Kevin's Bacon on Nostr: Oh yeah fiat credit will exist for sure, but not as money that everyone is forced to ...

Oh yeah fiat credit will exist for sure, but not as money that everyone is forced to use. If I am not mistaken, credit, being unbacked by commodities or decentralized difficulties in authorship, requires a central control mechanism to enforce a reasonable monetary policy. Credit tokens will continue to be issued by corporations like the Federal Reserve, which will be kept in check by the options in the market.

Jerome Powell is intelligent and what he is doing is perhaps a necessary evil. It is reasonable management of the piece of shit for what it is. I don't think that makes him a hero or something to emulate. We should not want to have control of a system of destruction such as fiat money except in as much as we would end it and replace it with something else. But he is playing his part admirably.