Re-read this gem. Truly wild argument that the USA needs a king in order to be pushed effectively through bankruptcy proceedings.https://graymirror.substack.com/p/the-fedcoin-experiment …
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Always with the awkward questions.
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Because from his point of view, the problem is too big to be solved in any other way. If he’s right about the magnitude, even the libertarian solution—Bitcoin—will lead to a massive catastrophe. I hope he’s wrong and a slow transition is manageable, but if not, we’re in trouble.
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He hasn't identified a problem other than "the messy nature of this offends my autism". He has entered a house where the silverware is disorganized and announced "only a king empowered to burn down this house and build from scratch can solve this."
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Because the amount of actual dollars in the economy aren't enough to support current asset valuations. It is an effort to formalize the financial system and an argument for a hard currency.
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And yet, they do. So his theory is broken.
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