I'm referring to this article specifically
https://www.ampltalk.org/app/forum/economics-18/topic/reimagining-money-91/
The Gold standard did not fail. Gold is Gold and had been money for 5000 years. The government failed. It needed more power and control along with the central banks. So it pegged and re-pegged.. World War I and II were expensive pointless adventures in human kinds history. Had digital currencies been around and within the government's ability to control and manipulate...........Ampleforth would fail just the same. Same with Bitcoin. If they can get their hands on it they will bail out the top, when they should just collapse.
From the section under fiat:
Second, fiat currency monetary policy is discretionary. Despite how well-intentioned policy makers are, it is impossible that their decisions can always be optimal for the economy as a whole. In practice, they often prefer time-inconsistent monetary policy which has a positive impact in the near term despite creating problems in the longer term.
This is the most truth said in the article and sums up all government decisions. It is the real reason every currency fiat or gold based 'fails'. Government and central bank goons destroy the future because they are either stupid or evil. Their motto's have always been "That will be someone else's problem". The article simply says it in a nice way. Calling policy makers "Well intentioned" makes me think these guys at ampleforth are partially insane. Policy Makers are not well intentioned. Let's look at some of these "Well Intentioned" Policy Makers.
Franklin D. Roosevelt:
It is well knowed that FDR confiscated Gold(because it failed i guess, so he needed more of it!). It is also well known that he put American citizens in CONCENTRATION CAMPS. Not the kind you send kids to, in order to learn to pay attention more in class. The kind Hitler liked. Over 1800 American citizens died from disease in these camps. They had their houses searched with no warrants and no cause. All done with an executive order.
Woodrow Wilson:
He signed the Federal Reserve Act. Do we need more than that? Well apparently he was also a white supremacist pig.
https://talkingpointsmemo.com/cafe/woodrow-wilson-was-even-worse-than-you-think
Even if half of that article is true............These are monetary "policy makers" along with JP morgan, Rockefeller etc.....
There is no such thing as good policy makers. The best of them have never been needed. And the worst of them are out right criminals of the highest order.
Bitcoin is a currency with no "Policy Makers" able to plunder it............at least in the usual brute force way. YOU are the bank. You don't need anyone telling you what money should be, how much there should be, or whether it should be pegged to Gold, the Yuan, or tulips. The consumer/user of the currency determines policy. You don't get bailed out. You bail out others if you so choose. YOU are the policy maker for your own life.
Ampleforth may turn out to be a needed tool in the crypto sphere, but not based on their views about gold or fiat money.
