Interesting article Keegan, its something I've been thinking about in the last month or so, and is a topic that deserves more attention. While this is not an article on Bitcoin as a currency, your arguments would be strengthened if you did more research before comparing Bitcoin to fiat currencies. Most notably, your comment "Every country has their own currency, except for the United States." is patently False. The United States government has full control over the US Dollar and sets its own monetary policy. Additionally, you overlooked the Euro zone, in which member nations give up their own currency and much of their freedom to set independent monetary policy for the right to use the Euro. Giving up this freedom is not always good for member nations, as we saw in Greece during their sovereign debt crisis.
Hi Christian. Thanks for reading and commenting! I welcome good constructive feedback such as what you've provided here.
There is so much to learn about other world currencies. I am a student of the way other currencies are constructed, no doubt.
That being said, I will push back against the sentiment that the USD is fully controlled by the US Gov. It is controlled by the Federal Reserve, which is a private institution formed in 1913. It is maintained by a board of Governors consisting of appointed officials. The Federal Reserve itself has 12 private banks, that hold shares in the Federal Reserve, which pays them dividends based on the performance of "the business". Ultimately, it is the Federal Reserve that sets the monetary policy of the USD. This seems like a lot of power for a private American institution to have over the global reserve asset.
We're straying a little from the point of the sentence that is the focus of your critique. My intention was to draw attention to the fact that the USD looks more like a global currency, than belonging to the United States exclusively. It is the most widely held currency in the world.
Thank you for commenting, and I look forward to more constructive discussion!
Interesting article Keegan, its something I've been thinking about in the last month or so, and is a topic that deserves more attention. While this is not an article on Bitcoin as a currency, your arguments would be strengthened if you did more research before comparing Bitcoin to fiat currencies. Most notably, your comment "Every country has their own currency, except for the United States." is patently False. The United States government has full control over the US Dollar and sets its own monetary policy. Additionally, you overlooked the Euro zone, in which member nations give up their own currency and much of their freedom to set independent monetary policy for the right to use the Euro. Giving up this freedom is not always good for member nations, as we saw in Greece during their sovereign debt crisis.
Hi Christian. Thanks for reading and commenting! I welcome good constructive feedback such as what you've provided here.
There is so much to learn about other world currencies. I am a student of the way other currencies are constructed, no doubt.
That being said, I will push back against the sentiment that the USD is fully controlled by the US Gov. It is controlled by the Federal Reserve, which is a private institution formed in 1913. It is maintained by a board of Governors consisting of appointed officials. The Federal Reserve itself has 12 private banks, that hold shares in the Federal Reserve, which pays them dividends based on the performance of "the business". Ultimately, it is the Federal Reserve that sets the monetary policy of the USD. This seems like a lot of power for a private American institution to have over the global reserve asset.
https://en.wikipedia.org/wiki/Monetary_policy_of_the_United_States#:~:text=Monetary%20policy%20in%20the%20US,is%20a%20quasi%2Dpublic%20institution.
We're straying a little from the point of the sentence that is the focus of your critique. My intention was to draw attention to the fact that the USD looks more like a global currency, than belonging to the United States exclusively. It is the most widely held currency in the world.
Thank you for commenting, and I look forward to more constructive discussion!