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this post was submitted on 09 Sep 2024
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TechTakes
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Big brain tech dude got yet another clueless take over at HackerNews etc? Here's the place to vent. Orange site, VC foolishness, all welcome.
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Well put. Another example I like to play in my head (never debated a goldbug for real in my life, not starting now) is that if the gold standard is so great, how come a small-ish country like Switzerland or Singapore hasn't started using it and outcompeting everyone?
There's only 2 answers to that:
Answer 2 is obvious if you're a fascist.
Not gold, but some countries do work to an officially restricted money supply! Those that have officially dollarised, e.g. El Salvador and Ecuador.
I'm familiar with .sv. The government is horribly constricted - because they can't print money and the populace doesn't trust them to print money - so every year it's more sovereign bonds. Then a fuckwit like Bukele comes along and thinks that bitcoins will make anything better and not worse.
So yeah, turns out past 1930 that not being able to do monetary policy fucking sucks.
@gerikson @YourNetworkIsHaunted That and even hyper-cautious countries like Switzerland have been selling off their gold reserves to at least some extent, because they listen to sane economists rather than nut jobs.