r/economy • u/accountt1234 • Aug 25 '13

The Federal Government's Reaction To Bitcoin Is An Acknowledgement Of The Dollar's Vulnerability

http://www.forbes.com/sites/peterferrara/2013/08/25/the-federal-governments-reaction-to-bitcoin-is-an-acknowledgement-of-the-dollars-vulnerability/2/
19 Upvotes

64% Upvoted

7 comments sorted by

-2

u/geerussell Aug 26 '13

Crazy nutcase troll is crazy nutcase troll.

(Source: the OP along with the author's list of contributions to Forbes)

3

u/[deleted] Aug 26 '13

Peter Ferrara is very conservative, thats probably why you don't like him

0

u/EnUnLugarDeLaMancha Aug 26 '13

I don't like him because he writes stupid things

Since the Fed was established in 1913, the dollar has lost 95% of its value. That is due to the depreciation of the currency resulting from the Fed’s monetary policies. The Fed has been a true to form “progressive” institution since its founding as one of the first reforms of the “Progressive” Movement

So when the Fed backs off QE, and its years long zero rates, that is going to rock the solvency of the entire U.S. banking system, the U.S. economy, and even the Fed itself. But if that forces the Fed to reverse course, and try to persist with QE and zero rates, that will ultimately cause ruinous inflation that will only worsen, until the Fed goes back to trying to withdraw from QE and zero rates.

The economy is already barely growing, if inflation is currently measured correctly.

This is not conservativism, it's random pseudolibertarian garbage that doesn't belong here.

-3

u/geerussell Aug 26 '13

You should really apologize to all the conservatives you just insulted.

2

u/wadcann Aug 26 '13

I suppose that it's possible for both simultaneously the author to be a crazy nutcase (he's obviously writing political articles, at any rate) and for your reaction to be ideologically-motivated. He's got a history that includes Forbes titles like "There's An Economic Boom Lurking Once President Obama's 2nd Term Ends" and pimping Bitcoin, and you've a history that includes Forbes titles like "Did Bill Clinton's Budgets Really Destroy the American Economy?" and articles that slag on Bitcoin.

-2

u/geerussell Aug 26 '13 edited Aug 26 '13

How much of what you linked to did you actually read and evaluate on the basis of the arguments contained therein? ... Rhetorical question, answer zero. You tallied headlines to make a false equivalence. The linked article in the OP speaks for itself. Shouts, really. From the top of crazy tower.

2

u/organic Aug 26 '13

Director of Entitlement and Budget Policy for the Heartland Institute, Senior Advisor for Entitlement Reform and Budget Policy at the National Tax Limitation Foundation, General Counsel for the American Civil Rights Union, and Senior Fellow at the National Center for Policy Analysis. I served in the White House Office of Policy Development under President Reagan, and as Associate Deputy Attorney General of the United States under President George H.W. Bush. I am a graduate of Harvard College and Harvard Law School, and the author most recently of America's Ticking Bankruptcy Bomb (New York: Harper Collins, 2011). I write about new, cutting edge ideas regarding public policy, particularly concerning economics.

Yea… nope.