Monday, June 30, 2014
Smart for idiot reasons
Calif has passed a law making it clear that various forms of non-standard currency are acceptable within the state. Clearly the pressure for this law came from the idiot techies with their pure-bubble Bitcoin, but the law ALSO authorizes what used to be called 'scrip', as in negotiable coupons and points.
Bitcoin and its relatives will fade as their bubblicious nature becomes obvious, but local scrips need to grow. The best way to decouple from Bernanke/Yellen/Krugman economic tyranny is to decouple from the counterfeit "currency" that BYK generates to starve the poor and enrich the Chosen.
It will be informative to watch how the Feds respond to a spread of real-value currency. They weren't bothered by Bitcoin; IRS decided correctly to treat it as a speculative security like junk bonds. If a real-value scrip starts to go national, it will be a serious threat to the BYK monopoly.
The old Constitution takes a sensible position. The central gov't shall set up a central currency, and state gov'ts can't set up their own state currencies; but banks or organizations are free to set up local or special-purpose currencies. Thus Calif's new law doesn't really say anything new; it only reinforces the original permissions. If this gets in the way of BYK, the old Constitution won't matter. It never matters when it interferes with Satan.
Labels: Гром победы
¶ 1:38 AM
