poorbaldmonkey on Nostr: I'm not sure why Yellen is worried about bitcoin hurting the the dollar's status as ...
I'm not sure why Yellen is worried about bitcoin hurting the the dollar's status as the reserve currency. As much as I would love to see bitcoin be the reason the dollar gets dropped, the BRICS and the Yuan pose a far greater threat to the dollar's reverse status.
If Yellen and her boss had any sense at all, they would be doing everything in their power to move to a bitcoin standard to avoid losing the dollar hegemony to another nation's currency.
The US would certainly still loss lose a great deal of monetary and national power. But, if the choice is to lose that power to a foreign nation or to a decentralized ledger controlled by no one, it only makes sense to give that power to a no one.
As it us going right now, the Administration is giving away its power to the CCP and I don't see advantage for the US in doing that.
All of that being said, I've never been under the impression that the political class has ever been all that great at critical thinking or decision making. I'm not surprised by any of this.
But it's still a powerful degree of "not smart" happening.
If Yellen and her boss had any sense at all, they would be doing everything in their power to move to a bitcoin standard to avoid losing the dollar hegemony to another nation's currency.
The US would certainly still loss lose a great deal of monetary and national power. But, if the choice is to lose that power to a foreign nation or to a decentralized ledger controlled by no one, it only makes sense to give that power to a no one.
As it us going right now, the Administration is giving away its power to the CCP and I don't see advantage for the US in doing that.
All of that being said, I've never been under the impression that the political class has ever been all that great at critical thinking or decision making. I'm not surprised by any of this.
But it's still a powerful degree of "not smart" happening.