Re:Steven Pinker thinks your sense of imminent doom is wrong
by imtringued on Tuesday September 14, 2021 @04:01PM
(#28530253)
The current system is broken no question.
What people overstate is how broken it is. The gold standard was a bad idea but the next step wasn't a moneyless system. It was just a slightly better money system. Whatever follows next will simply continue that trend. My personal bet is negative interest rates on cash and therefore a 0% inflation target. [0]
The alternative to the USD as global reserve currency isn't the yuan, it's a bancor style system [1].
What we might see in the future is the growing importance of IMF special drawing rights [2].
None of these ideas involve adopting a completely foreign system.
[0] https://en.wikipedia.org/wiki/Tendency_of_the_rate_of_profit... "capitalist production could not be an everlasting form of production since in the end the profit principle itself would suffer a breakdown." has no significance if capitalism can represent negative profit
What people overstate is how broken it is. The gold standard was a bad idea but the next step wasn't a moneyless system. It was just a slightly better money system. Whatever follows next will simply continue that trend. My personal bet is negative interest rates on cash and therefore a 0% inflation target. [0]
The alternative to the USD as global reserve currency isn't the yuan, it's a bancor style system [1].
What we might see in the future is the growing importance of IMF special drawing rights [2].
None of these ideas involve adopting a completely foreign system.
[0] https://en.wikipedia.org/wiki/Tendency_of_the_rate_of_profit... "capitalist production could not be an everlasting form of production since in the end the profit principle itself would suffer a breakdown." has no significance if capitalism can represent negative profit
[1] https://en.wikipedia.org/wiki/Bancor
[2] https://en.wikipedia.org/wiki/Special_drawing_rights