I’ve been bothered by Cryptocurrency for quite some time. I started following it seriously again after the 2017 peak and crash. I’ve always been leery of talking about it because I so fundamentally did not get why it continued to be a thing. After researching it at great length in recent months, I’ve come to the conclusion that it’s the world that’s crazy, not me. If cryptocurrency continues on its current trajectory, it’s got a lot of terrifying implications. I begin to unpack those in this video, which is intended to be the first of three.
Budgets are boring right? Not really. They are certainly complex, and passing them is complicated, as Washington, DC’s seemingly perpetual shut-down dance shows. But the question of paying for government is the most important one imaginable. Time and again in history we see great empires brought down by the simple question of “How do we pay for this?”
In the 1500s the Spanish Empire encircled the world, and controlled something like half of Europe, if not more. Their American territories brought a constant stream of precious metals. They were brought down mostly by the fact that they didn’t understand inflation, and defaulted on their debt repeatedly. In the 1920s the British Empire reached it’s largest extent. The “Sun Never Set” on the British Empire. 40 years later it was gone. Because they couldn’t pay for it. The holders of British debt in the United States got to dictate British foreign policy in a few crucial instances.