IMO, posts like these only prove a lack of understanding masquerading as understanding.
When you know as much as a high level economist and former leader of a G7 country, you will have some credibility. But go ahead and invest in crypto. The first ones in, who are also the first ones out, are basically the only ones who make money in that market. And who knows when to get in--and when to get out? And can you even get out? Sounds like a classic "heart break hotel" as investment people say. Easy to check in, but impossible to check out. Fundamentally unsound and unethical.
So meaning is only derived from monetary gain?
Talk is cheap.
What percentage of its value has the $ lost since 1914? Must be above 90%, something close to 95%
That's a pretty major thing that crypto doesn't have; the assumption the government will back its currency and guarantee the value of your dollar (at current market rates, of course) is on of the major pillars that keep currency stable.
The Fed was established to mitigate the effects of "bank runs", I.e. when everyone wants to withdraw their money all at once. But the elephant in the room that many willfully ignore is that there is no logical reason why bank runs would be able to collapse HONEST banks.
As a rule, I do the opposite of whatever the market is currently doing. It's worked out quite well for me.
Don't confuse the Fed with the FDIC; the Fed was created for the purpose of keeping the economy stable. Of course, two of their three pillars are contradictory: Keeping employment stable often requires spending, which in turn causes inflation. Hence the catch-22 the Fed is currently stuck with.
And opinions are even cheaper.
That all sure sounds important for criminals. But for me as an honest, tax-paying citizen, I'm much more interested in being protected by fair laws and sensible regulations, having safeguards like FDIC or other investment equivalents, and a decent shot of getting my money back if scammed.
