Alta mashinsky tv#
It doesn’t matter if you have a good company or not, or whether there is a recession or not, whoever is close to the politicians and banks is going to get most of this free money, not the people who really need it as we see on TV every day. The Fed essentially is saying it can continue and debase the dollar and nothing is going to happen, and this is the justification to soften the coming recession and put a massive safety net under the entire U.S. No other fiat or crypto in the world can step in to replace the dollar. is the most powerful currency on the planet. The Fed has been drawing on the magic power of the dollar. So I think creating a system at Treasury where we would have checks and balances would be a disaster for our children, and we already created a disaster for ourselves. In the last month between the Fed and fiscal policy, we committed to print 10 trillion dollars over that same period of time, so basically we have just proven again there is zero chance we will have any financial responsibility either by the Fed or the U.S.
After all, we’ve given AIG $200 billion to bail out the financial system. The good companies will survive and the bad ones will fail. Mashinsky: Since the 2008 Recession, we were told, especially by Republicans, it is not the American way to put a safety net under the average worker or the average company. What do you think should be the role of monetary policy by Government? If there were a ‘crypto’ monetary policy, what would it be?įederal Reserve Building in Washington, DC Getty This theory shifts the responsibility of Fiscal policy to the U.S. can print as much of its own sovereign money as it wants to pay off its debts.
Alta mashinsky full#
dollar is backed by its full faith and credit, the U.S. It does not have limited supply, nor is going to cure our illness of trying to print ourselves out of trouble.īrett: Based on ideas that have been publicly embraced by the former Presidential Candidate Senator Bernie Sanders (I-VT) as well as Congresswoman Alexandria Ocasio-Cortez (D-NY), a theory called Modern Monetary Theory (MMT) has gained a following, where Congress would print, or mint, two trillion dollar platinum coins in Treasury. So really the Blockchain has no purpose there it is just a way to validate who has what. When you put in the context of the new digital dollar, the main question is are you creating something that has limited supply, or are you just converting printing money on a Fed balance sheet by just adding zeros to a Fed spreadsheet with a new dollar that will just be in digital form? The big difference between Bitcoin and any digital fiat currency that runs on a blockchain the Chinese or American are not going to put a cap on the amount that can be printed. We need to stop and go back to Austrian Economic Theory which relies on savings and no monetary intervention. We are moving in to a Keynesian Modern Economic Theory on steroids. In the last month, the Fed printed more money than it did in the last one hundred years.
So really, all this GDP that we are talking about was created through financial engineering either by creating these crazy valuations for tech companies or by banks leveraging free money that the Fed created for them while Americans lost their life savings due to inflation and monetary debasement. On the other hand the average American’s income has basically stagnated since 1971 while tech and finance did exceptionally well. The Fed reflated your assets every time you got in trouble and you did better and better after every cycle. That’s also when the microprocessor was invented, and since then we basically have had four or five recessions, and if you were in the financial or tech sector, you almost didn’t feel any of the downturns. That’s when we went off the gold standard. Mashinsky: Let me give you the long version of the answer because I think the answer goes back to 1971. You don’t need my opinion.īrett: What is your take on the current policy of the Federal Reserve and the direction taken by Fed Chair Powell during this economic crisis? Jason Brett: I realize there is a lot going on for your company, but would like to dive into monetary policy and fiscal policy discussions for crypto and blockchain as well to get your opinion.Īlex Mashinsky: Sure, you can just listen to Powell, he has all the answers.
3) According to Mashinsky, gold has never been able to accrue interest for its owners in the past 5,000 years until now with Celsius Network, which pays 4% interest in gold on gold.
0 kommentar(er)
