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Venezuela lobs currency nuke/ongoing disscussion.
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kenneal - lagger
Site Admin


Joined: 20 Sep 2006
Posts: 10523
Location: Newbury, Berkshire

PostPosted: Thu Aug 23, 2018 6:53 pm    Post subject: Reply with quote

stumuz1 wrote:
.......When i get a chunk of spare money, it immediately gets exchanged for real stuff that a central bank cannot print out of thin air.

So far it's working.


I bought my "real money" at the top of the market a few years ago so I've lost at the moment. But I didn't buy it to make an immediate profit I bought it as an insurance against future currency breakdown.
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As Steve Keen puts it: “Capital without energy is a statue; labour without energy is a corpse.” Economics ignores this which is why economics is broken.
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Catweazle



Joined: 17 Feb 2008
Posts: 2205
Location: Little England, over the hills

PostPosted: Fri Aug 24, 2018 10:34 pm    Post subject: Reply with quote

Little John wrote:
There is stuff in the world. Stuff has intrinsic value. Everything else is moving the chairs around.



Exactly. People spend ages trying to work out what will be "valuable" in the future, and completely miss the obvious.


A hammer is a hammer and a nail is a nail, regardless of what number is attached to a bitcoin. In fact, unfashionable old tech is a bargain - you can buy a shed-load of quality old tools for the price of an iPhone.
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cubes



Joined: 10 Jun 2008
Posts: 618
Location: Norfolk

PostPosted: Fri Aug 24, 2018 11:24 pm    Post subject: Reply with quote

stumuz1 wrote:
The paradigm case is pre-war Germany. It was given a huge bill for the costs of the war, it printed huge amounts of fiat deliberately, which effectively reduced the cost of the bill to a few loaves of bread.


The problem here is that germany's reparations (apparently this wasn't to cover the cost of actually fighting the war) was in gold marks and hence didn't devalue during the 20s. Hence the unpleasantness in the early 40s.
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