I had been encouraged to write a blog on bitcoins by commentators, and had been accumulating some research to do a column. Whoops. Too late. Bitcoins are collapsing faster than internet stocks in the dotcom collapse.Economonitor — Great Leap Forward
Krugman Does MMT Again: Goldbugs And Bitbugs
L. Randall Wray | Professor of Economics, UMKC
3 comments:
It's totally bogus to claim that taxes drive the value of funny money. Like everything MMT, that's ass-backwards. It's sales and capital gains taxes and the threat of confiscation that hinder the use of gold, silver and foreign currencies as everyday money. Absent those hindrances, one could always hold the most valuable form of money and exchange it for the fiat crap at the last possible moment for use in paying taxes.
Bob I believe that nine or ten states have proposals on the floor enabling the use of gold and silver coins iaw US Constitution, article 1, section 10. Utah passed such legislation some time ago. The experiment is underway. We'll see how it goes, I guess.
Bob, hold your savings in gold and keep deposits and cash only for transactions and tax purposes. Voila.
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