Bitcoin Forum

Yes

1. Stop the printing
2. Stop FDIC, saving of banks and all other firms.
3. Make it divisible by producing smaller notes and coins (larger notes will have to be destroyd in hte same dollar number).
4. Stop the competition for maximal incompetence and nonproduction that is government welfare.
5. Let all other fiat die.

This must be done, plus everybody must believe that it in fact is going to be done.

Personally, I would have some bitcoins, just in case.

Erm, larger notes will not have to be destroyed; if you think this is the case, you don't understand how money printing works. When people talk about money printing causing inflation, they're not talking about literal money printing, but instead arbitrarily increasing the number of dollars in the banks' accounts. Actual printing and minting of notes and coins is an entirely different process: for every dollar printed, a dollar is deducted from the bank's account in a balanced trade of digital dollars for physical dollars (conversely, dollars are credited to the bank's account whenever worn-out notes are taken out of circulation and destroyed). Literal printing and destruction of currency makes absolutely no difference as far as inflation is concerned.

I know about the debt money supply. The point is that new new smaller notes does not add to the total.

Elemenination of the current fractional banking system is covered in point 2, by removing all taxpayer funded guarantees.

Maybe another point should be added: Don't mess with the interest rates, it serves a useful purpose.

No.  Bankers and politicians will never be able to resist the urge to manipulate their currencies.  There has to be a separation of money and state and a free market where everyone is free to choose the currency (currencies) that best serves (serve) their individual needs.

I agree. In practice it is not possible.

The USD will go down.  The issue is whether it goes down flying in formation with the other currencies, perhaps with one or two of them peeling away and spinning into the ground, or whether it exhibits unusual behavior.

I agree with this assessment.  The reason why the Keynesian school of thought is popular is that it trumpets all that the gov't and statists want to hear.  They have their hand in your pocket, and are then fed a monetary philosophy that tells them they should steal.  Christ, what do you think is going to happen?

The US dollar is the world's reserve currency, and never before has the world's reserve currency been debased to the point of extinction.  Nobody knows what's going to happen, because it's never happened before.  The pols aren't going to stop this because they can't.  To even attempt it would be political, if not physical, suicide.  Fasten your seatbelts, because we are in for the ride of our lives.

   Revoking federal insurance on deposits would probably cause a run on banks, which would leave them unable to meet their liabilities, which would lead to massive bitcoin adoption and increased demand for gold. I'm all for it, but it is wishful thinking. We will see the economy bolstered by mass production of riot control equipment before a crash like that will happen.

I hope Bernanke can drag it out a bit, so bitcoin have time to expand in advance.

Check out "This time is different: 800 years of financial folly." It's a study of 800 years of financial crises and co written by former dep. Of treasury higher ups. These people are not dumb. It is going to take a while, and there probably won't be a crash unless caused by exceptional natural circumstances, despite what many think.

Get rid of paper money entirely and use only coins so it is much more expensive to counterfeit and switch to gold/silver, problem solved, oh and disband the federal reserve and make sure to eradicate their influence from the U.S government entirely.

Yes, they have so much at stake that they will obviously take any course necessary to maintain the status quo. So what could be the black swan that starts the run?

That's the big question.

How about if China dumps a shitload of US Treasuries on the open market all at once? That would do it. China is already counterfeiting US gold and silver Eagles, which are legal US tender.  Counterfeiting bullion is one thing, but counterfeiting a country's legal tender is an act of war.

Not sure about that, but I've always wanted to buy a double cheeseburger with fries and two beers for one silver quarter.

Maybe I'd go two.