I mean, how did Obama win? He promised, then gave, the biggest welfare state ever. We recipients like it now, but when it collapses, things will be worse than a toxic waste plant meltdown. Just a little nudge more, and Chicago will look like Detroit.
Because clearly that's the root cause of all your economic problems. When the collapse comes, it definitely has nothing to do with inequality, military spending, foreign policy, financial deregulation, market manipulations and corrupt banks. It was just welfare that ruined everything.
When did the world get so gormless?
Financial regulation is regulation made for the banks and good for big banks but bad for the clients and for competition.
The welfare state is giving more and more but the state has to go into debt to give. It is crazy and unsustainable.
As money buys less and less these days, even so it is money that is losing its value, not the commodities it buys. That's why there is value in Bitcoin. The drop in money value will continue untill it is destroyed.
Money is good to have as a method for making trading easy. We need Bitcoin so that the trading can't be easily controlled by some central authority like the banks. At this stage of the game, even if Bitcoin were controlled, the banks need some viable competition to bring prices down. On the other hand, maybe we should simply let the banks fail altogether.
I think the banks can integrate bitcoins rather than Bitcoin will make them all fail. They are facilitators, market makers and liquidity providers, their skills may still be needed but we can expect not to have the same system of big banks linked to the government in a new free world.