Re: WTF happened In 1971?

[John Hopkins]

Yes, far more interesting would be confirmed stats like that for China, for the 
last 4,000 years ...


jh

On 18/Sep/20 00:20, lizvlx wrote:

Based on the page content everything is always USA.
This graph is not valid in other places and we should stop referring to the USA 
at all times.
It is boring, 20th century and produces false conclusions.
Liz



--
+++
Dr. John Hopkins, BSc, MFA, PhD
subscribe to the neoscenes blog::
http://neoscenes.net/blog/87903-subscribe-to-neoscenes
+++
#  distributed via : no commercial use without permission
#is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nett...@kein.org
#  @nettime_bot tweets mail w/ sender unless #ANON is in Subject:

Re: WTF happened In 1971?

[lizvlx]

Based on the page content everything is always USA.
This graph is not valid in other places and we should stop referring to the USA 
at all times.
It is boring, 20th century and produces false conclusions.
Liz


> On 17.09.2020, at 21:28, José María Mateos  wrote:
> 
> On Wed, Sep 16, 2020 at 06:13:30PM -0400, tbyfield wrote:
>> As a rule, we discourage bare URLs on nettime, but with this one there's no
>> other way:
>> 
>>  https://wtfhappenedin1971.com
> 
> Based on the page contents, what happened is that there was no Bitcoin. 
> Also, they live in the same month over and over (their "Book of the 
> month" recommendation in their newsletter is always "The Road to 
> Serfdom", by our favourite psycho Mr. Hayek).
> 
> Cheers,
> 
> -- 
> José María (Chema) Mateos || https://rinzewind.org
> #  distributed via : no commercial use without permission
> #is a moderated mailing list for net criticism,
> #  collaborative text filtering and cultural politics of the nets
> #  more info: http://mx.kein.org/mailman/listinfo/nettime-l
> #  archive: http://www.nettime.org contact: nett...@kein.org
> #  @nettime_bot tweets mail w/ sender unless #ANON is in Subject:

#  distributed via : no commercial use without permission
#is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nett...@kein.org
#  @nettime_bot tweets mail w/ sender unless #ANON is in Subject:

Re: WTF happened In 1971?

[Brian Holmes]

On Thu, Sep 17, 2020 at 5:24 PM Flick Harrison 
wrote:

>
> Bad actors would have escaped even more easily from the collapsing
> regulatory frameworks with their money.  It would, if anything, have
> provided a hyper-Switzerland safe haven for tax avoidance, money laundering
> and illegal transactions for all the new money the corporations were
> siphoning out of national economies…
>

There was a debate here on nettime years ago about Satoshi's founding
paper, where it was more or less concluded that Bitcoin was directly
inspired by Von Mises and Hayek. It's here:
https://nettime.org/Lists-Archives/nettime-l-1712/msg00061.html   Felix
said that a powerful driver of Bitcoin had been

anarcho-capitalist ideology which
wants to break the government monopoly over money (along lines developed
by F.A. Hayek in the 1970s)

That's a reference to Hayek's book "The Denationalization of Money'.

I am not Bitcoin-literate enough to judge the details, but that debate
always remained in memory. I think the disadvantages are pretty much
exactly as you say, Flick.
It's important to note that Delaware became a hyper-Switzerland in the
course of the 1980s

best, BH
#  distributed via : no commercial use without permission
#is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nett...@kein.org
#  @nettime_bot tweets mail w/ sender unless #ANON is in Subject:

Re: WTF happened In 1971?

[Flick Harrison]

> On Sep 17, 2020, at 13:16 , Brian Holmes  wrote:
> 
> On Thu, Sep 17, 2020 at 2:29 PM José María Mateos  > wrote:
> 
> >   https://wtfhappenedin1971.com 
> 
> Based on the page contents, what happened is that there was no Bitcoin. 
> 
> As to what Bitcoin would've done about it, I'm in the dark!

Bitcoin would have made it all worse, if it affected things at all.

Bad actors would have escaped even more easily from the collapsing regulatory 
frameworks with their money.  It would, if anything, have provided a 
hyper-Switzerland safe haven for tax avoidance, money laundering and illegal 
transactions for all the new money the corporations were siphoning out of 
national economies…  while occasionally being manipulated to inflate and 
collapse by the most powerful bad actors, at their whims.  And the lack of 
computer literacy among the masses would have made them a hundred times more 
susceptible to scams and theft in this totally unregulated (by design) 
marketplace.

Meanwhile, without a central government to manage the “currency” with even the 
flimsiest of accountability standards, the forces behind bitcoin would 
collectively manage it in their own naked self-interest as a class, in a 
best-case scenario creating the only currency in which the rich were totally 
unaccountable to any central authority.  Sure this is only an acceleration of 
the way things went in reality, but as the Panama Papers taught us, 
unaccountable riches gonna unnaccount for themselves.

#  distributed via : no commercial use without permission
#is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nett...@kein.org
#  @nettime_bot tweets mail w/ sender unless #ANON is in Subject:

Re: WTF happened In 1971?

[Brian Holmes]

On Thu, Sep 17, 2020 at 2:29 PM José María Mateos 
wrote:

>
> >   https://wtfhappenedin1971.com
>
> Based on the page contents, what happened is that there was no Bitcoin.
>

 It's an interesting remark!

But so is this wikipedia page:

"The Nixon shock was a series of economic measures undertaken by United
States President Richard Nixon in 1971, in response to increasing
inflation, the most significant of which were wage and price freezes,
surcharges on imports, and the unilateral cancellation of the direct
international convertibility of the United States dollar to gold.
While Nixon's actions did not formally abolish the existing Bretton Woods
system of international financial exchange, the suspension of one of its
key components effectively rendered the Bretton Woods system inoperative.
While Nixon publicly stated his intention to resume direct convertibility
of the dollar after reforms to the Bretton Woods system had been
implemented, all attempts at reform proved unsuccessful. By 1973, the
Bretton Woods system was replaced de facto by the current regime based on
freely floating fiat currencies." (https://en.wikipedia.org/wiki/Nixon_shock
)

Of course the wage and price freezes didn't last long. However, the end of
Bretton Woods and the free-floating currency regime had an unexpected
result, which was to make US capital and bond markets the new center of the
world financial system. Worried about which way your currency might float?
Head to New York with your money. That's what people from around the world
started to do.

Inflation was another, this time expected consequence of Nixon's move. By
1980 it had got so intense that the Fed under Paul Volcker decided to crush
it with interest rates that killed the remaining mom and pop businesses and
cleared the way for a new round of corporate consolidation and expansion
(aka globalization). Reagan set out in parallel to crush unions (PATCO)
while Thatcher did the same in the UK (miners), making sure that wages
would never rise again. And they had a secret weapon: if wages do start to
rise, move operations offshore. After all, you can pay everything in
dollars, anywhere in the world.

The creation of the NYC/London as the twin centers of fully globalized
financial markets operating in dollars, plus the long-term suppression of
unions and of wages, explains WTF happened imho. But there may be other
angles on this story.

As to what Bitcoin would've done about it, I'm in the dark!

best, Brian
#  distributed via : no commercial use without permission
#is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nett...@kein.org
#  @nettime_bot tweets mail w/ sender unless #ANON is in Subject:

Re: WTF happened In 1971?

[José María Mateos]

On Wed, Sep 16, 2020 at 06:13:30PM -0400, tbyfield wrote:
> As a rule, we discourage bare URLs on nettime, but with this one there's no
> other way:
> 
>   https://wtfhappenedin1971.com

Based on the page contents, what happened is that there was no Bitcoin. 
Also, they live in the same month over and over (their "Book of the 
month" recommendation in their newsletter is always "The Road to 
Serfdom", by our favourite psycho Mr. Hayek).

Cheers,

-- 
José María (Chema) Mateos || https://rinzewind.org
#  distributed via : no commercial use without permission
#is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nett...@kein.org
#  @nettime_bot tweets mail w/ sender unless #ANON is in Subject:

WTF happened In 1971?

[tbyfield]

As a rule, we discourage bare URLs on nettime, but with this one there's 
no other way:


https://wtfhappenedin1971.com

Cheers,
Ted
#  distributed via : no commercial use without permission
#is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nett...@kein.org
#  @nettime_bot tweets mail w/ sender unless #ANON is in Subject: