Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6600 of /var/www/drupal-7.x/includes/common.inc).
Deprecated function: implode(): Passing glue string after array is deprecated. Swap the parameters in drupal_get_feeds() (line 394 of /var/www/drupal-7.x/includes/common.inc).
Deprecated function: The each() function is deprecated. This message will be suppressed on further calls in menu_set_active_trail() (line 2405 of /var/www/drupal-7.x/includes/menu.inc).
Published by Matthew Davidson on Mon, 27/03/2017 - 1:25am
@strypey The #US showered Marshall Plan $ on post-war Europe because they knew the $ would come home. It was more an indirect domestic industry subsidy than foreign aid.
Published by Matthew Davidson on Mon, 27/03/2017 - 1:18am
@strypey The same transaction in #Bitcoin means #AU has to acquire Bitcoin somehow. And where someone who's left holding $AU ends up buying stuff available in $AU, usually from AU, someone who's holding Bitcoin has no incentive to make a reciprocal transaction.
Published by Matthew Davidson on Mon, 27/03/2017 - 1:12am
@strypey If #NZ sells stuff to #AU in $AU, AU doesn't have a problem; AU got a real asset in exchange for an accounting record. It's like an uncashed cheque; collect as many as you want. Frame them and hang them on the wall. There's more where that came from.
Published by Matthew Davidson on Mon, 27/03/2017 - 1:07am
@strypey Okay, I didn't get that. But the domestic fiscal balance and the current account balance are both dollar-denominated, and I don't see what problem exists that can be solved by #Bitcoin.
Published by Matthew Davidson on Mon, 27/03/2017 - 12:40am
@strypey Government debt is money. There's no virtue in paying down government debt unless you think there's altogether too much money floating about. That's not a complaint I hear often.
Published by Matthew Davidson on Mon, 27/03/2017 - 12:36am
@strypey The government _could_ decide to nullify tax debts with some amount of #Bitcoin, but that would be functionally equivalent to pegging the $ to a foreign currency or the price of some commodity.
Published by Matthew Davidson on Mon, 27/03/2017 - 12:30am
@strypey In that operation, we lose our bank's dollar-denominated credits, our bank breaks even, and the gov. has its previously-issued IOUs disappear in a puff of accountancy.
Published by Matthew Davidson on Mon, 27/03/2017 - 12:24am
@strypey The government only issues and accepts cash or central bank (RBA/RBNZ) credits. When we pay tax our private sector bank credits (the bank's liabilities) are marked down, as are the bank's central bank assets ("reserves").