Row 80050

Row ID: 80050 | Dataset Entry | Axioma AXP Content Repository

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> Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933).

That's what I would call historical revisionism. Before 1971, "oh yes, the dollar is absolutely a gold-backed currency, and it's important everybody believe that". After 1971 "oh it wasn't even ever a gold standard anyway, so fiat is cool now and always was".

> but the dollar *isn't theirs*.

Haha I mean you can believe that if you want to but I'm not sure how it's useful to see the world that way. Seems pretty trivial to falsify: Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they wouldn't do this, but as an exercise it should reveal the truth of the matter: Do you think the eurodollar would persist at that point? It's a faith based system. It exists because of social consensus. Global trade means a global money will emerge and, over time, the least-worst money system will be selected.

Ok, so I gave a pretty extreme example there, maybe hard to imagine that actually being carried out. But are we just going to pretend Congress banning Russia from SWIFT was not a thing? Of course it's theirs. In our world there is no greater 'state of exception' than the US Congress deciding to make up new rules. At least while we live in a monopolar world. Very tempted to say "bitcoin fixes this" here, but it would be more tongue in cheek than true, at least so far.

> In giving up control over their denomination, they have gained the ability to borrow irresponsibility from a dollarized world.

Certainly agree with that. It makes me sad to think of people in developing countries that are using stablecoins to escape their currency debasemenet. Out of the frying pan, into the fire.

FieldValue
text > Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933). That's what I would call historical revisionism. Before 1971, "oh yes, the dollar is absolutely a gold-backed currency, and it's important everybody believe that". After 1971 "oh it wasn't even ever a gold standard anyway, so fiat is cool now and always was". > but the dollar *isn't theirs*. Haha …
label r/bitcoin
dataType comment
communityName r/Bitcoin
datetime 2024-05-24
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Raw Record

{
  "text": "> Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933).\n\nThat's what I would call historical revisionism.  Before 1971, \"oh yes, the dollar is absolutely a gold-backed currency, and it's important everybody believe that\".  After 1971 \"oh it wasn't even ever a gold standard anyway, so fiat is cool now and always was\".\n\n> but the dollar *isn't theirs*.\n\nHaha I mean you can believe that if you want to but I'm not sure how it's useful to see the world that way.  Seems pretty trivial to falsify: Say Congress issues a CBDC, dissolves the Fed and drops the dollar.  Loads of reasons why they wouldn't do this, but as an exercise it should reveal the truth of the matter:  Do you think the eurodollar would persist at that point?  It's a faith based system.  It exists because of social consensus.  Global trade means a global money will emerge and, over time, the least-worst money system will be selected.\n\nOk, so I gave a pretty extreme example there, maybe hard to imagine that actually being carried out.  But are we just going to pretend Congress banning Russia from SWIFT was not a thing?  Of course it's theirs.  In our world there is no greater 'state of exception' than the US Congress deciding to make up new rules.  At least while we live in a monopolar world.  Very tempted to say \"bitcoin fixes this\" here, but it would be more tongue in cheek than true, at least so far.\n\n> In giving up control over their denomination, they have gained the ability to borrow irresponsibility from a dollarized world.\n\nCertainly agree with that.  It makes me sad to think of people in developing countries that are using stablecoins to escape their currency debasemenet.  Out of the frying pan, into the fire.",
  "label": "r/bitcoin",
  "dataType": "comment",
  "communityName": "r/Bitcoin",
  "datetime": "2024-05-24",
  "username_encoded": "Z0FBQUFBQm5Lak1sd0trSnN5TVg3cUFycE1PNDNwdThWS0I5alZFX0s2RVV4TlRkRGZRMGpHZlkyU0hpNnoyVUMwRzVHRXp5Nl9yUUJzbnRiX1NWSG1FZFc5MHJEY0FNRXc9PQ==",
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