Ron Paul: US Sanctions on Russia May Sink the Dollar

Ron Paul on sanctions against Russia hurting the dollar.
Authored by Ron Paul. Originally appearing at the Ron Paul Institute.

The US government’s decision to apply more sanctions on Russia is a grave mistake and will only escalate an already tense situation, ultimately harming the US economy itself. While the effect of sanctions on the dollar may not be appreciated in the short term, in the long run these sanctions are just another step toward the dollar’s eventual demise as the world’s reserve currency.

No Bank Account For You!

An ATM with bars over it.

Via Coindesk comes news of a Bitcoin ATM operator forced to close their business because they were unable to find a bank that would provide them with an account. This is a real danger to the mainstream viability of Bitcoin. Without access to the banking system, Bitcoin is unable to be converted into other currencies, something which will hamper more widespread acceptance of the currency among the general population. In order for Bitcoin to be converted into and out of fiat currency, banks will either have to offer accounts to Bitcoin businesses or Bitcoin businesses themselves will have to become banks and offer banking services. Obviously the former is easier than the latter.

Alan Greenspan: Still in the Dark

Former Federal Reserve Chairman Alan Greenspan

Former Federal Reserve Chairman Alan Greenspan is coming out with a new book this fall. The title of the book, “The Map and the Territory”, is as descriptive of the book’s subject material as Chairman Greenspan’s Congressional testimony always was of the Federal Reserve’s conduct of monetary policy. We’ll assume that Greenspan in his old age hasn’t taken up geography as a side hobby. In advance of the book’s release, the Chairman gave an interview to Marketwatch late last week. Many of the excerpts published online are typical Greenspan, giving vague answers, answering questions that he wanted to answer rather than what was asked, etc.

The Greatest Danger to Bitcoin

The greatest danger to Bitcoin may come from its early adopters and advocates.

While the U.S. government and other governments around the world certainly have Bitcoin in their sights, one of the greatest dangers to the success of that digital currency will be from some of its early adopters and advocates.

Bitcoin news website CoinDesk recently posted an article discussing a video created by the Dutch bank ING, in which one of their economists proposed an “improvement” to the Bitcoin protocol consisting of an algorithm to match money supply with money demand.


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