Presented as an alternative to the existing monetary and fiscal paradigms, bitcoin is–in fact–as bad, or worse, than what it is designed to replace. Subject to a wide variety of crooked machinations, bitcoin also lends itself readily to concentration of ownership–get ready for the “bitcoin 1%.” The bitcoin milieu increasingly overlaps that of Eddie the Friendly Spook and “The Paulistinian Libertarian Organization.”
Along with last week’s news of Germany’s record trade surplus, the opening of an EU investigation into Germany’s growing surpluses, and Europe’s other recent remarkable socioeconomic achievements, Angela Merkel urged the CDU to compromise on an across-the-board 8.50 euro German minimum wage. It’s great news because wage deflation is still part of the EU’s long-term agenda.
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