RFK Jr. at Bitcoin Conference 2024: “President Nixon took us off the gold standard in 1971 to finance the Vietnam War”
“Since then, the Dollar’s purchasing power has been in precipitous decline”
“No wonder half the 18-30 year olds are still living at home, unable to afford the homes that provide the first step toward the American dream.
No wonder our younger Americans are marrying later, delaying or even abandoning the choice to start a family.”
“The Fed has engineered an uber-efficient money-printing machine to perpetrate the systematic robbery that has gutted the American middle class and decimated America’s working poor.
It was the Trump and Biden administrations’ reckless embrace of money printing that have pushed the middle class over the tipping point.”
OK I’m convinced. Let’s do it. Switch all currency to Bitcoin or anything with a finite amount. No more money printing allowed.
Just imagine if the government could not send money to other countries for endless wars unless we cut something else. Not because they didn’t want to, but because they were out of money to spend.
The only way to get more money would be to take it from the American people on their taxes. I bet we would all take voting a little more seriously if our representatives had to be responsible with our money for once and couldn’t overspend without it coming out of our pockets.
@unusual_whales Cherry-picking numbers to fit a narrative, but CPI and core are not the same… YoY core is trending down (4.7 last month -> 4.3 this month) but MoM rose from 0.2 to 0.3 this month.
Thanks for reading.
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The report is up
Bitcoin's major power source is now HYDRO
(23% of all power)
Fossil fuel sources have been decreasing at a combined 6.2% per year since Jan 2020
Methodology and full report:
https://t.co/IqAjwEPEtf
Fix gold to a volume of energy (say, 400 bbls of oil per oz) & let it float in all fiat currencies, & the world will finally have incentive to radically improve energy efficiency & reduce fossil fuel usage (ie a jerry-rigged version of BTC.)
A global economic boom would ensue.
In fiscal 2023, Yellen is set to spend:
$3T on Entitlements (62% of ATH receipts);
$1.2T on Treasury spending (25% of ATH receipts);
$850B on DoD (18% of ATH receipts).
That's 115% of (declining) receipts on those alone...Yellen need only cut them by 30-40% to stop inflation
₿REAKING: Former leader of Texas' energy grid, Brad Jones says, "#Bitcoin mining is helping balance our grid and is driving more renewables into our system"
Good news: Fed tightening has reduced inflation (blue line, used car prices y/y).
Bad news: That inflation was the only thing standing between the US govt & a fiscal crisis (red line, US tax receipts y/y; Nov print was down 10% y/y.)
Now things get interesting. Let's watch.
Great pair of pods to illustrate the Catch 22 fiat has engineered. If the goal is to make the world a better place for those that follow, then what is the soln as ‘let it burn’ may be worse than more of the same?
I do believe that in the grand scheme #bitcoinfixesthis but stacking sats or running a node doesn’t feed the hungry. How do we get from A to B without max pain? And what can/should the avg person do to make a difference? @PeterMcCormack@gladstein