Thank you, great write up. Keynesian economics has proven very useful in the past. I don't think anybody could argue it hasent. And your ironic piece makes a case well worth consideration.
Perhaps the useful aspects of Keynesian economics can still be adapted for use with bitcoin. For example, gov can still hold btc and increase spending during recession. And it can still create policy that encourage spending, licenses, tax incentives etc. And btc can still be taxed, even if it is harder to trace earnings. Tax is basically an honest system now, requiring that we self report our earnings. Most people will still do the right thing.
But Governments cant print more, or de-value btc. Time will tell if that's a good or bad thing. I'm no expert, but I'm leaning toward it being a good thing.
I think the biggest problem our financial system presents, is not that its failing, or problems of adapting to a new type of currency (btc). I think the biggest problem is our markets only work if they are expanding, driving gov policy toward population growth, and ever increasing exploitation of earths resources. I wonder if btc could somehow become part of a new system structure which was able to maintain steady state, rather than perpetual growth. Afterall, perpetual growth is impossible in a finite world, so if we don't want to bust, we need to solve this issue.
I don't personally know how btc could achieve this, but it certainly has a whole new set of possibilities which haven't been considered before.
I dont see how anyone would think that keynesianism has been useful. And more importantly economics is supposed to be a science, so it should be correct not useful and keynesianism has been proven false again and again.
I tried having a debate with some keynesians who were claiming Bitcoin would not succed because keynesianism and they could not handle it, so I extend the offer to you. But by debate I dontmean an internet slogan-catchy phrases ridiculous back and forth, I mean an honest exchange of ideas.
