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Krugman On Bitcoin and the Gold Standard
twoallbeefpatties writes "Prominent Keynesian economist Paul Krugman has left a note on his blog at NYTimes about his view of Bitcoin, discussing its similarity to the gold standard and suggesting a drop in 'real gross Bitcoin product' as its users hoard the currency rather than spend it."
Okay, I'll bite. He's a Keynesian. Nothing he says has anything to do with reality so why take him seriously?
I can't believe anyone would take this silly currency seriously. Dear Bitcoin fans, have fun with your internet fun bucks, I guess.
> In particular, the WSJ was saying years ago that rampant inflation was just around the corner. When again?
Been to Walmart lately? Everything except tech is going up. The government is suppressing the official inflation figures with a lot of smoke and mirrors but for an ordinary person wages are pretty flat and the price of everything is going up. Same for unemployment, when you can't apply for another extension you aren't considered 'unemployed' anymore, which is the only way the rate is staying under 10%. But Bushitler isn't president anymore so the media play along. Remember when 6% unemployment was 'a jobless recovery?'
As for Krugman, if that idiot said the sky was blue I'd look up from the TV and peek out the window half expecting cavorting unicorns and rainbows under a pink sky. He deserved his Nobel Prize less than Obama deserved his, if that is possible. Most Nobels these days are political trophies for being a socialist or terrorist (Arafat).
Might as well go for the gold and trash bitcoin as well while I'm in snark mode. Remember e-gold? That will be bitcoin's fate. The only people who will be doing anything with it will be criminals laundering their ill-gotten gains. And once a service gets that taint on it there is very little that can be done to attract enough reputable business to get rid of it since nobody wants to associate with a criminal enterprise. Paypal succeeded because of a symbiotic relationship with eBay, which is why they were bought out. Unless bitcoin quickly finds a legitimate source of commerce to own they are toast. And that is making the assumption for the sake of argument that the tech isn't bogus. Which it almost certainly is. They talk out both sides of their mouth. On the one hand it is anonymous enough for money laundering but on the other they promise accountability.
Democrat delenda est