CC @ncilla @paulmasonnews @brokep @birgittaj @asta_fish @lilycole @lessig @markhugheshttps://twitter.com/aral/status/838038536418897920 …
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See my critique starting Nov 8 2016 of
#modijaitleychaos by#demonetisation under#quackeconomics...@aral@AnupamSaraph@SuitpossumThanks. Twitter will use this to make your timeline better. UndoUndo
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digital money scales money laundering, corruption and black moneyhttp://bit.ly/2gqRWtj
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But we can make Digital Cash. Of course not Blockchain (central) but with blinded cryptography
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@bunsen@Suitpossum@aeonmag but it can be tracked with a papertrail. India < 2% report taxes. Big brother & big business.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Laudable sentiments re cash, but both are state fiat currency. This is a privatised money system. http://www.econlib.org/library/Enc1/CompetingMoneySupplies.html …
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Currency and payment is orthogonal issues! Still e.g. BitCoin bad on both issues - surveillance ponzi-scheme
@aral@Suitpossum
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Good essay but with some issues that need pointing out.
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1> cash’s ‘offline’ nature means it cannot be remotely altered or frozen - Demonetisation did just that
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In fact, the only people it did not affect were those with the misleadingly called "private" money.
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2> Cash is a public good - for sure - but author fails to mention that it too is centrally controlled.
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The author is living a fantasy that cash is somehow sacrosanct "state money" but digital money is not.
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3> The point about conspiring for -ve interest rates is poor. Inflation achieves exactly the same for cash
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What's worse, cash is earning no money for the possessor even when positive interest rates are available.
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4> A digitally issued fiat currency with a centralised public good switch could well achieve better outcome
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@NZFoWL@Suitpossum@aeonmag To create & control money is the Establishments ultimate power. -
fascists want 2 control every aspect of human existence resist swot up on cryptocurrency bitcoin
@beyondstatespin@aral@Suitpossum@aeonmag -
Gov's will have their cashless system no other will be permitted. If Gov's can't control it they kill it
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Publicly owned Central Bank Rothschild & Vatican will kill you should you have any success with that They won't apologize
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