Posted: Feb 07, 2018 6:55 pm
Macdoc wrote:How is it democratic to remove the right of people to vote for a government that can manage its own currency supply? Why would you want governments without that power when it would mean countries with a trade deficit could literally go bankrupt?
Governments don't manage their own currency to any degree at all anymore ...the central banks are independent of governments as it should be.
Even interest rates are not open to political interference which is also as it should be.
They are set by the governor's of the central banks.
As you say, modern governments of major countries allow the central banks a good deal of freedom, for example in setting interest rates, because this does help the smooth running of economies. At the same time, ultimate control is firmly with the governments, and the banks' "freedom" is heavily regulated. I would expect that the regulations which control international trading and the management of currencies used for this are the result of treaties between governments, not banks?
As far as I can tell, Bitcoin is only used as a serious currency by drug dealers and other criminals, who have their own reasons for wanting to avoid governmental oversight, so they have to put up with the fluctuations in value.