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0 pointsmichaniskin4y ago0 comments

> How long can the fed fight a few hundred million (soon to be few billion) people?

The same way sovereigns have since the dawn of time--divide and conquer. In the 20th century they discovered the secret, international socialism.

Give millions of people stimmys and enhanced unemployment checks. Destroy the savings of responsible, productive people so they can't afford to take risks without the promise of government bailouts. Make the people dependent on the state in every way.

Deficit spending and the money printer is the only way to fund all of these social programs the people are addicted to. Do you really believe that these millions of people hate the central banks who fund the welfare state?

They are winning. Their power increases every day, and it never decreases. They are ruthless, and I think it's reasonable to expect that they will not think twice about nuking bitcoin from orbit with a 51% attack, and print as many billions as they need to succeed.

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mikeblackson4y ago

They are not winning. The fiat standard is imploding as we speak, have you not recognized that yet? Any attack on a popular network exposes a larger audience to the fraud that central banks engage in. Hence, central banks don't survive in the sunlight.

michaniskinOP4y ago

How are they not winning? They have repeatedly exceeded even the most paranoid fears of people who value sound money. They are increasing the scope and magnitude of their interventions every day. They are continually eroding any checks or balances that were in effect historically. Sovereign debt is at levels that have never been experienced in the history of mankind, and they continue to bask in the glow of favorable public opinion. The average person is thankful that the Fed is here to save the economy from disaster. In America we have a treasury secretary who is literally a Fed chairman.

The fiat standard may be imploding, but the central banks are definitely winning. The Weimar hyperinflation, for example, did not destroy the Reichsbank; it empowered it. When the currency collapsed they did not replace it with sound money, they replaced it with new fiat of a different color with less zeroes on it. It's the same with all the other hyperinflations we've seen in the past century. The mantra of "this time is different" makes a pretty bold claim and requires some evidence to back it up.

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