EE_
10th August 2021, 08:27 PM
This from the guy that's been propping up treasuries and buying mortgage backed securities...flooding the economy with dollars.
With the rise in popularity of Bitcoin and other cryptocurrencies, Federal Reserve Chairman Jerome Powell was asked if he is worried about the impact crypto might have on the economy and the ability of people to use it as payments.
First, “We think of them more as crypto assets,” Powell said, adding, “They’re really vehicles for speculation. They’re not being actively used as payments.”
But then the Fed chairman continued to compare cryptocurrency to gold in terms of how it is used for speculation: “For thousands of years, human beings have given gold a special value that it doesn’t have,” he said. “Yet, for thousands of years, they have been using it.“
In other words, people, in their foolishness, used a completely worthless asset as money . Apparently, thousands of years ago people were not very smart because there was no Jerome Powell, who could explain to them that only cut paper with portraits of dead pharaohs can be real money.
https://www.publish0x.com/sirloin/fed-chairman-thinks-that-gold-has-no-value-but-this-is-not-a-xxwxmom
With the rise in popularity of Bitcoin and other cryptocurrencies, Federal Reserve Chairman Jerome Powell was asked if he is worried about the impact crypto might have on the economy and the ability of people to use it as payments.
First, “We think of them more as crypto assets,” Powell said, adding, “They’re really vehicles for speculation. They’re not being actively used as payments.”
But then the Fed chairman continued to compare cryptocurrency to gold in terms of how it is used for speculation: “For thousands of years, human beings have given gold a special value that it doesn’t have,” he said. “Yet, for thousands of years, they have been using it.“
In other words, people, in their foolishness, used a completely worthless asset as money . Apparently, thousands of years ago people were not very smart because there was no Jerome Powell, who could explain to them that only cut paper with portraits of dead pharaohs can be real money.
https://www.publish0x.com/sirloin/fed-chairman-thinks-that-gold-has-no-value-but-this-is-not-a-xxwxmom