It also makes it hard to talk about serious cancellation, which happens all the time.
What should we be talking about when we talk about cancellation? It certainly doesn’t mean saying mean things — I’m not “canceling” Bitcoin advocates when I suggest that much of what they say is “libertarian derp.” It also doesn’t mean ignoring points of view that have little claim to be taken seriously; The Times is under no obligation to publish guest essays by people claiming that satanic pedophiles control the Democratic Party.
But there is a real phenomenon in which powerful interests try to block the dissemination of ideas they find threatening, for whatever reason. In fact, it happens a lot. So let me talk about one example I know a fair bit about: attempts to cancel Keynesian economics.
Technobabble libertarian derp bitcoin
Bitcoin que Colonial Pipeline pagó a los piratas informáticos que lo cerraron.
Doce años es un eón en el tiempo de la tecnología de la información. Venmo , que puedo usar para compartir facturas de restaurantes, comprar fruta fresca en quioscos en la acera y mucho más, también se introdujo en 2009. Apple presentó su iPad de primera generación en 2010.
Zoom entró en uso en 2012. Para cuando una tecnología se vuelve tan antigua como la criptomoneda, esperamos que se haya convertido en parte del tejido de la vida cotidiana o que se haya abandonado como algo que no se inicia.
Si las personas normales y respetuosas de la ley no usan criptomonedas, no es por falta de esfuerzo por parte de los impulsores de las criptomonedas.
And the anti-Keynesian theories that had dominated the journals for several decades proved perfectly useless.
It may also be worth noting that current policy debates continue to be conducted largely in a Keynesian framework. Critics of President Biden’s policies, most famously Larry Summers, aren’t disputing the stimulative effect of deficits — on the contrary, they’re contending that the stimulative effect will be too big for the economy to handle.
But the years of Keynesian cancellation had a heavy cost. Many economists entered the crisis ignorant of basic concepts that had been worked out many decades earlier, because you couldn’t publish those concepts in the journals or teach them in many (not all) graduate programs.
Technobabble libertarian derp bitcoiner
I must be excused for borrowing the headline so liberally from Mr. Paul Krugman but couldn’t conjure up anything better than this for this article. The original article can be read here in case you are interested but you are better served by reading my article any day so focus.
The context of this article being published on May 20, 2021 is the spectacular correction or bloodbath (in cryptoverse) that we witnessed on May 19th. The digital assets economy lost nearly $460 BN worth in a single day and that was enough to let the crypto atheists (courtesy BQ’s Nikhil Inamdar) let loose the memes and bitcoin obituaries.
Frankly speaking, the memes were the only source of respite in a market that saw more than $8BN of positions liquidated due to margin calls.
Technobabble libertarian derp bitcoins
The current government under Biden seems to care, launching multiple initiatives to create jobs, or improve the safety net for these disadvantaged segments of the economy, but the opposition to them is strong.
If that is not politics, I don’t know what is…
Paul Krugman, the Nobel Laureate in economics writing in the New York Times, has this to say about the expansionary budgets of the Biden administration.
“The Economic Consequences of Cancelling Keynes”
These days it often seems that you can’t turn on your TV without encountering a well-paid, influential figure being given copious airtime to explain how he’s being “canceled” by our oppressive woke culture.
Technobabble libertarian derp bitcointalk
Many highly paid person-hours have been spent trying to find the killer app, the thing that will finally get the masses using Bitcoin, Ethereum or some other brand daily.
But I’ve been in numerous meetings with enthusiasts for cryptocurrency and/or blockchain, the concept that underlies it. In such meetings I and others always ask, as politely as we can: “What problem does this technology solve? What does it do that other, much cheaper and easier-to-use technologies can’t do just as well or better?” I still haven’t heard a clear answer.
Yet investors continue to pay huge sums for digital tokens. The values of major cryptocurrencies fluctuate wildly — Bitcoin fell 30 percent Wednesday morning, then made up most of the losses that afternoon.
In these meetings others and I constantly inquire, as we could:’What issue does this technology solve? What exactly does it do this other, much more economical and easier-to-use technology can not do as well or even better?’ I haven’t heard a definite answer.
Yet investors are still pay massive amounts for electronic tokens. The values of important cryptocurrencies vary wildly – Bitcoin dropped 30 percent Wednesday morning, then made up nearly all of the losses that day. Their collective worth has, nevertheless, occasionally exceeded $2 trillion, over half of the value of all of the intellectual property possessed by U.S.
The thought is that after the Covid recession of 2020, a strong rebound, currently assessed by most financial market observers to have begun in earnest, will spur inflation and cause the US Federal Reserve to pull back on its easy monetary policies and asset purchases. Interest rates may go up; markets may become unhinged.
The data has shown that last month, inflation has increased to 4.2 percent, when in the previous few months, the data showed core inflation to be between 1.5 to 2 percent. Many market participants are sure this is an indication that inflation has had a resurgence.
Fed officials however have essentially called that a blip in the longer term trend.
In their words, the short term uptick may not be an indication of the trend, as the numbers coming in subsequent months will revert to the mean, bringing down the average.
A number of readers have asked me to weigh in on Bitcoin and other cryptocurrencies, whose fluctuations have dominated a lot of market news. Would I please comment on what it’s all about, and what’s going on?
Well, I can tell you what it’s about. What’s going on is harder to explain.
The story so far: Bitcoin, the first and biggest cryptocurrency, was introduced in 2009.
It uses an encryption key, similar to those used in hard-to-break codes — hence the “crypto” — to establish chains of ownership in tokens that entitle their current holders to … well, ownership of those tokens. And nowadays we use Bitcoin to buy houses and cars, pay our bills, make business investments, and more.
Oh, wait. We don’t do any of those things. Twelve years on, cryptocurrencies play almost no role in normal economic activity.
On the current trajectory, China and its state-owned companies will engage in government sponsored development of chips, green energy, e-cars and batteries as well as digital currencies. Before the end of this decade, China will become the largest, and perhaps most advanced, economy in the world. Objectively, what’s so bad, or evil, about that?
It’s not economics that should conform to politics.
Rather, political perceptions of what’s good or bad, virtuous or evil, in economics must change.
And talking of digital currencies, Krugman also had this to say about bitcoin and other crypto adventures.
“Technobabble, Libertarian Derp and Bitcoin
A number of readers have asked me to weigh in on Bitcoin and other cryptocurrencies, whose fluctuations have dominated a lot of market news.
So the best way to interpret this super-sensitivity with inflation data is that people are extraordinarily happy with the asset positions based on ultra-low interest rates and they don’t want something to come along to upset their apple carts. That one thing, short of military conflicts, is probably inflation which will motivate central banks to redress their current benign attitude towards interest rates, helping to maintain elevated asset pricing. In other words, all major asset managers and rich people in the world are superlong equities, bonds, real estate, gold and probably short US dollars.
And they don’t want anything to change their good fortunes…
To pile on to these inflationary expectations that may end the fabulous uptrend in the markets, they view the Biden Administration’s multiple expansionary budgets with some trepidation.
I say “attempts,” plural, because it has happened twice: an overtly political attempt to block the teaching of Keynesian economics in the 1940s and ’50s, and a subtler freezing out of Keynesian ideas in the decades leading up to the 2008 financial crisis.
John Maynard Keynes’s theory that depressions were caused by inadequate demand, and that governments could cure them with deficit spending, was accepted by many American economists in the late ’30s and early ’40s. And in 1947, when the economist Laurie Tarshis published one of the first economic principles textbooks embodying the new doctrine, many schools decided to adopt it.
But then came an organized smear campaign, with many university trustees and donors demanding that orders for the book be canceled. This campaign was successful, at first: Sales of Tarshis’s book dwindled.