The United States rolls over its debt on a scale of a few years, not every day. So the "run on the dollar" would play out over a year or two rather than overnight. Furthermore, I have described for clarity a sudden one-time loss of confidence. The actual process of running from the dollar, however, is likely to take more time, much as the European debt crisis has trundled along for more than a year. In addition, because prices tend to change relatively slowly, measured inflation can take a year or two to build up after a debt crisis. Like all runs, this one would be unpredictable. After all, if people could predict that a run would happen tomorrow, then they would run today. Investors do not run when they see very bad news, but when they get the sense that everyone else is about to run. That's why there is often so little news sparking a crisis, why policymakers are likely to blame "speculators" or "contagion," why academic commentators blame "irrational" markets and "animal spirits," and why the Fed is likely to bemoan a mysterious "loss of anchoring" of "inflation expectations."

The United States rolls over its debt on a scale of a few years, not every day. So the "run on the dollar" would play out over a year or two rather than overnight. Furthermore, I have described for clarity a sudden one-time loss of confidence. The actual process of running from the dollar, however, is likely to take more time, much as the European debt crisis has trundled along for more than a year. In addition, because prices tend to change relatively slowly, measured inflation can take a year or two to build up after a debt crisis. Like all runs, this one would be unpredictable. After all, if people could predict that a run would happen tomorrow, then they would run today. Investors do not run when they see very bad news, but when they get the sense that everyone else is about to run. That's why there is often so little news sparking a crisis, why policymakers are likely to blame "speculators" or "contagion," why academic commentators blame "irrational" markets and "animal spirits," and why the Fed is likely to bemoan a mysterious "loss of anchoring" of "inflation expectations."

Source: www.nationalaffairs.com

As this global pandemic sweeps through the globe, with hundreds of thousands infected, tens of thousands dead, and millions of people out of a job, priorities shift from trivial to existential. While difficult, it is more important than ever to stay humble and shill lightly. It is all too easy to alienate friends and family by offering an enthusiastic Bitcoin lecture every time you sit at the dinner table. While enthusiasm is laudable, I strongly believe that Bitcoin will be understood by everyone as soon as they are ready — be it out of necessity or out of curiosity. Yes, the timeline just got accelerated. But this is still a marathon, not a sprint. And it might be one of many marathons. One of the facts of history is that battles do not stay won. Those that matter have to be waged again and again. Stanley Knowles The powers that be will neither step away willingly nor silently. And since the battle for self-sovereignty and freedom is one that matters, it will have to be waged again and again.

While enthusiasm is laudable, I strongly believe that Bitcoin will be understood by everyone as soon as they are ready — be it out of necessity or out of curiosity. Yes, the timeline just got accelerated. But this is still a marathon, not a sprint. And it might be one of many marathons. One of the facts of history is that battles do not stay won. Those that matter have to be waged again and again. Stanley Knowles The powers that be will neither step away willingly nor silently. And since the battle for self-sovereignty and freedom is one that matters, it will have to be waged again and again.

Source: dergigi.com