American Economics Thread

[emblem21]

@emblem21 and to show that God favor Communist Atheist China over the devout Christian evangelist American shows you how corrupt religion is (I'm pertaining to the Catholic Church and Christian evangelist)...LOL.

I am not atheist but I will say that the Christian community in the USA has completely bastardised the values of Christianity for the sake of power and greed and for that reason, I believe that reckoning will happen to them via a Russia x Chinese partnership that will strip America of everything they have as a warning to all other nations of the consequences of their idiotic behaviour. But still we will have to see since I do admiring to having a bit of a crisis of faith at times because the sheer hypocrisy of the USA is simply too much to stand without me wanting to scream my head off

 

[hashtagpls]

Bitcoin is an anonymous distributed network. No one is control. The CIA are control freaks. They might have actually invented Bitcoin with a backdoor. That would mean they have control. But if blockchain is real, then no, the CIA did not invent Bitcoin.

Thing with bitcoin and other cryptos is that it fits the mould of your average libertarian distrustful of authority types in america, the gold and silver bugs and the gun and ammo hoarders and Preppers. Around the time bitcoin came about was also the time when TOR was becoming a thing about 10-12 years ago on the 4chan side of the internet.
And since Tor is most likely a CIA op, it does make me wonder whether or not crypto and bitcoin is also a CIA op.

 

[ansy1968]

It's called the honeymoon period, typically the first 100 days, where people tend to give a new president the benefit of the doubt. If he doesn't do anything big during those few months, it's likely he will have the momentum to carry on any other major policy later on, especially if the mid-term elections swing back to the Republicans. Remember the Democrats have a very slim majority in the Senate so they need to be careful.

@In4ser can you predict the outcome for the midterm election, This covid and infrastructure bill seem popular and may lead to a Democratic party victory and correct me if I'm wrong the potential date of Biden abdication so that Kamala may serve for a maximum of 10 years as president.

 

[quantumlight]

Bitcoin is an anonymous

False, bitcoin is not anonymous at all. In fact every single transaction is permanently recorded for everyone to see, forever. If you ever ran a full node on your system you would know this. The only concievable way to get any anonymous usage out of it is if you were to mine the entire coins yourself and used a different bitcoin address for each transaction... and ran bitcoin over Tor, or even over TOR over VPN, etc... given the price of bitcoin and its hash difficulty rate thats not feasible anymore unless you join a mining pool (no privacy) or run a datacenter of ASIC and consume so much power that the intelligence agencies start looking into you anyway... (thats how they catch people running their own home meth or drug labs)

NSA came up with many of the encryption ciphers such as AES and even the encryption cipher that open source bitcoin relies upon. If there are any backdoors or exploits or vulnerabilities to any of these ciphers then US would hold the cards to bitcoin and could literally implode it at a time of its strategic choosing. Recall TOR was indeed a US Navy project that was later released to the public. SE Linux was a known NSA contribution. etc etc

 

[quantumlight]

But if blockchain is real, then no, the CIA did not invent Bitcoin.

This sentence makes no sense, blockchain as a protocol is real. Bitcoin is just one of the many (potentially endless) number of blockchain based cryptocurriencies out there in existence today. Because of first mover advantage aka social networking effect, it just so happens currently bitcoin is one of the most popular blockchain based cryptocurriencies instances out there today.

Officially to this day no one actually knows who created bitcoin. The original developers who open sourced and released first versions of bitcoin into the wild never publically came forward to claim credit and later completely disappeared never to be heard from again.

Just because its open source, and even if there were no inherent cryptographic vulnerabilities to the ciphers bitcoin uses nor the software implementation of bitcoin, it does not preclude the possibility that bitcoin originated from a state government or Intelligence agency.

 

[quantumlight]

A poster here brought up an interesting point i'd like to discuss: is bitcoin and/or other alt coins a CIA plot to help extend the shelf life of the USD?

It'd certainly make sense: soak up the excess liquidity of excess inflation from money printing into a "safe asset" believed by most to be under no government's control, as well as allowing for black bag money to flow towards non official cover entities and state sponsored terrorist orgs.

Since bitcoin, unlike coal, oil, gas, uranium, etc doesnt actually add any energy nor resources into the system and is merely a new way of counting money (aka digital distributed financial accounting general ledger system) it is not a creation of wealth but rather a reshuffling or redistribution of the symbolic accounting of underlining wealth that already exists within a system.

Even if hypothetically America and US intel agencies cannot control bitcoin after its release into the wild they would still stand to benefit from its rise and adoption... Since bitcoin is not a creator of energy nor wealth, its rise comes at the expense of all other curriencies and monies already in existence today. If say even CIA/NSA cannot "control" Bitcoin then its fair to say no one else can either, not the Russians nor Chinese... If the dollar's decline long term is inevitable anyway, the US government would rather the world adopt bitcoin that is controlled by no one than for the world to jump on board the DCEP or digitual Yuan etc which would go towards boosting Chinese hegemony.

The way any pyramid scheme works is you have exponentially more suckers buy into the scam at each additional layer or subsequent generation of the multilevel scheme... when it gets to the point that average joe on the street is using their stimulus money to "invest" in bitcoin, versus converting dollars to real assets or hard value etc... it has the net effect of artificially depressing the price of everything else from gold to silver to land and real estate etc... enabling the elites and superwealthy to buy them up on the cheap while the masses and public are left holding the bag (scamcoin)
Bitcoin is gaining instituational adoption which means the average joe could be "investing" into the scam and not even aware of it, if you contribute to a 401k and your hedge fund is invested some part in bitcoin then in effect youve started to jump on this bandwagon even if you never heard of bitcoin or dont have any idea what is a cryptocurriency etc


Bitcoin also has had the affect of propping up prices of graphics card, GPU is not just used for gaming and mining its also used in all AI applications. America is the greatest net benefactor of this rise of bitcoin as its companies like Nvidia were best positioned to skyrocket from bitcoins boom and indeed Nvidia has rebranded itself as top AI company and set sights to buy out ARM and even do chip fab. Tesla self driving car tech for example uses Nvidia GPU. In affect the world, by and through its adoption, mining, and usage of bitcoin has indirectly subsudized, crowd funded, and propped up the US development and advancement of AI, the supreme irony is at the end of the day adoption of bitcoin mostly benefitted America, which is not unlike the USD petrodollar hegemony, indeed the parallels are quite striking.

 

[quantumlight]

One final thing from the aspect of blackops and dark budgets, bitcoin is a Godsend for CIA... many reasons. Think back to 1970s when CIA was running drugs and had to ship boatloads of hard physical paper cash into other nations they wanted to coup, bribe etc and risk their agents getting caught...

Now with TOR (which is a known US intel agency project) and Bitcoin not only does it solve the bulky logistical issue of getting bunch of cash to someplace quickly it also does it quietly since TOR makes it harder for target nations to intercept/analysis that network traffic... In fact bitcoin has a builtin mechanism to allow it to be easily run it over the TOR network...

Not only do we not officially know who or what started bitcoin, we also dont know who holds the initial 10% of all bitcoins when it first released into wild back in or around 2008. The mystery unknown creator of bitcoin withheld the first 10% of all bitcoins for himself/themselves... Back then each bitcoin started off as a single cent/penny (0.01 USD) but now a single bitcoin is worth approx $60,000 USD. This is an inflation of approx 600,000,000%+... If the CIA did create bitcoin then it costed them essentially nothing to withhold/obtain/reserve the first 10% of all bitcoins but today they would have ended up with (at the time of this writing) approximately 126 billion dollars of magic black money dark funds (in reality subsidized by the rest of the world or more accurately the rest of the users/holders of bitcoin, many of which are Chinese investors etc) which they "got from nothing" and is completely free of Congressional oversight and they can just use all this money to fund secretly any of their dark projects and black ops etc... or to pay opposition leaders of foreign counties they want to overthrow

 

[In4ser]

@In4ser can you predict the outcome for the midterm election, This covid and infrastructure bill seem popular and may lead to a Democratic party victory and correct me if I'm wrong the potential date of Biden abdication so that Kamala may serve for a maximum of 10 years as president.

It's probably too early to give predictions for mid-term elections, but there is a tendency for Congress to swing back to the other side with the exception of Bush Jr who rode the 9-11 popularity surge. Biden is simply in a tough position domestically, because he isn't particularly well-liked by Democratic voters and he's inheriting a dumpster fire situation in the USA in which he will have to waste most of his political credit trying to fix.

While I can credit Biden for managing COVID numbers (something that shouldn't have been an issue in the first place), the infrastructure bill leaves much to be desired and its still hasn't passed legislation yet.

The worry is that the USA has already added 40% more USD into its economy since the start of the pandemic and Biden wants to add a few trillion dollars more for infrastructure. It sounds like a lot but if you break down the amount of money towards in-home care, affordable housing, EV vehicles, roads and bridges, education and etc. it's not a lot especially since it's over 8 years. He's trying to do too much with therefore not dedicating enough time and resources to each major issue that needs to be addressed. The USA should go REALLY big and bold in hopes of fixing the domestic gray rhinos like education, infrastructure, and R&D (which needs time to bear fruit) OR start imposing austerity. It shouldn't be half-assing its approach because all it's doing is treading water and it won't fix anything.

Either the MMT people are correct and we can basically print money to solve all our problems like Japan (which I doubt) or we are on our way to some serious inflation. However, we cannot maintain the status quo because low inflation and the highest ever stock valuation figures don't reflect the situation in the average American household which already had issues with high debt and low savings even before COVID.

Honestly, it's kind of funny how years ago I used to be worried about Western containment and China destroying itself but it's come to a point in which I'm more worried about the USA imploding upon itself than anything else.

 

[voyager1]

It's probably too early to give predictions for mid-term elections, but there is a tendency for Congress to swing back to the other side with the exception of Bush Jr who rode the 9-11 popularity surge. Biden is simply in a tough position domestically, because he isn't particularly well-liked by Democratic voters and he's inheriting a dumpster fire situation in the USA in which he will have to waste most of his political credit trying to fix.

While I can credit Biden for managing COVID numbers (something that shouldn't have been an issue in the first place), the infrastructure bill leaves much to be desired and its still hasn't passed legislation yet.

The worry is that the USA has already added 40% more USD into its economy since the start of the pandemic and Biden wants to add a few trillion dollars more for infrastructure. It sounds like a lot but if you break down the amount of money towards in-home care, affordable housing, EV vehicles, roads and bridges, education and etc. it's not a lot especially since it's over 8 years. He's trying to do too much with therefore not dedicating enough time and resources to each major issue that needs to be addressed. The USA should go REALLY big and bold in hopes of fixing the domestic gray rhinos like education, infrastructure, and R&D (which needs time to bear fruit) OR start imposing austerity. It shouldn't be half-assing its approach because all it's doing is treading water and it won't fix anything.

Either the MMT people are correct and we can basically print money to solve all our problems like Japan (which I doubt) or we are on our way to some serious inflation. However, we cannot maintain the status quo because low inflation and the highest ever stock valuation figures don't reflect the situation in the average American household which already had issues with high debt and low savings even before COVID.

Honestly, it's kind of funny how years ago I used to be worried about Western containment and China destroying itself but it's come to a point in which I'm more worried about the USA imploding upon itself than anything else.

Maybe Biden wants to "bribe" the voters by throwing all these social warfare and "fix our roads" programs so that Democrats can gain on the midterms and then pass the baton to Harris, he is already old so I dont think he will stay for another term.

I also agree that MMT is crazy and it wont work. US is borrowing like crazy to get an extra 2-3% GDP growth and obviously this is not a good deal for the US.

Biden's next test is passing the infrastructure bill and what he will compromise for it to pass

 

[gelgoog]

...
Not only do we not officially know who or what started bitcoin, we also dont know who holds the initial 10% of all bitcoins when it first released into wild back in or around 2008. The mystery unknown creator of bitcoin withheld the first 10% of all bitcoins for himself/themselves... Back then each bitcoin started off as a single cent/penny (0.01 USD) but now a single bitcoin is worth approx $60,000 USD. This is an inflation of approx 600,000,000%+...

Many years back I ran a Bitcoin client, waited until it generated a coin, then I deleted the application and the local wallet. It felt kinda meh to me. I tried it again a couple years later and it took so long just to get the blockchain I deleted it without generating any coin. I am sure a lot of people did the same as me and a lot of the early coins are basically gone.

...Tesla self driving car tech for example uses Nvidia GPU

Not anymore. Tesla uses their own chips for the self driving hardware. They basically hired chip designers and made a chip for that.

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...The worry is that the USA has already added 40% more USD into its economy since the start of the pandemic and Biden wants to add a few trillion dollars more for infrastructure. It sounds like a lot but if you break down the amount of money towards in-home care, affordable housing, EV vehicles, roads and bridges, education and etc. it's not a lot especially since it's over 8 years. He's trying to do too much with therefore not dedicating enough time and resources to each major issue that needs to be addressed. The USA should go REALLY big and bold in hopes of fixing the domestic gray rhinos like education, infrastructure, and R&D (which needs time to bear fruit) OR start imposing austerity. It shouldn't be half-assing its approach because all it's doing is treading water and it won't fix anything.

The US has had plenty of time to get its act together. Instead they printed trillions to use to fund their military and military adventures abroad. Last I heard Trump wanted Australia to fund infrastructure development in the US, and he wanted toll roads to repay those loans. Whatever Biden does, I suspect it will be more of the same so he'll just be throwing good money after bad investments. He might patch up some of the existing infrastructure. But US transportation infrastructure is not cost effective and the whole way US city planning works is inefficient. Zoning the way it is done in the US ala SimCity is one of the dumbest ideas ever. No mixed residential/commercial for the most part and gobs and gobs of single family homes is energetically wasteful.

...Either the MMT people are correct and we can basically print money to solve all our problems like Japan (which I doubt) or we are on our way to some serious inflation. However, we cannot maintain the status quo because low inflation and the highest ever stock valuation figures don't reflect the situation in the average American household which already had issues with high debt and low savings even before COVID.

Honestly, it's kind of funny how years ago I used to be worried about Western containment and China destroying itself but it's come to a point in which I'm more worried about the USA imploding upon itself than anything else.

Inflation has been rising on every single thing people actually need like food, clothes, or housing. Only some consumer electronics prices, or cars, were going down and now with the trade war, and lack of supply for semiconductors even that is being put into question.