” He also accurately predicts that the world would soon develop a new e-cash system that you will be able to transfer funds from point A to Point B: without A or B knowing each other over the internet. org] were as universally accepted as those of Einstein. My official recommendation is to recognize Milton Friedman’s effort and genesis of the ideas that propelled bitcoin into existence. Something doesn t become logically impossible just because it s not within your experience. Satoshi’s white paper describing bitcoin didn’t arrive until 2008. Funny The Fine Print: The following comments are owned by whoever posted them paul krugman explains why bitcoin is a stupid currency. Economics never has been and probably never will be as testable a science (if it s a science at all) as physics. You can t really do it in the lab, yet, but you can apply it paul krugman explains why bitcoin is a stupid currency. One could imagine the 98-year-old Friedman sitting in his pajamas surfing various underground cryptography websites. Importantly for bitcoin lovers, he introduced the idea of k-percent where he stated that an economy only needed a computer to adjust the supply of new money entering into the economy, not policymakers. With a fiat currency you always have the ability to pay back any debt, but at the same time there is also no need for it as you can always print the interest you need to pay. Milton might have been a bit tired after giving the world… bitcoin. And so I feel like it’s a bit of a mania at the moment, but I think in the long term, it’s a viable asset class. If he were really a Keynesian, he d be encouraging the Federal Reserve to get busy mining bitcoins. ducharme( 1082683 ) writes: on Thursday September 08, 2011 @10:23PM (#37348002) And yet, there are governments in the world that do impose limits on themselves and make plans work.
Googling canada budget surplus history turns up several relevant hits, including blogs referencing the surpluses, news stories talking about it, and this page [fin. In the long term, they lead to contraction. For example, cutting government expenses by shifting them to the private sector, is not going to solve anything. No moder For example Austerity has never gotten anyone out of a recession. Perhaps those “other things” included making his way to the “Great Beyond”. He also predicted the negative effects of people engaged in illegal activities will likely use its anonymity for illegal transactions as well. For example Austerity has never gotten anyone out of a recession. But cutting government expenses by cutting government involvement has been beneficial in most economies in which government had previously was TOO involved in economic activity. It was only a matter of time before he gave the world what he envisioned in the previous decades. 10/06/2017 “I think it will be an asset class that will work over time. Shrinking government spending (while deregulating private activity) caused a boom in China. Imagine the look on Paul Krugman’s face when he must resort to asking for a few “miltis” for tips from those still reading his maligned articles of the future. In the video, Milton explains with eerie accuracy that the “internet will prove to be one of the many forces for reducing the role of government. We are not responsible for them in any way. The second half prescription has never once been practiced because a government running a surplus is as unnatural as water flowing uphill.
I don’t want to start a new conspiracy theory…but I ask you. You can also admit that the two were never seen together at the same place at the same time. Perhaps we should honor him by naming the unit of currency at the seventh decimal point as a “milti”.Request Network.. Krugman and Friedman viewed the idea of money creation and the role of government to tax every transaction clearly differently. So the testing part is looking at previous success a failure, and the prediction side would be using the previously success as a reaction to current economic situation and seeing the results. A bunch of them are frauds, and that’s going to be problematic for all the people that just rushed in. A few of our surpluses actually came out of the funds set aside for Employment Insurance, when employment numbers did better than expected. It s not that the government has to just cut the money it spends. In this way, it is much like Communism: It only doesn t work because no one does it right. The last government fell in part because of funny bookkeeping. And just as an aside, after Chretien did his budget balancing act, m I m pretty sure they were real, not through personal knowledge but because funny bookkeeping seems to come out to the public sooner or later, usually sooner. That analogy would make sense only if the theories of John Maynard Keynes [wikipedia. In the video which was filmed for a TV interview in 1999, the then 87-year-old Friedman clearly predicts the rise of bitcoin. .NEM.