Reddit Posts
Bitcoin Could Cause Another Financial Crisis, BOE Official Warns
DON token - free airdrop on Sunday 17th October
Ex BOE Carney, visionary on Digital currencies or low hanging fruit?
BOE’s Bailey (whiny b*tch) Says Only Buy Crypto If You Are Ready to Lose It All
This is why I'm hodling crypto, BOE can suck my balls
Mentions
Sounds like a run on the BOE gold reserves...I wonder why...
Market is hoarding it in the vault of BOE for how "useful" it is! BTC beats it by about 100T in its usefulness.
For sure, the people can always force BTC to become the currency by mass adoption I'm saying it's a bad idea for any advanced country where they have somewhat competent people in central banks As much as the crypto scene hates centralised currencies - institutions like the Fed, ECB, BOE are actually remarkably competent. With the multiple global economic crises we've had in the last 15 years, single digit inflation with positive GDP growth is a big achievement But for countries like Argentina or whatever - places with a long history of massive mismanagement - stability outweighs the need for independent monetary policy It's like choosing between a steering wheel or autopilot in a car. A steering wheel is way better with a decent driver - you can take control to avoid accidents (control the currency). But if you have a moron behind the wheel, best to rip the wheel out and stick it on autopilot (adopt BTC)
>The Fed lowered rates to assist the BOE in its attempt to return to the gold standard. Kept them low for much of the 1920s. In mid 1928, the Fed began raising discount rates. Real rates were quite higher. At the same time, the Fed was always removing reserves. And because of the gold standard and fixed exchanges, when the US Fed tightened policy, that caused other countries to tighten their policy in order to maintain their balance of payments. So there was a gradual tightening of monetary poly across major nations in 1928. This led to declines in output, and stock prices (seemed to have) peaked. For a while, monetary policy remained tight, but did not get tighter, with real rates at 6% and not much movement in the monetary base. After about July 1929, stock prices jumped and the Fed raised rates again. When the crash occurred, the NY Fed did a whole bunch of good and effective liquidity measures, but by 1930 they were basically overruled and policy returned to being tight. Throughout 1930, monetary stock fell by like 3%. It would maintain a very tight stance except for one small episode in 1932, which it took an expansionary step and once there was signs of economic life returning, resumed its contractionary stance. >The real lesson learned is that the Fed should not exist as Friedman, Sowell, Rothbard and many others have declared. Nobody cares what Sowell thinks, as in he didn't publish any research into anything useful. He spent his time writing polemics. Friedman, etc. was critical of the Fed not for its existence, but for its failures to expand when it needs to expand and contract when it needs to contract. He discusses this in-depth his massive Monetary History of the US. The chapter on the Great Depression, "The Great Contraction" is such a classic, it can be bought on its own. Its basically the starting point for understand the economics of the Great Depression. Friedman ultimately argued for a rule-based approach, and there are many such rules to guestimate where policy should. > Bills buying program is political gibberish for saying too big to fail. Friedman discusses this in detail in the Great Contraction, but ultimately had the Fed taken a large expansionary program in 1930, and saved the Bank of the United, all prior events as they were, there would be no Depression. Same thing in 1931, with the second banking crisis. The one time in 1932, the Fed did expand the money stock, the economy began to recover. Interest rates began to fall, and all measures of output began to get better. But they let it end a few months later, and the economy relapsed completely. > You talk of government spending as if it has no detrimental effects. When unemployment is at 25% and private investment is in the shitter, I don't think there was a big concern about crowding out. Now, today's GDP is strong, and we're full employment, so crowding out and overheating is real thing.
ECB smells competition, accuses holders of the very crime they are guilty of themselves, helping the rich profit from the poor. ECB might be beginning to recognise their own downfall. Down with the ECB, the IMF, the BOE and the Fed. Bitcoin is decentralised banking for all. Free from the shackles of tyrrants
No. The Fed lowered rates to assist the BOE in its attempt to return to the gold standard. Kept them low for almost for most of the 1920s. The stock market is a reflection of that monetary policy. Eventually all things must end and the Fed had to raise rates because inflation was going to get out of hand. The Fed raised rates and popped the bubble and stock market crashed. It is just that simple. The real lesson learned is that the Fed should not exist as Friedman, Sowell, Rothbard and many others have declared. Bills buying program is political gibberish for saying too big to fail. Which is total nonsense and only reinforces the belief that a banking cartel should exist and the American people should bail them out.
No bankers aren’t necessarily socialist, but if they can create a banking cartel and set the conditions in their favor they will. Just like any other business. Also, wise guy, post WWI the Fed raised rates and to kill all the inflation from the war. We had a depression. Luckily Harding and eventually Coolidge did nothing except cut government spending. The rebound occurred quickly. Unfortunately, the Fed lowered rates to help put the good old BOE. This created the roaring 20s and the eventual bust of 1929. The bust from higher interest rates. Unlike the early 1920s the government tried to cure the depression with more stimulus and the Smoot-Hawley Tariff Act. So, yeah gov spending doesn’t fix economic problems. It only masks rhetoric problem until the money runs out. Get you facts straight. Government debt only robs those that produce and hands it over to those that don’t.
When the BOE openly reports them on their balance sheet as a core asset.
The UK is such a joke. BOE must be in tatters.
Exactly. There are so many swingeing overt and covert tax fingers in your pension pot, it's great to be able to vote my objective by buying BTC instead. - personal pension payouts are taxed at 20%+ because state pension uses the majority of the tax free allowance - If you cash-in a lump sum you get exorbitantly taxed - If you delay taking your pension until after 75 and you die, it is taxed at 50% - Pension growth is small measured in GBP. They certainly don't keep pace with assets over the long term. - The pension administrator reduces the growth with charges and who knows if they are any good. - Added on top is the dilution of the currency by the BOE at the behest of whatever incompetent government is power at the time. - You diligently invest for decades only to find derisory annuity rates. Anyone who says pensions are a good deal is talking out of their bottom.
BOE dumped like a gazillion % who would have thought Brother of Elon wasn't a good investment? Right.
I constantly struggle to understand why the crypto market is so reliant on what the USA is doing? FED says rates go up - market tanks, BOE or ECB says rates go up - no one gives a toss when EU /UK population is 25% bigger than USA and that's not including India, Australia etc. Although the USA GDP is the largest in the world you would expect the number of people to be the factor?
They’d be crazy not to be scared shitless. The whole job of the BOE could be rendered essentially ineffectual in comparison with the power they have today. Their ability to manipulate interest rates is going to disappear…i can’t think of much that should scare them more. But sure. We can say they aren’t scared. I dont really care what they are.
I'm not seeing any indication the BOE is scared shitless. I've seen one comment from a deputy who said if crypto becomes integrated into the existing financial structure it could he problematic. That doesn't ring like someone or some entity that's scared of crypto.
What a pathetic attempt by BOE to sway opinion!
BOE will go the way of the rest of the financial system that refuses to adopt. Gone.