The Bretton Woods Monetary System (1944 - 1971) Explained in One Minute
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- Опубліковано 9 січ 2017
- After World War 2, it was clear the world needed a new financial system and as such, 44 countries sent delegates to Bretton Woods, New Hampshire to work on just that.
The Bretton Woods system lasted from 1944 to 1971, when Nixon ended it and thereby put the final nail in the coffin of not just the Bretton Woods monetary system but also to gold's monetary role.
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30 years after founding this system, near anyone could work and buy a home by the age of 25. 30 years after its collapsed, most young people can barely pay rent.
When analyzing this particular metric, things do indeed look gloomy. But, fortunately, there has been significant progress on other fronts pertaining to our quality of life. Would you say that young people, today, have a better or worse life than let's say their counterparts a few decades ago?
@@OneMinuteEconomics Far, far worse.
@@geordi5054 agreed
@@OneMinuteEconomics Economically worse. Much more debt. Better health care. More health problems. More depression and substance abuse. More distraction.
@@OneMinuteEconomics . Not everyone benefits equally. Welcome to the new gilded age!
And the US has been printing and spending fiat money like a drunken sailor ever since.
Well, some few people are positioned to help themselves, for sure. It's not like everyone here is on the take. Don't hate everyone because of a few.
@Nadeem Moulana I don't get to print my own money. Do you?
The few that are positioned to print money are the ones I'm talking about.
Brilliantly Explained, Concise, Useful and lends itself to be easily digested by anyone, even Starters! Thank you for this Minute of Brilliance!
Thank YOU Elizabeth for generously taking the time to say something this nice, very rare these days! :)
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If someone sees someone buying anthrax Novichok or bombs on the dark web should they cash in on perhaps 8 million dead on often the more dead the bigger the profits on the $7,000 for 1 BN people each in a day Forex trading market devaluation of national currencies for the benefit of Taxhavenland $700,000 for 1 BN people each and Crypto sell big and start a new one land $10 for 1 BN people each , letting innocent people and migrants be blamed by generalisations against race religions ethnicity political opinion disablity etc including women children and BABIES as Hitler did on the crash of the Reichsmark,or ring Interpol and respect promises to the war dead for prevention of holocaust and world war?
Bretton Woods.
Richard Nixon
We gave our word in Bretton Woods but we dont have to keep our word.
Bloody oppressers
Lol, flexible money. In other words "we need money but we don't want to go through all the hassle of working, creating actual wealth or be so obviously oppressive by directly taking it from the people through heavy taxation. It's better to just print the money and take from the people through inflation and printing money from thin air."
New paradigm? :)
@@OneMinuteEconomics Lol, yeah. And now crypto will become the new paradigm as people wake up to the scheme of central bank monopolized fiat currency which bankrupts countries and destroys personal savings through inflation. Great video btw!
@@noblephoenix6151
You need some freedom fighters
@@messianic_scam Yeah, but unfortunately most people want Zimbabwe dollars instead. If you know any freedom loving people in the south east US, please put me in contact with them.
Extra hard work requires extra money, so...
Of all the videos iv seen about what is the Bretton Woods agreement this is the only one to mention the word gold. This is also the only one to get my thumbs up
Glad you like it Phil, thanks for the kind words :)
Great channel!
Great video ! Short and accurate explanation of why we don't a have better control over money printing and why the money ended up being just a piece of paper instead of being backed in gold, how it used to be and how a healthier financial system would require.
Thanks a lot for the kind words Tudor, really appreciate the support! :D
Well the 2007 depression would have been alot worse if the currencies of the world was tied to the dollar. Also the growth and gdp after ww2 are insane
@@kjetilsenNOWAY You're not necessarily wrong but if the Bretton Woods system (and capital controls) came back, we would see far greater stability in the worlds financial systems.
What music did you use in the background and if you wouldn’t mind, could you send the link?
Amazing explanation!
Glad you like it :)
Thanks for this man
You're more than welcome Vijay, glad you found the video useful :)
This is brilliant. Thanks! I subscribed. Please keep making great content.
Welcome to the community Martin :)
With a gold standard central banks and governments would have a much harder time manipulating the money supply, and reckless government spending would be much more difficult if not impossible. So, yes, in this sense the gold standard is too rigid because it doesn't allow governments and central banks to centrally plan the economy.
@Spirited
even during the gold standard the central banks set the interest rates
humanity can't extract enough supply of gold to represent the price of all of our goods and services.
so much disinformation here
So you can't freely manipulate currency if it's backed by a finite resource, i.e. gold?
Gov't is full of self serving POS. Not their public servants.
U explained it so clear. Than uuu
Thank YOU for the kind words, glad you liked the explanation :)
Lol nice. Great visuals!
There are some modern parallels to what happened financially with the Delian league
Clear and aptful
Thanks a lot for the kind words, really appreciate it! :)
Kinda crazy how the world still depended on Gold as currency backing not even 50 years ago.
Crazy. Fascinating. Weird.... Economics :D
THAT WAS GREAT THX
Glad you found the video useful, thanks a lot for the kind words :)
@one minute economics Why do still the world measure everything in reference to dollars when Bretton woods system didn't work?
In many cases, the market doesn't necessarily demand perfection and is perfectly willing to settle for the best of many bad options, the lesser of two (or x) evils, if you will :)
Because now, America requires other countries to Settlement of oil trade in US dollars
Because the US Dollar is backed by bullets and bombs. A fiat currency's value is based on the solidity of the emiting institution. The US is the most safe institution against destruction, at least for now.
IMF have declared in the last few days they want another Bretton woods meeting
1944 gold standar
2021 bitcoin standar
33 years since black Monday,
It's impossible to fix today's problems without a monetary game-changer IMO :(
@@khristianswandychandra NESARA
@@OneMinuteEconomics lol
how did the bretton woods agreement contribute to the 1970s economic crisis?
Thanks 👍
You're more than welcome!
the gold standard was only too "rigid" because they wanted to spend more $$ than they had...gold standard worked JUST FINE for thousands of years and will continue working
100% Agreee !
Gold is a finite resource. Population growth however is not. The economy would have grown too large to be able to use gold backed dollars. If you have 100 million people you can only split the money supply so many ways. Then if you tripled that population to 300 million it would be like splitting your cash supply three times. So what governments in history have done is deflate the value of the cash supply by increasing cash supply to match the growing population and economy. Our current system is failing no doubt. There needs to be a control on spending. But a strict gold standard would be hard to achieve when the gold supply hardly grows but the population and economy does. This is also evident throughout history. The Roman Empire actually did this by cutting the amount of silver in each coin which lead to economic hardships. How we find this happy medium between fluid cash supply and controlled spending I have no idea. Extremely complicated answer.
Underdog Rising Not only does that not make sense nor have any logic, we are all dumber for having read your answer.
Amazing rebuttal there. Well thought put points that completely blew away my argument.
Underdog Rising Why would the economy have grown too large to use a gold backed currency? Because Gold is a finite resource is simply a nonsense. The underlying value of the Gold would simply rise as demand for the pegged currency increased.
Nicely explained.
How did the two institutions help in preventing the devaluation of currencies?
The main idea was that since the US owned 2/3 of the world's gold at that point and a lot of other countries were in pretty bad shape, linking lots of currencies to the US Dollar and the US Dollar to gold would be a good compromise between sound monetary fundamentals and flexibility. But, well... things don't always go exactly as planned :D
@@OneMinuteEconomics how did they get 2/3 of golds after the ww2?
Thanks
You're more than welcome, thank you for dropping by and taking the time to say something nice :)
Of course you left out much of the story. British currency traders bought up massive amounts of that US Govt Debt and then demanded the dollars be converted to gold. There wasn't enough gold in Ft. Knox so Nixon stepped in to prevent direct defaults. You also neglect to mention that as part of the Bretton Woods agreement, Nixon's Sec. of State got OPEC to agree to sell crude oil ONLY in US Dollars. This bolstered the currency on global exchanges. That policy continues, but EV's are beginning to sell and demand for petroleum is diminishing. I'd love to hear your thoughts on what's next for the US$ as fewer and fewer gasoline cars are built/purchased around the world.
could you please expand on what you mean by 'the US kept running deficits to fund various projects'
Sure Greg! I'm referring primarily to extremely costly endeavors such as the Vietnam war and Lyndon Johnson's Great Society. When your currency is the reserve currency of the world, it's hard to resist the temptation of going overboard with expenses and politicians don't exactly have a good track record of exercising restraint :(
thank you so much!
The reason the US kept running deficits because US currency that flowed out of the country devalued the dollar.
This devaluation meant that the US was having to plug the international gap that other countries were not doing. It meant the US government was moving its wealth around to paper up cracks.
The Vietnam war was inevitable.
Like this if your here because of Aiden and Andrew’s last podcast
Nice..
There exists two types of monetary system: inflationary, which is what we use today, called fiat. These systems tend to be opaque with closed ledgers. Then there is deflationary monetary system, where its monetary units are infinitely divisible like bitcoin. This system is best for everyone. Inflationary systems best for those responsible for its inflation but not accountable.
well i guess thats the maximum you can cram into 88 seconds but the whole thing is way more complicated than this :)
Beauty
Whenever the ppl in power have a meeting and, come up with a "system". we all know its coded speech meaning, bankers will get richer.
Edit: They sit by and watch as everyone else suffers.
Heh, hard not to identify the correlation, can't argue with that :(
@@OneMinuteEconomics Yea, it wasn't meant as a positive. I should have added the soulless elites devour all, leaving the masses to suffer.
Look at how easy they've got most of the world locked down. And that was with a lie of a killer virus. 🙄
Correct
0:40
soon will have a new Bretton woods
Inevitable IMO
I was hearing Varoufakis talking about that.
Our current economic system , even thought it has created the greatest liquidity in the word's history, has very low investment rates.
Especially after 2008, everyone has just been stockpiling money, doing nothing with it, purposefully capping wages, which has resulted in the economic stagnation of the last 12 years.
The indebted countries , through never ending austerity, are getting into deeper debt. This cycle seems to have no end.
Neoliberalism has failed us.
It’s called bitcoin
Yes
@@Anarchidi neoliberalism is actually often the more dead the bigger the profits economics on currency falls for the many bonanza for the vvvvvfew.
Had the USA UK or Japan had Greek credit rating hikes in 2004 when Greece joined the Euro,
USA would collapse in a week at most pulling down the rest of the world economy with it ,as perhaps UK or Japan ,but definitely if all three perhaps in a day.
So it's not Greece it's $7,000 for 1 BN people each in a day Forex trading and$700,000 for 1 BN people each snaffled since 1971 .
So ,I believe there is a number to attach to liquidity,(speculative liquidity)against the purposes of the IMF,by Varoufakis .
Not slowly slowly but here and now required.
Public knowledge of the simple numbers most 8 year olds given education on billions and trillions should be able to manage.
Varoufakis perhaps believes Greece has suffered enough and cannot take on credit rating agencies and a $7,000 a day FX and its press alone,
If someone sees someone buying anthrax Novichok or bombs on the dark web should they cash in on perhaps 8 million dead on often the more dead the bigger the profits on the $7,000 for 1 BN people each in a day Forex trading market devaluation of national currencies for the benefit of Taxhavenland $700,000 for 1 BN people each and Crypto sell big and start a new one land $10 for 1 BN people each , letting innocent people and migrants be blamed by generalisations against race religions ethnicity political opinion disablity etc including women children and BABIES as Hitler did on the crash of the Reichsmark,or ring Interpol and respect promises to the war dead for prevention of holocaust and world war?
Bretton Woods.
So was Bretton woods just an agreement to make the US dollar the premier world reserve currency based on the amount of gold they had relative to other countries?
At that point in time, it made perfect sense to transition to a system that revolved around the US dollar, for reasons such as (indeed) the fact that after WWII, the US held two-thirds of the worldwide gold reserves
Except that the Bretton Woods System exists to this day.
Not true. It's a fractured version of itself. Really the most important idea to come out of Bretton Woods is the USD as the global reserve currency. Which is actually being challenged.
bretton Woods system never collapsed. the gold standard did. big difference ❤
Mistake 1.It was not after WW2 .
Currency stabilization 1940.
So that "bad news " or disaster economics"should not be allowed on events such as the sinking of HMS Hood, Omaha beach, Bastogne etc
(Often the more dead the bigger the profits on currency falls for the many bonanza for the vvvvvfew)
gold standards seems was safety check to keep finite material world '' finite '' if human body has designed for finite existence dust to dust . if all things are finite then what is infinite ?
But with these safety checks come limitations which make even the gold standard problematic :(
@@OneMinuteEconomics material world is limited itself . even your flesh and bones body have limits .so what is unlimited in limited ?
People call cryptocurrency 'meme' currency like it's a bad thing, but they forget that the USD is the world's 1st meme currency...
cryptocurrency is controlled by zionis israel anti christ government soon
Crypto finances child snuff movies blackmailing sex trafficking modern day slavery terrorism encrypted on the mafia dark web.
If a bomb goes off the more deaths the bigger the profits as a rule you can profit on a fall in the dollar .
A fall in the dollar can cause a stock market collapse.
The dollar is not an encrypted currency so it cannot be used on the mafia dark web.
Generalisation. Go to the back of the class and take Adolf Hitler with you.
Certain crypto's are meme for sure but the entire space is not a meme lmao. XRP, XLM, XDC have use cases in payments and DeFi.
but i thought the war ended in 1945? am i the only person to ever notice this?
That made me scratch my head as well. The money lenders cared not I guess.
The war never ended
They met at Bretton Woods before the war had ended Germany was close to defeat "on their knees" per se and Japan was defeated 12 months later. They met together because they knew the war was coming to an end and negotiations were starting.
Yuh speaking straight fax
Thanks Joshua! :)
The US didn't go off the Gold reserve until 1971. 27 years after the agreement, you made the video sound like the US started in 1944.
It’s complicated
There are many other ways a country can recover without devaluing its currency. The most important thing about the system was by stopping currency movements making money on gambling on currency differences is stopped with its inherent dangers. .2012 currency trading was in the region of 5.2 trillion[million million]or 5,200,000,000,000. a day]300 days a year..world trade total about 17 trillion us dollars a year.one trader has made 2016 850billion us dollars in one day.according to londons financial times cover.$850,000,000,000.The Bretton Woods system was really bout working not gambling for a living,providing j?providing money to the benefit of workers and their bosses,scientists doctors,and entrepreneurs within the productive sector not the speculative?the very fact your currency is bounced up and down like a yo yo may cause recession?in the first place?The more currencies bounce up and down the more money can be madei believe Bretton woods said"any large movements of currency should be outlawed" in which case could not ask for enormous amounts of gold if it was detrimental to the world economy?as you would be buying the gold with currency?
The proof ,in the success of a system to eliminate gambling,of course was the Bretton woods international treaty from 1944 -1946,discussed on the first day the stability of currencies,which took two years to be ratified and discussed by all the of the allied and associate nations parliaments and governing bodies.
The success to take a destroyed Europe with ,70,000,000.dead,probably at least ten times more seriously wounded,45,000,000.refugees wandering around Europe,and cities hit by bombing raids some more powerful than the atomic bombs of Hiroshima and Nagasaki?TO the rock and roll materialism shows the success of eliminating the gambling out of the system in order to concentrate all rescources on recovery,and various institutions were set up to enable the efficient administration of the benefits of eliminating gambling from the system.
a similar system,to eliminate gambling from the system was the treaty of London 1933,following the wall street crash and the great depression that ensued?
Unfortunately the poverty and generalising of trouble makers,and inefficiencies within the democratic process led to dictatorships and the benefits of ,eliminating gambling from the system ,led to militarisation,and the extreme politics of generalisation,and gangland governments where individual freedoms and democracy were destroyed?
To ignore,the importance of eliminating gambling from the system,is to believe that a cash injection of $70,000.for about 10,000,000,000.into the productive market would not do for us to day what it did for the world following the Bretton woods international treaty for world peace through economic prosperity,1944-1946..........................!!!!!!!!!!!!!!!!!!!?
I do agree that in today's world, speculation is frequently (far) more generously rewarded than other activities.
yes,you could buy 850,000 million dollar cars.errr no think of the parking tickets?if you think of 8,5 billion or thousand million on the planet,for ease of maths,thats 100 dollars each? and how about the amount moved?and against the ethos spirit and perhaps still inter national law an economic treaty for world peace Bretton woods?
Wonder how much this contributed to the Vietnam War. And vice versa.
Das ist die "politisch korrekte" Version.
Naturlich :) Immer gibt es Aspekte die man "problematisch" nennen kann, Aspekte uber denen wir nicht alles wissen und so weiter
PS: sorry for my (probably awful) German. It's been a looooooooooooooooooong time since I had to write something in German haha
wrg, no influence by that
Says "too rigid" like it's a bad thing. That's the whole point.
:P
You forgot a major component of the model. Our military insured free trade under that agreement. For centuries countries colonized Africa etc to maintain their supply chains. We gave the world, at our expense, a system of trading freely, which had not existed for all millennia. That system brought millions of people out of poverty over the decades since the agreement. That agreement came to an end when the Soviet union fell in 1991. For all the people who complain about the United States and its "atrocities", let them watch to see what the world evolves into now. Look at China with 1.4 billion people today, and they will have 700 million in 30 years. How's that gonna work out? Let that filter a little bit. Those atrocities were carried out by "individuals". I.e. the military industrial complex. They were not carried out on behalf of the American people. The American flag was used for their own purpose.
Why couldn't they just stop printing the dollar?
Can you send me in written what you had spoken in this vedio
I can prepare a answer for my exams
Can't promise I'll remember (my schedule is crazy these days), but reply to this comment with your email address and I'll do my best to send the script your way :)
The USA kept running to deficits to fund the Korean War and then the Vietnam War. If the USA had not got involved in two pointless wars, especially the Vietnam War, the Bretton Woods gold standard might have survived and would have been a good system to keep governments honest.
Finally someone who gets it.
You are correct. There are other expenditures that contribute to the US deficits such as their military expenses overseas.
Gold is always too rigid. It's amount doesn't expand at the rate that economic growth requires.The demise of Bretton Woods was seeded when the US dollar became the reserve, rather than Keynes' Bancor. The 'hollowing out' of the US economy start as soon as Bretten Woods end. The whole point of Bretton Woods rules based currency valuation was to stopped trade imbalances/hollowing out from occurring.
in this cartoon, the bankers are all wearing jewish hats
It’s not very realistic because there are tons of black people in power making decisions as well. Let’s be honest, no black person had anything to do with the decisions behind this agreement.
How come the US had 2/3 of gold after the ww2
That's quite a long story, a good topic for a future video perhaps. Suffice it to say that the US was far better-positioned throughout the war than let's say European countries by a wide range of metrics, from war-related metrics such as casualties and infrastructure damage to trade-related metrics
ONE liiitle DETAIL IS THAT THE IMF DOESN'T HAVE ANY MONEY TO LOAN... THE WEALTH BELONGS TO THE COUNTRIES AND IMF AS THE WORLDBANK AND OTHER INTERNATIONAL ORGANISATIONS ARE THE ADMINISTRATORS-EMPLOYEES THAT THE COUNTRIES''AGREED' WHEN THEY CREATED THESE ORGANISATIONS
SO IMF AND WB AND ALL ELSE BELONG TO THE PEOPLE ITS CREATED BY THE PEOPLE AND ARE EMPLOYEES OF THE PEOPLE... TAKE THIS IN CONSIDERATION NEXT TIME I THINK YOU ARE GOING TO MAKE SOME BIG CONCLUSIONS
Aziizul Hakiim
Aziizun Hakiim
Aziizun Dzun Tiqom
totally wrong reason; the next effect is the same
B______________ someone finish the word for me
As an alternative to the status quo? You bet! As a replacement of the status quo? Nope :)
The gold standard was stability personified.
It HAS to be done away with
Depends on how you'd definite stability, as not even gold can put an end to the folly of man. Greed, recklessness and all that good stuff.
It's nice to hear that Nixon will be placed on the $5 starting in October of 2019.
MMT. Learn it
My next video will explain MMT, people have been requesting it for quite a while :)
Dilip intha video patha like pannu
The Shift of Pax britannica to Pax America
Areee khy bol rehe ho samaj hi nahi aa raha maze mein hi banaya hai kya video
The call on gold had nothing to do with the American budgets and spending, or the dollars created to support that budget.
The only "dollar" balances subject to a claim of payment by gold were the international trade balances between the U.S. and the signatory countries.
From beginning operation of the BW Agreement (after ratification) up until November 1971, the United States had a positive trade balance in every year, so no claims could be finance andmade from the goods and services trade. But the largesse of free-capital's financialistas of the day brought the trick of creating new gold-embossed dollars and the private lending of those dollars (that is, in the currency of our country) to the other BWA Members. At interest.
Money knows no Mother country .... Napoleon.
It had nothing to do with the government's budget, and public spending of those dollars had no effect on trade balances, or payments of gold.
Gold is always a bad choice.
Don't you agree ?
s
Thanks a lot for your contribution and to answer your question, I wouldn't go so far as to say gold is always a bad choice.
It all depends on the alternatives.
If I had to choose between a gold standard and allowing populists to print currency into oblivion, I'd choose the gold standard without blinking.
If I had to choose between a gold standard and a less rigid system implemented by 100% trustworthy/reliable central bankers, I'd choose the latter without blinking.
Reality is somewhere between the two :P
OK, so one the one hand you have the non-existent 'gold standard' proposals of Rothbard and Huerta de Soto, which do not spell out at all anything about how it would actually work - meaning from where the gold, how the economy advances without deflation, etc.
It's all an empty Austrian suit.
On the other hand, here's a bunch of wild-eyed populists (Actually economics department Heads in Academia) and they have a full and complete proposal on how to make the national economy work.
faculty.chicagobooth.edu/amir.sufi/research/MonetaryReform_1939.pdf
Your pick.....
Gold is an excellent choice of currency because it has a fixed supply and you cannot increase gold by policy but a fiat currency can be increased by policy.
The reason why Bretton Woods system collapsed was because the US was always left carrying the can.
BUT, you can increase the quantity of economic production in any and all national economies, such that, if the currency WAS gold, then there would not be enough gold to pay for (fund) the increase.
Even vonMises (pg 126) stated clearly that there was no problem with increasing the currency, IF the quantity increased in tandem with increased production.
But this is foolish.
Our BW obligations were limited to trade balance deficits among the parties.
There were none before 1971.
International bankers sought to skewer the 'deal', first by lending $US-denominated bank credits, and then trying to cash in those balances for gold. Gawd.
Should be a lesson AGAINST gold-based international monetary machinations.
And, be done with it.
0:12 co tam robi Morawiecki?
Who’s here from Andrew Tate? 😂
I don't remember what else Andrew asked Adin to check ?
@@mywayorthehighwayking1356the gold standard
@@mywayorthehighwayking1356 quantative easing
Gold standard
Bretton woods system
😂❤
Facts bro 😂😂
Fiat currency has no actual value. It doesn't matter which system is implemented. You agreeing that the currency has value is what makes is money. It's all wizardry.
Hi Barry, what alternative would you implement and why?
#Bitcoin
:P
Bullshit👏👏👏
Bitcoin is all I want
BTC is great, but diversification is the way to go IMO :)
China has been manipulating their currency for exports since day one.
True... however, who isn't these days? :)
Wow.. How?
They have 2 currencies, one for export and the other for import
challenge!!
roughly, 60 characters here
one video...
each Caucasian character whitch you will find, one point :)
how much do you have :D ??
one minute economics?!
i do assume, just Jews and arabs are part of BW??
thanks for answer and sorry for disturbing, its new topic for me
Hi, character selection was random, you're waaaay overcomplicating things :)
So the Jews destroyed the Bretton Woods system......LOL!!! uh oh all the antisemites are on the warpath.
Usa money toilet paper
What does that say about all the other currencies, however? :D
@@OneMinuteEconomics its still toilet paper without any real tangible weight behind it. No more important than a burundi dollar.
While there isn't a let's say Gold Standard in place and nothing is set in stone, it would be a mistake to assume the US dollar isn't backed by anything. It's backed by the productive capacity of the US, by the military might of the United States (can't hide from this aspect, heh), the list could go on and on :)
@@OneMinuteEconomics what manufacturing might .....usa stuff is made in china and ur military is about 4 th in the world as a land power.world stops using us dollar ur country would be shit
I don't live in the US (haven't even been there as a tourist, heh), so I don't have any dog in this fight in terms of having reasons to favor one country over another. Still, I do want to point out that there is a looooot more to today's technology-driven economy than traditional manufacturing. In terms of defense, the US outspends everyone else by an ultra-large margin and the list could go on and on... plenty of meat on this bone :)
The biggest scam in the world.
I hope you all find bitcoin
Ahh sweet propaganda, tell me what is true. Let me know how the smart and powerful ones will create a better world for a lowly worker like me.
Ironically, it would be in their best interest to do so, because being a billionaire in an unstable country where you are just one perfect storm away from disaster isn't the best value proposition in the world :(
Is it truly for them to do so or simply have me believe it so?
From let's say the perspective of self-preservation if nothing else, I'd say they should be incentivized enough to do so. But greed can and oftentimes does get in the way, so there's no "one size fits all" answer unfortunately
Indeed...
With everything you say holding water conceptually, still, revolutions of the ‘Bolshevik variety’ are far too rare for any ubiquitous application in actuality. Now, that second thing you said about greed? Oh yes, add lust for power and control to that and now, good Sir, you are cooking with gas! Good day, and great chat.
What is true? Since I have no idea I'd really love a different perspective!
This was unfair.
Bitcoin fixes all this.
Don't get me wrong, Bitcoin is great and I even accept BTC donations over at OneMinuteEconomics.com for example. However, it has its limits, especially with respect to fixing today's ultra-complex macro issues :(
@gunsnwater there's a saying in crypto.. fix the money, fix the world.. Right now money creation the system of credits and debts, our monetary policy, is controlled and dictated by people. Bitcoin fixes this by embedding this into code. Fixed money supply, fixed inflation rate, none of this can be manipulated. So while I hear you guys out, you first have to fix the foundational monetary base first. Then everything flows and potentially fixes everything from there.
An the trick with in he chanced it to a fiat money system with neverending inflation. The Inflation transfers value to the USA form every country how uses the Dollar as government bonds and currency reserves . About 60% of all transaktion and bonds and currency reservs in the world are done in Dollars. And they are 2-3% less worth every year without goldstandart. The worth directkly goes to FED and USA...
nixon you cheat other country
Whos here from Andrew Tate ?
Tate dropping knowledge on Adin’s stream
Me!
What's up with all the phony diversity in your cartoons. Not a whole lot of diversity amongst the top of the financial pyramid.....
This is such a bs account of what actually happened. Get your facts straight
" Awake thou that sleepest , and arise from the dead , and Christ shall give thee light ." - Ephesians 5:14 . God Bless
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