An interesting partial counterpoint to my thread earlier.
Agreeing that the recent crisis isn't financial in nature, but arguing that maybe crypto can't help with 2020-specific problems, but problems outside the current news cycle where crypto *can* help are still important. https://t.co/1jU9Bmu5LN
I was recently asked for my views on the economy, recent political events, and whether blockchain has a role to play in social change. This nice piece captures my predictions.
Emin Gün Sirer: Blockchain won’t fix this (via @decryptmedia) https://t.co/rjmQmXPMiE
spermzzzzRedditor for less than 30 days3 months ago
You cannot separate economic and social issues. So yes, blockchain could at least help this.
More people need to understand the Fed is printing money and handing it out to the very top of society. Those entities are doing stock buybacks to keep the stock markets propped up with false value. Then they tell the people to feel smart and enjoy a feeling of security and wealth when they watch the market prices and their 401k’s continue to rise.
Meanwhile those with all the new dollars also bid up real assets like real estate to the point where the most important piece of wealth building for non elites in the western world (and thus source of class movement) will be inaccessible to an even larger chunk of the population. All this money printing is just expanding the chasm the haves and have nots.
>"not one man in a million will detect the theft". John Maynard Keynes on the results of inflation.
The cause of this wealth inequality mechanism is known as the **Cantillon Effect** it was identified and quantified in the 1700's