Continuous Printing Of Money Out Of Thin Air Has Never Being The Answer

[Petryakov]

Decentralized blockchain is very different from globalization. In globalization, there is still a third entity that regulates whereas, in decentralized blockchain, there is no governing entity. We also have to realize that many of our brothers are not ready for technological advances let alone algorithms.

We know and understand and have used blockchain and bitcoin but we must be realistic that bitcoin cannot be a solution for all the world's economic problems and apart from that our society is not ready to accept total change. The ambition of globalization is more the ambition of the owner of money rather than the ambition of the middle class and the poor. Because globalization opens wide opportunities but also invites threats, especially for countries whose societies are still underdeveloped.

Even the trends that have arisen in my country have begun to compare to the better times of the dictatorship, although they have to be careful in talking but there is no hunger, development has also entered the villages, than in the current era of democracy, but many people die because they cannot eat. Peaceful globalization can only be realized if prosperity in the world is equal.

I understand your point of view, you fear that developed countries with more advanced and optimized production cycles will push retrograde industries of developing countries out of the market in an open competitive environment, but that’s the way of the progress. If someone adopts more advanced means of production, the ones sticking to traditional ways and trying to protect themselves with artificial restrictive measures are destined to an inevitable failure. Evolution consumes the weak. What’s the point of living in villages and digging in dirt in the era of technological singularity?

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[goaldigger]

Printing money to save the economy is fine but of course there's a lot of consequences because of this and maybe the inflation will rise up to those who print a lot of money. This is the disadvantage of Fiat currency because every year its value become more lessen which can't be stopped by anyone. This might not be the best answer but I know the economist knows this thing, well we are lucky to have bitcoin on our side. Cryptocurrency still need to grow, and maybe in the future this currency can help us on a calamity like this.

[abhiseshakana]

I understand your point of view, you fear that developed countries with more advanced and optimized production cycles will push retrograde industries of developing countries out of the market in an open competitive environment, but that’s the way of the progress. If someone adopts more advanced means of production, the ones sticking to traditional ways and trying to protect themselves with artificial restrictive measures are destined to an inevitable failure. Evolution consumes the weak. What’s the point of living in villages and digging in dirt in the era of technological singularity?

Globalization requires every country to have quality human resources so as to produce high productivity and innovation so that the products produced can compete with other countries. If people cannot compete with foreign nationals in their own country, how can they compete with foreigners abroad. Product competition is commonplace and I believe that each country can survive, but what I worry more is competition at the individual level to get jobs. It is very ironic if in a country the unemployment rate is high but a lot of foreign workers are absorbed by the manufacturing industry in my country. Therefore, why each country can decide for themselves when their people are ready to face the era of globalization.

We take a simple example of Alipay's plans to operate in my country. An aggressive China wants to invest in the tourism sector with a narrative of strengthening the development and growth of my country's tourism. China built a hotel in Indonesia, China built a tour and travel company in Indonesia, China opened a restaurant, China opened a souvenir shop, China hired a guide from China and all payments through Alipay. Indeed, my country developed because of Chinese investment, but there was no growth in my country because the foreign exchange that entered my country was small to pay for overhead and vendor operations outside of Chinese companies, in other words, money only revolved in China even though the project or business was in my country.

The difference is thin between competition in globalization and exploitation. Globalization is not always sweet fruit. Globalization is also one that brings the spread of pandemics evenly throughout most of the world. Getting used to life manually is also needed at this time so that when the world that is online and connected is disconnected we are not too depressed. Globalization is not a necessity but only a choice.

[whyrqa]

Considering the comments of economist Nill McKinnon, the US federal reserve has already taken very tough and large-scale steps to support the economy, which includes supporting small businesses, as well as the banking system and other sectors of the US economy, which to some extent may exclude the possibility of an increase in monetary masses to avoid global inflation.

[cryptoboy007]

Printing money to save the economy is fine but of course there's a lot of consequences because of this and maybe the inflation will rise up to those who print a lot of money. This is the disadvantage of Fiat currency because every year its value become more lessen which can't be stopped by anyone. This might not be the best answer but I know the economist knows this thing, well we are lucky to have bitcoin on our side. Cryptocurrency still need to grow, and maybe in the future this currency can help us on a calamity like this.

I think we are at a time when the government really need to draft favorable cryptocurrency regulations. The industry is that matured already.

[BitcoinTurk]

Central banks of all the countries of the world have passed unlimited relaxation policy throughout the pandemic process and continue to print money continuously. As such, incredible inflation rates and many other economic problems are inevitable. If the central banks continue to print money unlimitedly, I think that huge economic problems are waiting for us, including the coming days, and the people will become poorer and lose their purchasing power day by day. In addition, since the process of recalling these coins, which are put on the market today, will take a long time, this will bring with it other economic problems. I think that unlimited money printing should be stopped and tight economic measures should be taken as soon as possible, I wish the money supply of central banks was limited.

[Gozie51]

Now, the big question is, is there ever going to be a time when crypto will be fully embraced as legal tender on a global scale?

I I'm responding based on what I have read in economics that money one of the ingredient of money is that it is generally accepted but for crypto, I'm sure it has many people not accepting it which answers your question.

[abhiseshakana]

Central banks of all the countries of the world have passed unlimited relaxation policy throughout the pandemic process and continue to print money continuously. As such, incredible inflation rates and many other economic problems are inevitable. If the central banks continue to print money unlimitedly, I think that huge economic problems are waiting for us, including the coming days, and the people will become poorer and lose their purchasing power day by day. In addition, since the process of recalling these coins, which are put on the market today, will take a long time, this will bring with it other economic problems. I think that unlimited money printing should be stopped and tight economic measures should be taken as soon as possible, I wish the money supply of central banks was limited.

Printing money to cover the state budget could become a boomerang going forward. Apart from the assumption that the corona pandemic is not yet clear and the market's ability to absorb money is unclear. The current condition is that the solution is indeed to cut infrastructure development budgets and other projects to provide a safety net for the people, especially the lower classes who are most affected by the pandemic.

Print money referred to by followers of Modern Monetary Theory is printing money for funding productive projects. Examples of Germany printing money to finance the second world war or China that prints money to fund production. The government must be able to formulate sectors whose demand is relatively stable and can still be increased and can absorb a lot of labor. Because the effects caused by the pandemic caused the government to pour out extraordinary fiscal and monetary stimulus, the printing of money must use a more efficacious combination.

The government must spur an independent industrial sector where capital is in the form of the local currency, the raw material is domestic resources, its workers are also citizens, and zero imported products. If it can be absorbed by the export market, it will greatly help increase the country's foreign exchange, even for the fulfillment of domestic consumption, it is still effective in turning the economy around.

Printing money is not for the trading or service sector, it must be the production sector so that the supporting wing industry can also move apart from that which is different from the trade sector which is fortunately limited, and its increase is limited, the production factor can be 10-30 times the profit and increase.