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Response to Roland99 (Original post)

Mon Dec 3, 2018, 10:03 PM

47. The author is a RW Cato Libertarian type who signed onto their letter attacking Obama

in 2009 over the stimulus package (He and his co-signers wanted tax cuts, small government and austerity).

https://rightwingchicky.wordpress.com/2009/02/10/i-know-it-passed-but/

“There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy.”
— PRESIDENT-ELECT BARACK OBAMA, JANUARY 9 , 2009

With all due respect Mr. President, that is not true.
Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policy makers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.



snip


supply-side slash Austrian claptrap


Sarin also, just a year ago, was actually saying how bitcoin and crypto currencies could be a part of your investment portfolio.


Opinion: Here’s how bitcoin can fit with your stocks and bonds
Published: Nov 20, 2017 10:28 p.m. ET
Cryptocurrency, like gold and other alternative assets, has a place in an investment portfolio

By
ATULYA
SARIN

https://www.marketwatch.com/story/heres-how-bitcoin-can-fit-with-your-stocks-and-bonds-2017-11-20


He also (amongst other articles) in 1998 published a disastrously wrong paper with the thesis that options trading (equity derivatives, currency swaps, etc.) needed to be freed up more as they (his conclusion) improved the stability and health of the markets. This was done in the horrific Commodity Futures Modernization Act of 2000, which combined with the 1999 repeal of Glass-Steagall eventually led to the 2007-9 financial meltdown that wiped out over 30 plus trillion USD across the globe.

https://econpapers.repec.org/article/blajfinan/v_3a53_3ay_3a1998_3ai_3a2_3ap_3a717-732.htm



The OP article uses strawman arguments (for example the million dollar per bitcoin valuation target was never held as a realistic pricing point in anything remotely resembling a short term event horizon by anyone other than scammers and loons). It exhibits a very poor (or purposely disingenuous) understanding of block-chain technology vis-a-vis the ledger as well when he speaks about mining being the only thing that keeps it being maintained. He also echos a tired talking point by referring (actually inferring) that gold is a historic store of value due to some undefined accident, and thus even that is not legit. 7000 plus years of continuous value prove otherwise.

I don't have a dog in the Bitcoin fight, but I can suss out dodgy financial writing when I see it. You want another bad investment, try the US dollar, which has lost around 99% of its value since 1913, the year the Federal Reserve was brought into life.

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