QUESTION: I perceive that you just dispute that cryptocurrency is a retailer of wealth as a result of it’s exterior the central banks. Is that this your place? May you clarify?
Respectfully submitted
Josh
ANSWER: Whoever made up this BS is almost certainly from the Deep State attempting to regulate capital flows and economically imprison everybody. There’s ABSOLUTELY NOTHING that could be a retailer of wealth. Trying, Investopedia defines this time period:
“What Is a Retailer Of Worth?
A retailer of worth is an asset, commodity, or foreign money that maintains its worth with out depreciating. “
It doesn’t matter what cash may be. There was a increase and bust in each economic system no matter what they’ve used for cash. That is a completely Marxist Utopian thought. Why? As a result of to be some retailer of worth means it CANNOT FLUCTUATE!!!!! This has stemmed from individuals who (1) don’t perceive that there are enterprise cycles and (2) suppose, like Keynes and Marx, that the federal government can get rid of the enterprise cycle and easy out the economic system. I had a dialog with Paul Volcker, former Chairman of the Federal Reserve. Paul admitted that the enterprise cycle at all times gained and that the “new economics” (Keynesian Economists) failed again within the Nineteen Seventies (see his Rediscovery of the Business Cycle).
Arthur Burns, Fed Chairman, got here up with the identical conclusion when Bretton Woods collapsed: that the enterprise cycle at all times wins. All the pieces rises and falls primarily based on provide and demand. Anybody telling you that Bitcoin is a “retailer of wealth” is both outright mendacity to you or they’re blind to what they’re speaking about. Nothing ever is a retailer of wealth as a result of all the things rises and falls.
This is the reason the central banks can’t management inflation, no much less cash provide. I you promote an workplace constructing for $1 million to a different particular person in your nation, the cash provide isn’t impacted. Nevertheless, in case you are in Britain as again in 1985, when the pound fell to $1,03, Individuals have been shopping for up all the things prefer it was on sale at Harrods. The Brits thought the Yanks have been loopy shopping for on the high of the property market they usually have been unsuitable for all the things boomed thereafter. Why?
If I purchased an workplace constructing in London at the moment, I must carry within the money from America, convert it to kilos, and purchase the constructing. Thus, I elevated the home cash provide with essential money, and the central financial institution had nothing to do with that. NOTHING is a retailer of wealth EVER, it doesn’t matter what it’s, as a result of all the things will rise primarily based on demand and crash when you possibly can’t give it away.