Row 81319

Row ID: 81319 | Dataset Entry | Axioma AXP Content Repository

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>That's what I would call historical revisionism

It ain't revisionism. It's recognition of mechanical reality, instead of clinging to an ideal that was essentially dead on arrival. Per the same quote:

>A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard.

You can go back further and look at the impact of Canadian bond lending to American banks (continental dollars) pre-1933 to demonstrate that there was no "real" control via a farcical gold standard from the get go.

>Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they ~~wouldn't~~ *couldn't* do this,

Fixed it. A CBDC misunderstands what the dollar is. The US needs dollars to spend in its own economy. It gets those dollars from global commercial banks. These global commercial banks can create dollars when they lend. Suddenly switching to a a CBDC would undermine the ability of global banks to do what they do (and politicians have no desire to assume that role).

They would much rather give the commercial banks the monopoly on dollar extension/creation in exchange for obligating a select few of them to buy the treasuries debt issuance.

>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.

Why do you think the eurodollar was selected then? Because it wasn't a top down imposition either.

>But are we just going to pretend Congress banning Russia from SWIFT was not a thing?

SWIFT is just a messaging service. Russian banks are still transacting in dollars through correspondent relationships. Just makes it a bit harder (ok, exaggerating a little - but it's still not a robust revocation of dollar usage). SWIFT ban is political theatre.

The US can make some aspects of dollar intermediation a pain for folks, but they certainly *do not* control the use/creation/destruction of dollars globally.

FieldValue
text >That's what I would call historical revisionism It ain't revisionism. It's recognition of mechanical reality, instead of clinging to an ideal that was essentially dead on arrival. Per the same quote: >A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard. You can go back further and look at the impact of Canadian bond lending to American banks (continental dollars) pre-1933 to demonstrate t…
label r/bitcoin
dataType comment
communityName r/Bitcoin
datetime 2024-05-24
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Raw Record

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  "text": ">That's what I would call historical revisionism\n\nIt ain't revisionism. It's recognition of mechanical reality, instead of clinging to an ideal that was essentially dead on arrival. Per the same quote:\n\n>A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard. \n\nYou can go back further and look at the impact of Canadian bond lending to American banks (continental dollars) pre-1933 to demonstrate that there was no \"real\" control via a farcical gold standard from the get go. \n\n>Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they ~~wouldn't~~ *couldn't* do this,\n\nFixed it. A CBDC misunderstands what the dollar is. The US needs dollars to spend in its own economy. It gets those dollars from global commercial banks. These global commercial banks can create dollars when they lend. Suddenly switching to a a CBDC would undermine the ability of global banks to do what they do (and politicians have no desire to assume that role). \n\nThey would much rather give the commercial banks the monopoly on dollar extension/creation in exchange for obligating a select few of them to buy the treasuries debt issuance. \n\n>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\nWhy do you think the eurodollar was selected then? Because it wasn't a top down imposition either. \n\n>But are we just going to pretend Congress banning Russia from SWIFT was not a thing?\n\nSWIFT is just a messaging service. Russian banks are still transacting in dollars through correspondent relationships. Just makes it a bit harder (ok, exaggerating a little - but it's still not a robust revocation of dollar usage). SWIFT ban is political theatre. \n\nThe US can make some aspects of dollar intermediation a pain for folks, but they certainly *do not* control the use/creation/destruction of dollars globally.",
  "label": "r/bitcoin",
  "dataType": "comment",
  "communityName": "r/Bitcoin",
  "datetime": "2024-05-24",
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}
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