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Among the more remarkable achievements of Bitcoin is the making of progressive academics to defend the petrodollar, Cantillon privilege, monetary colonialism and monetary exclusion for users of magic Internet money. And, Peter Schiff entertainment.
The petrodollar is any U.S. dollar paid to oil-exporting countries in exchange for oil. The dollar is the preeminent global currency. As a result, most international transactions, including oil, are priced in dollars. Oil-exporting nations receive dollars for their exports, not their own currency.
Cantillon’s theory of entrepreneurship is that entrepreneurs function by bearing risk under uncertainty. They buy goods at known (fixed) prices in the present to sell at unknown prices in the future. For Cantillon, entrepreneurship is pervasive in the economy. Economic actors have more or less privileged access to it.
Colonialism or imperialism refers to how one economy subjugates the economy of another country; the subjugator makes a colony of the second for the well-being of the first.
Monetary colonialism occurs as the politicians of a country mismanages production. The economic mismanagement gives rise not only to shortage inflation but to a need for importing products in short supply. Concomitantly, rising trade deficits index a nation’s reliance on monetary colonialism.
The short-term winner of monetary colonialism will be the country which has the greatest amount of its national currency beyond its borders. Monetary colonialism occurs as the politicians of a country mismanages production. The economic mismanagement gives rise not only to shortage inflation but to a need for importing products in short supply. Concomitantly, rising trade deficits index a nation’s reliance on monetary colonialism.
Monetary exclusion refers to individuals and populations without access to common financial services. Financial exclusion has been defined as the inability. of some societal groups to access the formal financial system. These can include savings accounts, loans, cashless transactions, credit, and other traditional banking services. Financial exclusion is closely associated with poverty and social exclusion and imposes significant costs on individuals.
Peter Schiff Entertainment: Peter Schiff bought nearly 9,000 more Bitcoin during Q3, at an average price of $46,876. That’s another $422 million spent, bringing the current market value of its holdings to around $7 billion. Bitcoin HODLers had better hope that MSTR and Saylor don’t run out of money.
You’re confusing Bitcoin for gold. Gold is money. Bitcoin is just a digital token people collect and trade. It’s not even a real currency. So Bitcoin doesn’t even qualify as credit. I’m happy to debate you on this anytime, but I certainly understand why you don’t want to.
