The oft-cited phrase might actually mean something if the motivations behind the policy change.
“Same Ditto, but different Ditto”
While Trump recently popularized the phrase “drain the swamp,” his execution and his point of view were wrong.
Politicians in the United States have been viewed negatively for at least the past few decades. The problem is, our people have become so numb to this way of thinking that nothing is being done to rectify the situation. Nihilism has been co-opted down to the legislative level.
In your discussions with your family, friends and peers, is it common to characterize our political leaders as liars willing to do or say whatever it takes to get your vote? It’s common among my peers; I imagine it is no different for you. Why is it?
Consider for a moment the incentives for an individual to run for political office. What are the advantages ? Well, there is the glaring evidence: you can choose what happens with the legislation that you feel is necessary or justified, with the input of your constituents (if you want to take their views into account). But there are also second-rate benefits, such as pensions that are guaranteed after the end of their term. Or my favorite: vote on policy (like the most recent infrastructure bill) and more specifically on how the state (referring to the entire US federal government) spends and allocates acquired funds either through tax revenues or through money printing.
M1 silver stock
Since 2008, we have seen a multitude of currency impressions. This is documented here by the Fed as the M1 money supply. The Fed itself explains that the definition of what M1 is can be arbitrarily changed. All this to fund activities ranging from bailout of bankers in 2008 (and then not suing a single individual who was really responsible) to printing almost 40% of the circulating supply of dollars ever created to fund. an economic shutdown in a (futile) attempt to prevent the spread of the virus. This is without considering the plethora of systemic issues within our infrastructure, including, but not limited to: civil rights, public health, health care, student loans, social security, pensions and then there is the funding of what many call America’s “eternal war”. âDeclare that we have been since our victory over Nazi Germany (and, really, for the life of our country).
It is for these reasons that I propose; politics and government are inextricably intertwined with the Federal Reserve. The Fed has slowly become the sole lender of recourse to the United States and to prop up the petrodollar. And what’s worse is that this bank account can manifest dollars out of nothing effortlessly.
Repair the incentive mechanism
Drain the swamp. Via Yves Moret on Unsplash
Trump had the right idea: âdrain the swampâ. You can’t imagine how much it pains me to say this because, as a human being, I find it deplorable. But that shouldn’t prevent anyone from agreeing with any individual’s point of view. Unfortunately, he didn’t have the foresight or the clarity of mind to see one important fact: if we don’t change the structure of the incentives, it doesn’t matter who we replace the current leadership with.
Also: if we don’t fix the money, the problems of today will just manifest themselves again in the future.
This problem must be faced today. We need a better currency today. No revolution, be it cultural or conflictual, in today’s environment will accomplish anything if we don’t fix the incentive problem.
This problem is not only within the Federal Reserve, it is also due to the lobbying relationships in Washington that I mentioned in my previous article. This relationship allows external parties to instigate, question, and pressure politicians to affect legislation that may benefit particular entities or industries (perhaps for a small fee or a pot. -of-wine, we can deduce).
Our world continues to show how badly we need bitcoin the asset and Bitcoin the network.
Our leaders continue to show how much we need money that is not theirs.
In addition, our executives and those closest to the printer continue to show not only their incompetence when it comes to money management, but also their stubbornness in admitting that the music is slowing down and that the number of chairs to claim is scarce.
If the United States of America does not take meaningful steps to: 1.) embrace humility and recognize the need to learn more about this world-changing asset, 2.) take action on efforts to learn from reputable and knowledgeable members of the Bitcoin community, and, last but not least, 3.) consider that our world could possibly be a better place with monetary assets and policies that are not plagued by human greed or fallibility.
It’s not that bitcoin is a fantastic risk-reward investment, it’s that Bitcoin is a fundamental necessity.
This is a guest article by Mike Hobart. The opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.