Topic: Fed on brink of fifth(?) round of quantitative easing - page 7. (Read 2421 times)

it's totally ok to do that. and they wouldn't have a choice. what are they going to do? protest by not selling cheap stuff on ebay?


i wish someone would bet ME that bitcoin will be $1,000,000 in 90 days. with me taking the "no" side. even money bet. but no one is willing to put their money where their mouth is, we all know that. they'll say things like "it's possible, we can't be so sure it won't happen" but they would never put their cash on the line...


just curious, did you get that out of a dictionary or something? sounds like it!

Knowing for sure to lose, Balaji Srinivasan paid $1,000,000 in $1 million Bitcoin bets in 90 days. These funds went to Bitcoin Core developers Chaincode Labs and to the Give Directly foundation a charity that supports people living in poverty in Africa and America.

Currently, the US debt has reached a very large figure and the debt crisis is a real threat to the US economy. However, the US government has several options for avoiding debt default, such as reducing government spending, raising taxes, and printing money. However, all of these options have serious consequences, such as slowing economic growth, triggering inflation, or exacerbating social inequality.

The debt crisis in the US can also have a global impact, because the US is one of the largest economic powers in the world. If the US defaults on its debts, then this can lead to worldwide economic instability.

Therefore, it is important for the US to improve its debt situation and take appropriate measures to overcome the debt crisis. However, this is not only the responsibility of the US itself, but also of other countries involved in trade and investment with the US.

“We will not increase the size of the national debt that every U.S. president has done for 6 million years,” Biden said.

https://twitter.com/BernieSpofforth/status/1654090844717064192

 

https://markets.businessinsider.com/news/bonds/paul-krugman-us-debt-default-ceiling-crisis-government-spending-cuts-2023-5

 

https://youtu.be/0MetSjP8SJM

 

"Hey China. I know we owe you over a trillion dollars. But we are just going to not pay that and write off the entire currency. Sorry you lose all that money. Hey, want to sell us some goods? We're going to pay in USD2.0. This time you'll definitely get paid back though! Pinky promise!"

Right. I'm sure that will work out swimmingly!

But the Fed can't print platinum out of thin air, so of course that will never happen.

you start using the new dollar to pay for imports. just like i said.

you just put that all on hold and start fresh with a new dollar. kind of like a restructuring. people that were owed money would be lein holders but there would be no time table of when they would get paid back if anything.



I think the usa should switch over to a platinum based currency system. Platinum has alot of things going for it. Unlike gold, it is easy to detect if its fake. You don't need any specialized equipment...perfect for a non-inflationary monetary system.  

Lol what? And how do you expect us to import literally anything when we've just shown the entire world that our currency is completely worthless? How do we operate on a global scale when we just ignore the trillions of dollars in debt we owe other countries?

The Fed don't actually have to mint physical coins - they can just change numbers on a screen to print trillions of dollars. And there are plenty of examples of countries undergoing hyperinflation which will show you what would happen if we start printing quadrillions of dollars.

i wasn't talking about the government shutting down. i was talking about the usa defaulting on its debt.


what if they just invent a new currency and start over again and start paying people a flat rate in that new currency and forget about all the old debt. everyone would just have to accept that and get by the best they could. but i think that's a better solution than all of the things you mentioned above. the scenario you mention above would happen only if all other options had been exhausted which they clearly havent. maybe moving to a digital dollar would fix all of this if the new dollar wasn't tied to the old one.



platinum is not so expensive that they would ever run out of platinum for minting these trillion dollar coins. in fact, these platinum coins could be denominated in other amounts too such as quadrillion, quintillion, septillion, we'll never run out of higher denominations. so you're saying it can't continue indefinitely but clearly it can. in the sense that there are always larger denominations you can use. while you work on reigning in expenses and trimming the fat in washington and elsewhere. also, keep in mind that if they do mint a trillion dollar platinum coin, that thing is going to be valuable. which means the IRS will be looking to extract that out of the middle class or anyone else they can get it from.   plus, just imagine the security expenses that would be required to guard such a coin. 24/7 around the clock monitoring because if someone stole that, that would be the biggest bank heist in american history.

Maybe Argentina is the canary in the coal mine for the entire West...

Do I really have to explain this to you? I doubt if it is worth debating with you if I have to explain something as simple as the difference between inflation in a country like Argentina going up 100% in 2022 and some countries like USA going up 8%. Come on my nephew has it clear.


What is usually not very solid is a straw man argument. To get into an argument with someone who doesn't understand simple facts and who tries to refute things you haven't said, it's best to put him on ignore.

We know part of what will happen, because it's happened several times before: https://en.wikipedia.org/wiki/Government_shutdowns_in_the_United_States

Government departments shut down, and millions of employees have their pay delayed or just aren't paid at all. The economy takes a hit of billions of dollars. If it goes on long enough, then emergency funding for things like social security, medicare/medicaid, food stamps, etc., runs out, and so all these things shut down as well, and we cease to pay the interest on our debt. If we default on our debt, then who knows what happens at that point. All government spending stops. The stock market crashes. Millions of job losses. Economy tanks. Borrowing costs rise. The global market starts to abandon the US dollar, compounding all these problems further. Will make 2008 look like a blip.

100 years ago the US national debt was somewhere around $20 billion, so around 0.06% of where it is today. It took about 60 years from then to hit the first trillion dollars. And yet in the last 10 years, we've added 15 trillion dollars. 60 years for the first trillion, now an average of 8 months per trillion. Not only is the debt constantly increasing, it is increasing at an exponential rate.

The debt cannot continue to increase unchecked indefinitely. At some point, we hit a debt crisis where the interest payments alone are unsustainable. And the whole thing comes crashing down.

I don't really care about him donating a small percentage of his overall net worth to organizations that he chooses.

1) $500k to Bitcoin Core development via Chaincode: http://bit.ly/core500k
2) $500k to Give Directly: http://bit.ly/gived500k
3) $500k to Medlock: http://bit.ly/med500k

or you're telling me that these 3 organizations somehow lucked out to get his action while all the other people on his twitter begging him he just ignored them.

he's not looking to get his donations back. he'll probably deduct them off his taxes. after all, isn't that what you do with charitible donations?


Well, i'm not 100% sure what they'll do. But most likely 94% they'll just print the $1 trillion dollar coin. And keep things running. But there is a chance that they'll do something else as an alternative. But I put that at 5% probability. 1% probability nothing gets done at all, not in time.


Inflation happens in the USA too, not just argentina. There's products that go up by 100% in one single year. Even in the usa.


non-essential products going up by 100% is different than essential products but then we get into a debate about what is considered essential. some people would say mcdonald's is an essential thing. but i'm not sure that's a solid position. 

right. they always wait til the last minute. just once i'd like to see them stand firm and say no more. just so we could see what happens. might not be pretty. but i can tell you what would happen. every day there would be more and more complaining until joe biden finally had them print some more money. 

imagine in 100 years what it will be. it will make $31.4 trillion look like a manageable non-issue.



 

Interesting:

https://www.reddit.com/r/Bitcoin/comments/138hngx/us_senator_banks_exist_on_the_basis_of_trust/

 

This is a slightly tangential issue to money printing, which involves the US' arbitrary debt ceiling. No doubt we'll have the usual back and forth nonsense of both sides blaming the other while both do absolutely nothing to address the our ballooning debt, before raising it at the last minute as usual.

I mean, it's currently only $31.4 trillion and hasn't been raised in over a year! Lets bump another few trillion on there! What could possibly go wrong!

Not only it was a real bet, but he paid 1.5 million, way more than he promised. How many people have the balls to do that?

IMHO, we have to wait until June 17. There's one in a billion chance he gets redeemed.

Maybe Davos/WEF want to induce hyperinflation to destroy USD/EUR and bring CBDC to the forefront. It's called the Great -Bank/Currency/Debt- Reset.

Destroy people's savings via hyperinflation (including physical cash -> no longer "king") and then present the "solution" called CBDC.

Sounds insidious enough, doesn't it?

I have no idea why Bitcoin maxis accuse altcoin projects of scammy/Ponzi tactics, but at the same time they justify the US/FED scam shitcoin?

Cognitive Dissonance 101

In any cryptocurrency project, such a dirty trick immediately leads to the accusation of a scam and the collapse of the project. Well, the fact that the dollar scam has long been known in the bitcoin community, it seems that the whole world will soon know about it.

And what do you think they will do? My 12-year-old nephew knows, and so do you.


Maybe it just sounds like what it is. So a ponzi scheme that sounds like a ponzi scheme.


On this I do not agree. What the US does is not very different from what is done around the world. In the EU they are not much better off, for example. And there are places much worse, like Argentina, with close to 100% inflation in 2022. The US compared to Argentina, Turkey and others is a laugh.

well you just provided a link to the answer. it wasn't a real bet. what it was is he was wanting to make some donations to orgnizations of HIS choice there was literally NO bet at all.  no one put up money to do the bet. except him. and only at the very end to "pay if off" how's that?  


their ace in the hole is that trillion dollar coin. all they have to do is mint one of them and it's assigned a value of 1 trillion dollars. imagine how many of those they can make if they just retool the machines that use dies that produce pennies.  it's all starting to make sense now. stop making pennies, start making trillion dollar coins.   the cost is the same but the profit is way higher.