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Are cryptocurrencies on their last legs? The leader of the pack, Bitcoin, has lost almost half its value since reaching an all-time high in mid-April, and others have also collapsed in the wake of the Chinese government’s decision to crack down on all cryptocurrency-related transactions. The Securities and Exchange Commission has also signaled tougher oversight. Despite the market gyrations, crypto’s champions continue to see these currencies as an ideal market-generated solution as questions arise about the future viability of paper currencies in a global economy characterized by sky-high indebtedness and bloated government/central bank balance sheets. Enthusiasts behind Bitcoin, E
Yves here. While this article has a lot to recommend it, I have to voice some reservations. The first is that it jumps on the “Biden as FDR” bandwagon, which Lambert debunked yesterday. The second is the New Deal brand expropriation by Green New Deal advocates.
As we’ve stressed repeatedly, the Green New Deal proponents will not acknowledge, let alone promote, far and aways the most important and urgent measures we can take to combat climate change: radical conservation. They aren’t even pushing for some of the measures implemented during the Oil Crisis to discourage fossil fuel use, like setting summer thermometers at 77 degrees to reduce air conditioning use, every other day access to gas stations, and encouraging commuter ride-sharing. These may seem merely symbolic to the level of the challenge, but they send a strong psychological message of needing to change our daily habits to reduce greenhouse gas use. And perhaps most important, if citizens en masse are encouraged o