Simone Wapler – La Chronique Agora (France) –
Cryptocurrencies hinder the monetary policies of central bankers, a study by the Federal Reserve of Philadelphia concludes.
Parasitocracy is interested in bitcoin
The Parasitocracy is serious about bitcoin.
In fact, a study by an economist from the Philly Fed (the Federal Reserve Bank of Philadelphia), co-signed by an academic, has just been released.
And his conclusions are very distracting.
To read this study, click on the image or here
Here is an on – the – fly translation of the abstract , the synthesis at the top of this report.
Can a monetary system in which cryptocurrencies issued by the private sector circulate as a means of exchange circulate? Is such a system stable? How should governments respond to cryptocurrencies? Is coexistence possible between these currencies and those issued by governments? Do crypto-currencies allow an efficient [assets] allocation? These are some of the big questions in the current political debate about the sudden advent of cryptocurrencies. To answer this question, we model the competition between private fiduciary currencies.
We conclude that a purely private arrangement can not lead to an efficient asset allocation , even though it may lead to price stability under certain technological conditions.
Competition between currencies creates problems for the implementation of a monetary policy using conventional methods. However, it is possible to specifically design a regulatory policy that would put in place an efficient allocation by ejecting private currencies from the market.
We also demonstrate that a special mechanism can result in efficient allocation by introducing productive capital.
Dropped? Normal. But never forget that complexity is the weapon of Parasitocracy. It makes sense at first glance but by looking a little closer, in fact, no, not at all! It’s absurd, weird, unnecessarily complicated
<img src=”https://cdn.publications-agora.com/elements/lca/newsletter/images/contenu/180208_parasitocratie.png” alt=”PARASITOCRATIE” width=”120″ height=”114″ />
Everything is said in this summary.
Central bankers want control
The bold text is mine. Central bankers want control and believe that monetary competition is hampering their “monetary policies”.
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<img class=”wp-image-44772 alignleft” src=”http://la-chronique-agora.com/wp-content/uploads/sites/3/2018/02/shutterstock_780848455.jpg” alt=”cryptomonnaies” width=”261″ height=”174″ srcset=”http://la-chronique-agora.com/wp-content/uploads/sites/3/2018/02/shutterstock_780848455.jpg 1000w, http://la-chronique-agora.com/wp-content/uploads/sites/3/2018/02/shutterstock_780848455-300×200.jpg 300w” sizes=”(max-width: 261px) 100vw, 261px” />These monetary policies consist of:
- first, introduce an inflation tax to benefit debtors (zombie firms and institutions);
- secondly, robbing savers by manipulating the rates thus depriving them of returns;
- finally, to distribute adulterated money to the banks.
These monetary policies are not made in the interest of the ordinary citizen, they are made by and to serve the interests of the Parasitocracy. This class refuses to let go of the control of the debt registers, because it is this control which gives it its power.