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Triffin did not advocate for a Bretton-Wood like commodity-backed reserve(gold nor btc), but instead the Bancor system of flexible-international-credit to allow governments to spend/borrow during economic cycles + ensure equality between countries. tinyurl.com/2vnwryzv /1
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we never had our Triffin chat like we said we would! Maybe I am alone in the opinion that a commodity back currency will set the world back, I think history shows giving governments the ability to print money is a net positive, but no 1 country should control this printing. /2
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How do you think governments have funded wars in the past? Debasing currency / printing fiat...
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this is silly. Should we not have nuclear energy since we have nuclear bombs? should we not have cars because engines also power tanks? If you are willing to learn, I would encourage you to read up on the negatives of commodity-backed currencies. Think beyond printing=bad
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I can't believe you are defending fiat. This is quite impressive.
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Money is the means for trade, not the value for which goods are exchanged. Fiat and commodity both have their pros and cons, to be fair. There is a good reason advanced economies are driven towards fiat, and there is a reason those economies crash sometimes...
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The reason why they crash is because governments cause distortions with centralized control to drive agendas for their own benefit....
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I've addressed this.
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Might be reading too much into it
I think having $1B BTC as a backstop/insurance is an excellent idea btw. It is a bonus. 😅I can't wait for the flood of questions on discord, "Why is UST only 10% collateralized?" from newcomers.
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