Bitcoin Forum
October 17, 2021, 06:13:09 AM *
News: Latest Bitcoin Core release: 22.0 [Torrent]
   Home   Help Search Login Register More  
Pages: [1]
Author Topic: Getting the Economy Going  (Read 215 times)
Sr. Member
Offline Offline

Activity: 263
Merit: 250

View Profile
May 29, 2016, 10:00:40 PM

If it was easy to get the world economy going, somebody would have managed
to do that already. There are two hurdles to get over.

The first hurdle is the financial system, aka Debt. The basics were known in ancient times,
brought about by interest paid on Debt. They built various ways of resolving the problem
into their legal and religious codes, the most well known is the Jubilee defined in Leviticus.
This prescribed fixed intervals for debt forgiveness and for the restoration of property
to its original condition and owner.

Today that would mean declaring every contract denominated in dollars, yen, pounds,
euro, etc null and void, and starting over with Bitcoin. Except that that would not
solve the problem, though the next financial crisis would not happen for 100 years or so.

The next hurdle is oil. That's an oversimplification. The reason there is a glut of oil
is that we cannot afford to burn it, in part because of the Debt problem. If the Debt
problem gets fixed by some "magic", oil production is set to decline at about
seven percent per year, and that will take the world economy down with it. Now,
I'd expect that collectively, we will do a bit better than that decline, but expecting
growth is beyond rational thought.

So there it is, that's my best guess. That's not financial advice, DYOR.   
Pages: [1]
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!