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The World of Economics - Part 3/6

Even in the 21stcentury, not much has changed when it comes to currency and its problems. Did you know that the US dollar's buying power has decreased by 97% within the short timeline of the monetary policy imposed in the twentieth century? Experts use all manner of justifications to explain why this is the best of possible worlds. The Federal Reserve stated that it wants to control the inflation going on within the country. However, it also manipulates the price of credits without anyone even noticing it. It has become easier to print money in the United States of America because the US dollar has been divorced from the gold and silver standards. No one knows why President Nixon in 1971 decided to end dollar convertibility to gold and implement wage/price controls. The external intentions were to somehow address the international dilemma of a foreseeable gold run and the problem of inflation within the United States. We do not know whether or not it has been this way for true monetary "stimulus" or, as some say, to benefit cronies on Wall Street. There has been a scant incentive to save and too many incentives to spend. ‍Birth of Bitcoin: In the wake of the 2007 and 2008 financial crises, a group of subversive software developers were done with this kind of inflation. In Bitcoins genesis block, someone coded a London Times headlines from January 3, 2009: "Chancellor on the brink of the Second Bailout for Banks" in the first-ever recording of a fact on the Bitcoin Blockchain. We don't know who the pseudonymous was, but we do know they were heavily associated with a group of theorists. This group included many cryptographers and Cypherpunks that included Hal Finney, Wei Dai, and Nick Szabo. For all we know, one or all of these could have been Satoshi Nakamoto. In 2008, Nakamoto presented the Bitcoin white paper to the world. And so he pressed ENTER.


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