05 May '13, 11am

Whom do you trust: Bitcoin or Bernanke?

This [deflation that is predicted to be a consequence of Bitcoin’s fixed nature ] is portrayed as a recipe for economic disaster by those who like to inflate currencies to relieve the burden on borrowers, including spendthrift governments. It’s true that deflations have sometimes accompanied economic disaster, but also economic triumphs. For example, in “Money, Markets & Sovereignty,” Benn Steil and Manuel Hinds describe the second phase of the Industrial Revolution in the U.S. between 1870 and 1896. Prices fell by 32% over the period, but real income soared 110% amid robust economic growth, expanded trade and enormous innovation in telecommunications and other industries.

Full article: http://www.prisonplanet.com/whom-do-you-trust-bitcoin-or-...

Tweets

New post: Whom do you trust: Bitcoin or Bernanke?

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online.wsj.com 03 May '13, 10pm

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techmeme.com 05 May '13, 11pm

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online.wsj.com 03 May '13, 10pm

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