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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Not really. This is the critique. You can only support current prices by further credit expansion. If the money printing stops, a liquidity problem turns into an insolvency problem. Moldbug is saying, okay just one last hit, formalize the devaluation, and then no more.
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The crypto alternative is to create a sound money/financial system outside the current one. As capital migrates from the old to the new, the old system is devalued. Credit expansion in the old allows a “soft” landing as the dollar and dollar denominated debts go to zero.
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