless cycle.
How much do you think Bitcoin will be at the end of 2025?
It's early 2017. You're up MASSIVELY after loading up on Bitcoin in the $200's in 2015. But now Bitcoin is crashing after setting new highs above the 2013 high. Is the bull market over? Should you sell now? Take profits rather than risking another brutal bear market? See next
Printing money = Reduced purchasing power = Higher prices for everyday goods #Bitcoin #FreeMarket #DecentralizedMoney
In a world of infinite money printing, Bitcoin remains the constant. Hard money. The revolution isn’t coming - it’s already here. 🚀 #Bitcoin #Economics #SoundMoney
Which is better?
@DrJordanBCooper Great point about the necessity in regaining high culture. I wonder what modern music would sound like if musicians/producers consciously created music with eternal transcendance in mind. Do you think Bach, Beethoven, Mozart. had transcendent creation in mind when they composed?
@Breedlove22 Would you say particular humans or humanity in general is intrinsically valuable? If so, this would mean that intrinsic value is a reality in the world. However, intrinsic value may be limited to humanity itself?
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@Tsauve19 Thanks brutha!!
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@julia_rybakk Pursue truth 🙏
@stewhrt Thanks for sharing 🙏🙏
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