> But now I’m sitting on this cash, and like Matthew McConaughey says in wolf of Wall Street , they’re fucking addicted
Only point of contention is that when you have a currency experiencing sustained inflation over any medium/long term time horizon, it makes sense people would want to hold anything over than cash. Anyone who saved in cash (even using Term Deposits) from basically the 70s to today in any currency has had their purchasing power destroyed.
> Given a choice between an embargo by the US or embargo by the rest of the world, cuba and every country in the world would choose 'the rest of the world'.
You really think countries will willing choose to trade with the USA over the rest of the world when it isn't the biggest destination for their exports nor their major source of imports? Why would they do that exactly?
> You really think countries will willing choose to trade with the USA over the rest of the world when it isn't the biggest destination for their exports nor their major source of imports? Why would they do that exactly?
Yes, any day. Because US embargos prevent you from trading in USD, which is pretty much the de facto currency for any trade due to its stability and backing.
Also, even if you manage to settle your trade in say EUR, you now have to trade without using any US intermediary. Nothing related to this trade can involve a US bank, payment system, legal firm, etc.
A US embargo is pretty much the worst thing that can happen to a country. Only if your country has already strong ties to the middle east, Russia or China can you hope to do any sort of export.
I swear some Americans seem to think the world they live in is from 1955 or 1975 or something. The US is just one player amongst many, a very important one but by no means the paramount one for every country in the world. The idea it is simply isn't backed by facts on the ground.
So yea, if forced to choose between USA vs Rest of World virtually every country will choose RoW. Americans are delusional if they think they can just snap their fingers and everybody else will jump to attention.
I think "follow the money" is the correct call but not like this. I think having the reserve currency be the USD means there is more demand for the currency than is needed to trade with the USA (because USD is used for all sorts of other international trade as well including things like buying oil). This makes the USD relatively too strong which makes their exports relatively too expensive.
This then has all sorts of flow on impacts throughout the manufacturing process and incentives inside the country.
My base case is still that the USD being the reserve currency is the problem. There will persistently by more demand for USD than is justified by the need to purchase American exports, so the currency is artificially high. This makes their exports more expensive than they should be relative to others, which hurts manufacturers.
Having a currency that is too strong for your economy always does this, look at the situation in European nations under the Euro.
And this has been a major problem for them since then. Look up the "Triffin Dilemma". If a nation's currency is the reserve currency it pretty much must run a trade deficit and one of the major impacts will be loss of manufacturing prowess. Happened to Great Britain when the Pound was the reserve currency too.
At this point crypto clearly isn't a bubble. And why would it be? Cryptographically secured money has some advantages over fiat money. This doesn't mean fiat will disappear and all crypto will succeed. But most fiat currencies haven't really "succeeded" either.
Money is a very "efficient" market in this sense because each individual can decide do you want to hold currency X or currency Y or currency Z? And there are pros and cons to each that lead to price discovery between currencies. And I think as time goes on it is becoming more and more apparent that many central banks do not take the management of their countries currency seriously and so people choose alternatives. This is what well-functioning markets look like. Consumer choice and incentives.
- increasingly large cars far bigger than required from a utilitarian perspective
- luxury good production
- theme parks/fireworks displays
- cruise ships
Etc.
Bitcoin/crypto opposition is 95% pushed by embedded financial interests that will use any lever to protect their control over money and the power it gives them.
Legally, probably. I don't know the laws around environmental protection in that area so there may still have been a violation but it appears he was convicted here for violation of property rights as this is public land. But this whole situation is more about the property rights and how the lake here will be used for recreation rather than ecological concerns if I'm reading correctly.
What do you mean by this? If they just wanted to make an example out of him then he gave them a very easy way to "find" to do so, considering we are observing it via satellite maps.
I work as a doordasher and have never once spoken to or interacted with anyone who works at the company.Well that's not quite true, I had an order with issues once that went to a CS rep in the Philippines who I chatted with via messaging.
For all intents and purposes my "boss" is a computer.
More that lawyers will hoard contracts but there will be financial incentives to defect early (the idea being to sell your contracts while the price is high).
Then that lawyer's contracts will become the mass-produced "good enough" boilerplate and be used widely driving down the value of hoarding contracts at all.
> But now I’m sitting on this cash, and like Matthew McConaughey says in wolf of Wall Street , they’re fucking addicted
Only point of contention is that when you have a currency experiencing sustained inflation over any medium/long term time horizon, it makes sense people would want to hold anything over than cash. Anyone who saved in cash (even using Term Deposits) from basically the 70s to today in any currency has had their purchasing power destroyed.