“Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber barons cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience”
-c.s. Lewis
@fiat_money@RealMacroEcon@jbhearn What happens is the Treasury needs funding no matter what and the banks and Fed make sure it happens with the banks making their profits as a pass through when necessary. Wake up.
@nntaleb BTC maxis are often confused. Decentralization is a means not an end. The question is how much decentralization is required to maintain censorship resistance?
@RealMacroEcon@jbhearn@fiat_money If you sell your treasuries to the private sector that's fine but selling to the Fed who is price insensitive and conjures up reserves out of thin air is another matter. Remember the Fed doesn't operate with constraints like a household.
@RealMacroEcon@jbhearn@fiat_money Yes, they're toxic because no one in the private sector would buy them at a high enough price. That's why the Fed had to step in.
@AdamSimecka@McDonaghMatthew@SimplyBitcoin Well that certainly wasn't my implication.
I merely meant that over the past 15 years BTC has functioned as a SoV with limited MoE utility. I fully endorse BTC being used as an MoE for as many txs as possible.
@fiat_money The title of your chart "The govt is always financed by the central bank." In other words, fiscal injections require financing by the central bank and expansion of CB balance sheets.
https://t.co/jfUKtTdBwX