{"id":28578,"date":"2020-07-30T08:37:08","date_gmt":"2020-07-30T12:37:08","guid":{"rendered":"https:\/\/ssgreenberg.name\/PoliticsBlog\/?p=28578"},"modified":"2020-07-30T08:37:08","modified_gmt":"2020-07-30T12:37:08","slug":"yanis-varoufakis-why-bitcoin-is-not-a-socialists-ally-reply-to-ben-arc","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2020\/07\/30\/yanis-varoufakis-why-bitcoin-is-not-a-socialists-ally-reply-to-ben-arc\/","title":{"rendered":"Yanis Varoufakis: Why Bitcoin Is Not a Socialist\u2019s Ally \u2013 Reply to Ben Arc"},"content":{"rendered":"<p><em>Naked Capitalism <\/em>has the post <a href=\"https:\/\/www.nakedcapitalism.com\/2020\/07\/yanis-varoufakis-why-bitcoin-is-not-a-socialists-ally-reply-to-ben-arc.html?utm_source=feedburner&#038;utm_medium=email&#038;utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29\" rel=\"noopener noreferrer\" target=\"_blank\">Yanis Varoufakis: Why Bitcoin Is Not a Socialist\u2019s Ally \u2013 Reply to Ben Arc<\/a><\/p>\n<blockquote><p>\nIn summary, the monetary system is like the dog\u2019s tail. It cannot wag the capitalist dog, in the sense that democratising money by means of a monetary commons will not democratise economic life but, rather, make capitalism uglier, nastier and more dangerous for humanity.<\/p>\n<p>Having said all this, a monetary commons (that may very well rely on something like the blockchain underpinning Bitcoin) will, I have no doubt, be an essential aspect of a democratised economy; of socialism.\n<\/p><\/blockquote>\n<p>The article gives reasons to support the first paragraph quoted above.  I have no idea what thinking backs up the second paragraph.  For all the problems he raises about Bitcoin, I don&#8217;t see how taking control of the money supply out of the hands of government is going to help anything.  Yanis needs to explain the automatic stabilizers he envisions for such a system before I can imagine hos such a system would prevent the crises he depicts in his post.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Naked Capitalism has the post Yanis Varoufakis: Why Bitcoin Is Not a Socialist\u2019s Ally \u2013 Reply to Ben Arc In summary, the monetary system is like the dog\u2019s tail. It cannot wag the capitalist dog, in the sense that democratising money by means of a monetary commons will not democratise economic life but, rather, make [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-28578","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/28578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=28578"}],"version-history":[{"count":1,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/28578\/revisions"}],"predecessor-version":[{"id":28579,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/28578\/revisions\/28579"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=28578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=28578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=28578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}