Join Wirepoints President Ted Dabrowski and Founder Mark Glennon on the fourth episode of Wirepoints podcast: The Dialogue. They discuss how many people in power believe in the concept of unlimited federal money.
Wirepoints Pieces:
- Congressional Budget Chair says ‘We are like the banker in Monopoly, we create the money…’ A statement Illinois’ Pritzker is sure to love
- Mass Federalization: How Washington is Bailing Out Failed States, Decapitating Competitive Ones and Ending America As You Knew It
- Illinois gets its first credit upgrade in 20 years. It took $138 billion in federal relief for it to happen
- When federal money runs dry, Lightfoot’s record budget will leave Chicago with bigger fiscal cliff
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
Audio and summary 
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
They open everyone elses pockers but their OWN!
For many years these same people have watched multiple administrations produce money out of thin air for aircraft carriers, submarines, trips to the moon and multitude of lunatic weapons. Now it’s time to give back. It’s that simple minded!
Many people in power are idiots. Our President clearly has cognitive capacity issues. Seems the Dems think that’s okay.
It doesn’t help that Paul Krugman and David Brooks have bought in to the printing press principle. We already see the predictable inflation. Cui bono? Debtors for one. Pay off dollar debts with dollars that buy less. Pension funds? States and municipalities will have more federal “COVID relief” dollars to contribute. 3% COLA won’t keep up … and that could be beneficial if the legislative branch doesn’t increase the percentage. If home values increase (provided interest rates stay low) then property taxes will follow. Are worker shortages temporary? Higher wages will drive higher prices. It begins to look like Weimar… Read more »
Are you familiar with Mr. Kiyosaki?
https://finance.yahoo.com/news/kiyosaki-biggest-crash-world-history-155600637.html
Hadn’t encountered him before and didn’t have time this AM to listen to his full presentation. But I intend to learn what he has to say — the comment about the quantity of money vs the velocity of money (more cash but less spending) is quite interesting. Thanks.
Crypto currency can’t come soon enough. American money is on a trajectory to be valueless.
What is it about crypto currency that will keep it from becoming worthless.
Hackers are just waiting for the moment when they can create their own money.
The successful use cases of various crypto projects are just beginning to be noticed in mainstream life.
Try thinking of many Crypto projects as employee-owned businesses, in which the coin of the realm was used to incentivize those who built and maintain the successful project, as well as customers of the project who make it a success (somewhat like loyalty points on a credit card).
Would you please translate that into English?
Blockchain is the basis of most projects. It keeps immutable (uncensorable) record of transactions. These records are open for anyone to see (the opposite of bank records which are kept private). Bitcoin uses “proof of work” to incentivize users, but most other projects now use “proof of stake” or other methods which do not entail high energy usage. Projects (like for one example digital cloud file storage mechanism Filecoin) are built to be decentralized autonomous organizations, in that the users, and those who keep the network operating, are running the project. Think of tokens as loyalty points on credit cards… Read more »
This is all based on the theory that the supply of bitcoin will remain fixed.
Good luck with that.
I think stocking up on spirits and cigarettes is probably a good way to prepare for a barter economy. Whether above ground or underground.
Richard, that’s a fundament issue about cryptos that perhaps one of their supporters can explain to me: Its value depends heavily on its scarcity, but how do we know how scarce it will be? What’s all this stuff about “mining” cryptos that puts more of them into circulation, and is that a rational way to impact how much of it is in circulation?
Many but not all cryptos state at the inception the maximum number of coins (tokens) which can be minted. BTC transactions -from inception and every fractional transaction thereafter–are recorded on an open ledger on blockchain for all to see. All the activities of the network are encoded as the law of that crypto project. When inevitable disagreements occurred or transactions slowed due to network traffic, the solution has involved a “fork”. BTC has forked several times, and issued new different tokens (each with its own pre-stated structure and governance), such as BCH. There are 21 million bitcoins maximum to exist.… Read more »
Think of any crypto project like the formation of a system like America. Concensus mechanisms let users in a distributed system agree on tolerable user behavior. In America, our Constitution served this purpose, until 2 years ago. In what appears similar to a Sybil attack (counterfeit bots created to simulate consensus and perform 51% attack), unthinking Americans abrogated the personal liberties associated with individual identities like mindless bots… and a malicious act of Constitutional Rights Cancelation has occurred. Monetary policy is a concensus mechanism, in which Americans had agreed to empower their government to behave without malice for the benefit… Read more »