If the government created and issued a government-backed crypto currency to all citizens (or just low income people), and ordered all businesses that are able to accept it do so, explain in comments how that would play out? Good or bad? #cryptocurrency #coronavirus
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Rules would be same. If government creates anything, it will cause also debt. Just think of what businesses would do with the crypto currency they are ordered to take? Is it just financial loss for them? Or can they pay taxes with it? and...
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A government-issued crypto will still be backed by the government. Why should the US do that? Bond yields are crashing, meaning borrowing costs for the government are low, and the central banks have signaled they'll do whatever it takes.
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Whether you conjure $1T from thin air as crypto or you do it as cash, you've still conjured $1T--and you start to risk serious inflation.
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National debt represents the net dollars spent into existence by the US govt. it’s the people’s asset; not our liability.
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