Bernie sanders economic policy would send population buying bitcoin

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Others are calling to roll back local zoning and other land-use rules that restrict housing construction and drive up home prices, especially in coastal cities where ordinary people can barely afford to live. In a article for The New York Times , I explained how "modest housing deregulation, such as upzoning to allow taller structures, can substantially increase the supply of housing in the most prosperous areas of the country.

This promotes economic migration to these areas, which can reduce poverty and inequality by giving lower-income workers greater access to higher-wage labor markets. At the federal level, Democrats would have the biggest impact by relaxing well-meaning rules that do very little to improve actual safety while paralyzing progress and jacking up costs. These include overly restrictive approval processes for drug development and new technologies.

However, no safety rule gathers more bipartisan calls for radical reform than the environmental-impact reviews required by the National Environmental Protection Act of Numerous studies show that this federal permitting process delays and drives up the costs of infrastructure projects.

The above suggestions only scratch the surface of the opportunity-creating policies that are out there. Each such proposal, though, needs a strong champion. Democrats should take on this mantle. They will be rewarded with growth and prosperity for their constituentsпїЅand, hence, with more regular electoral success.

Subscribe to Reason Roundup, a wrap up of the last 24 hours of news, delivered fresh each morning. Veronique de Rugy is a contributing editor at Reason. Show Comments Scott Beyer From the March issue. Baylen Linnekin 2. Bonnie Kristian 2.

Max Longley From the March issue. Jacob Sullum 2. Search for:. Login Form. Username Required. Password Required. Remember Me. A business or individual produces a good for X and attempts to sell it for Y, and if insufficient demand exists to make the activity profitable, that is the market communicating information to the producer.

Better luck next time; build it for less or build something else that is of greater value or valued by more people. Imbalances are eliminated. They are tools for searching пїЅ just as, for the soldier or hunter or seaman, the telescope extends the range of vision. Money is the tool that is used to coordinate resources and to test the market by trial and error; it becomes the lifeblood of an economy because it is the foundation of a price system.

It is how information is distributed to all participants. The better the money, the more reliable its price system. And the more reliable a price system, the greater the balance in an economy. Those within an economy that deliver the greatest value to the largest number of people are naturally rewarded with the most money, but money would be of little value to the producer if others were not producing goods that they themselves valued.

The system would not sustain itself if balance did not exist; in order to purchase a good or service from another individual, one must have earned money in the first place.

Acquiring money by voluntarily providing a service valued by others is a far better outcome for everyone in aggregate than if money were to be acquired through any other means. In a balanced economy, every producer is a customer of someone else and vice versa. One need not be religious to understand the wisdom. Each individual benefits by having a larger number of people producing more goods or services, and everyone is incentivized to produce output valued by others within an economy.

Everyone has a selfish interest in both delivering value to others and in helping others to contribute value in return. Money coordinates the division of labor, and the form of money with the most reliable pricing mechanism will consistently deliver the greatest value with the greatest range of choice and balance.

The pricing mechanism with the least distortion provides the clearest signals as to what other people value, and derivatively, provides the greatest assurance that the information communicated is not a false signal. The undistorted function of a monetary medium and its price system is what ensures imbalance is eliminated; it is the governor that allows for balance to be restored and for symbiotic relationships to continuously be discovered in a constant process of trial and error.

Efforts to maintain price stability when imbalance exists equates to maintaining otherwise false price signals. Productive assets remain in the hands of a few, and the world remains suspended in a state of imbalance. Money that makes its way to those on the lower end of the spectrum eventually finds its way back to those that control the productive assets like a steel trap because structural imbalances are never fixed.

Instead, the natural healing process is stymied when the Fed intervenes. The structure of the economy cannot sustainably cycle money in a symbiotic way because balance does not exist; skillsets and preferences of market participants are not aligned.

The Fed pumping money into a structurally broken economy is akin to giving a man a fish and feeding him for a day, while at the same time preventing him from learning how to fish by sustaining false signals.

The existence of imbalance signals that the composition of an economy is not meeting the needs of the participants that make up the market. That is what the market attempts to do every time the Fed steps in to keep the dream alive. Giving all benefits of the doubt, the Fed believes it is helping. That is in its DNA. It is not questioned or debated. It sees its activities as smoothing out market signals rather than manipulating them.

The question for all those within the four walls of the Fed is how much and when to manipulate the money supply, not if. Would anyone expect the Fed to be an honest evaluator of its actions?

It would be like grading your own test; no one would reasonably expect an objective assessment because there can be no objectivity. Certain false assumptions are encoded in their brains as true which prevents the possibility of objectivity. They look everywhere for answers but in the mirror, and try the same policies over and over again, always expecting a different result. Fed Chairman Powell recently provided this as a response to a question asking whether Fed policy contributes to increasing wealth inequality.

Notice how the response is not an argument as to why central bank policy does not cause imbalance and inequality. Never believe the myths about globalization and technology driving wealth inequality.

There is nothing about technology, innovation and globalization that causes sustained economic imbalance or a structurally expanding wealth gap within an economy. Value becomes self-referencing in that sense. Economic balance is a governing input to value.

In order to believe the tall tales of technology and globalization causing economic imbalance, one would have to be willfully blind to the impact of centralizing the money supply, which in turn caused banking to become the epicenter and lifeblood of the economy, and which made it possible for imbalance to actively be sustained over decades as a policy decision.

There may be many theories, but the manipulation of every price signal within the economy is ground zero to economic imbalance and inequity; it is the structural flaw in the foundation which creates the unlevel playing field off of which all other contributing factors compound. Money is the bedrock of economic systems.

Understanding the fundamental and foundational role money plays in the economic engine establishes the logical connection between systemic economic issues of imbalance and the artificial manipulation of the money supply. Of course, there are other factors at play. The money supply is not the only way economic activity is manipulated. Tax policy, government spending and the regulatory apparatus all contribute.

But, focusing there would be like trying to fix the windows on the th floor when the bottom ten stories are each being supported by a single Jenga block. That is the relationship between the issues inherent in the monetary system the foundation and all other economic issues higher levels.

The core problem that bitcoin solves is the foundation. If everyone were to display a little bit of humility, each would recognize that there is no silver bullet to solve the structural problem of a widening wealth gap and economic imbalance. There is no individual with a plan or piece of legislation that will make everything better. Imbalance created by central command does not get solved by central command.

Quite the opposite. The only real hope is to first fix the foundation, such that everyone on net can get back to doing the desirable things without the need for conscious control. Balance will follow from there. With a fixed supply of 21 million, enforced on a decentralized basis and controlled by no one, bitcoin has taken away the ability to manipulate the monetary function entirely.

If misbehaving children cannot find a way to share a toy and play nice, what do you do? You take the toy away and put the kids in the penalty box. That is kind of like the relationship between bitcoin and central banks. No human or institution can be trusted with control over the money supply, so the only practical solution is to take away the ability and temptation all together.

The one constant in bitcoin is its fixed supply; there will only ever be 21 million bitcoin, and there is nothing anyone can do about it. Everything will change around bitcoin, but its supply as a constant will increasingly become the guidepost off of which all other activity is measured. It ensures a level playing field and represents a source of truth, which is absent in the existing economic structure. Because its supply cannot be manipulated, neither can its price signal.

Undistorted price signals communicate more perfect information. But never confuse more perfect information and a level playing field with price stability or the issue of volatility. When there is no variation, there is no information. A fixed supply ensures that any change in price is exclusively driven by a change in demand rather than an artificial and unpredictable change in the supply of money i.

It eliminates an entire side of the equation, which heavily influences changes in prices today, and which distorts the communication of preferences. Imagine knowing with absolute certainty that every change in price were dictated by a change in consumer preferences rather than the effects of increases or decreases in the money supply.

That is the difference between being able to consistently rely on true economic price signals and playing musical chairs knowing someone else is in control of the stereo. Today and into the future, the same principle will hold true.

This fundamental difference between the existing monetary structure and bitcoin changes the entire game. False price signals vs. False price signals are the equivalent to believing you have a cheat sheet for a test, training yourself based on that information and then showing up only to find out that the test was entirely different. Everyone believes they are responding to true price signals, not realizing that the information communicated would be fundamentally different if the money had not been manipulated.

The primary reason a violent shock to the system is even possible is because this process has occurred every time the economy has attempted to structurally rebalance over the past 50 years.

Bad signals attempt to correct, only to be sustained and exacerbated by exogenous forces. With a fixed money supply, this wrong is permanently righted. It will no longer be possible to sustain imbalance. So long as bitcoin exists, the monetary medium will not be capable of distributing distorted price signals.

There is a difference between right, wrong and true. True price signals merely ensure that the information being communicated is reflective of the individual and aggregate preferences of an economy. In that sense, there is no right or wrong, so long as the information can reasonably be relied upon as accurate and undistorted.

And no longer does anyone need to figure out how to play a rigged game because that game is ending. The days of monetary inequity will soon be past as bitcoin distributes throughout the world. It will shift the balance of power back to those that actually create value, as defined by true price signals, which are communicated by individuals that hold the currency. Setting aside taxes and regulatory capture for a moment, if one wants to acquire bitcoin, he or she will have to provide value in return, and bitcoin will become the arbiter of that value.

Of 21 million, approximately The In order to acquire any, bitcoin must be earned by delivering value to those that hold the currency. Even for those not yet circulating, every single bitcoin must be earned by contributing value. The same is not true of the current monetary system. In the current structure, dollars can either be earned by delivering value to others within the economy, or conversely, if the Fed decides to hand out more money. And this happens quite frequently. Which system sounds more fair, balanced and conducive to aligning incentives throughout an economy over decades and generations?

As more people adopt bitcoin, the currency is transferred from those that have to those that have not. By making the nominal amount of bitcoin zero-sum, it ensures that the economic system is non-zero sum. In order to join the economy, you must deliver value to someone within the network. No value leaks outside the system; no inefficiency can be introduced through the production of money.

Whether new entrants are joining the network or trade occurs from within, value is always transferred, and through that transfer, value is actually created. Recall that the valuable function of money is to coordinate economic activity. The production of money, on the other hand, produces no value and only serves to distort and impair the ability of a monetary medium to properly function.

The nominal amount of money is not important. What is important is its ability to communicate accurate information to a broad set of economic participants. That is why people demand money, and with a terminal rate of change set at zero, each participant can use bitcoin to best understand the value of his or her own output relative to that of others and relative to the preferences of others, undistorted by any changes in the money supply. Each person can make better decisions on average in the pursuit of his or her own interest, while by definition delivering value to others as a means to that end.

A fixed amount of currency plus more people valuing it equals greater distribution of the currency. With a fixed supply, no more than 21 million bitcoin can ever be saved and paradoxically, that change in the incentive structure will cause more people to save. By introducing an incentive to save i. And as more people save in a currency which has a fixed supply, it results in more and more people owning less and less but through that function of more people saving, it creates greater stability.

Whereas the centralized control of the money supply and the ability to sustain imbalance causes wealth to consolidate, a fixed money supply naturally causes the currency to become further decentralized and more distributed, delivering greater balance. Centralized governance of the money supply allows the distribution to consolidate as new units of the currency are created and as imbalance is sustained; whereas, a decentralized governance model enforcing a fixed supply ensures that the distribution of the currency becomes greater and greater over time.

The structure of the currency dictates the opposite effect, and the trend can be seen in actual data. Bitcoin held in smaller denominations continues to grow steadily, while bitcoin held in larger denominations continues to decline. As the currency and economic system grows, the currency becomes more widely distributed.

Rather than consolidate, the currency distributes to more people, and the nominal amount held by each declines, while purchasing power increases. As more people demand the currency, its value rises. However, there is a terminally fixed supply. As increases in demand naturally outpace ever diminishing increases in supply, there is one principal way to acquire bitcoin: by delivering value to an existing holder of the currency.

The currency transfers from relatively few early holders to a more widely distributed base as a function of time. Everyone wins; the network utility increases as more participants voluntarily opt in and the distribution of the currency becomes less and less concentrated, ensuring greater balance and reducing systemic risks created by the existence of a few extremely large holders.

When the incentives of a monetary medium align both individual and aggregate interests, non-zero sum outcomes become the default, as does balance.

Bitcoin is accessible to anyone, and everyone that chooses to use it is afforded the same protections. Anyone that produces value and exchanges it for bitcoin is assured that their output will not be devalued in the future merely as a function of someone in a far-off land creating new units of money.

Separately, everyone is assured the benefit of undistorted price signals. In bitcoin, rich and poor are provided these same protections equally. It is no guarantee that someone else will value the currency more or less, but it eliminates the possibility of an involuntary forced devaluation of labor and output stored in a monetary medium, which distorts economic activity and creates false price signals. When presented with that opportunity relative to a certainty of the worse outcome, it becomes a clear choice.

Compared to the current economic structure in which the wealthiest better understand the effects of active monetary debasement and are best equipped to combat and exploit it, there is a reality that those on the lower end of the economic spectrum have more to gain by leveling the playing field. Even still, it is not about rich and poor. Everyone benefits from the elimination of money production and an economy that provides greater balance through the communication of more perfect information.

In a tweet from , the founder of Ethereum Vitalik Buterin beautifully and ironically described the power of holding a currency with a fixed supply that could not be manipulated, while actually arguing for the opposite. He both made the precise argument which central bankers use to defend their actions while also articulating the power it would place in the holder of a currency with a fixed supply.

What if it were applied equally to every single person on earth? That is the power of bitcoin. Only you can decide when, how and to whom to transfer that for value received in the future. The poorest in Nicaragua suddenly are elevated to the exact same leveled playing field as a billionaire in New York like Paul Tudor Jones.

Within the bitcoin network, there is no distinction. Equal rights are the default. That cannot and does not exist in the legacy financial system. The idea that bitcoin could solve problems today for rich and poor alike stumps quite a few. Most consider bitcoin to be a speculative asset, and many will look at its volatility and believe it unfit for people without a level of savings that one could afford to lose.

That view is fortunately flat wrong and economically unsupported. However, it is harder to ignore that the economic collapse was caused by a deterioration in the money that previously coordinated economic activity and that the only long-term solution to build it back up is to use a form of money that better fulfills that coordination function.

One action triggers another. And another and another. It can, however, solve problems today for anyone that is determined enough to use it, regardless of poverty level or economic status. There is no reason why a superior form of money would perform one function for some and not for others, regardless of wealth, income levels or any other reason. It is a vicious cycle to break, but the inception point of elevating any individual or society is finding a way to produce more value than is consumed or demanded of others.

The best way to accomplish that goal is by using money to exchange value and coordinate economic activity.

That is nonsensical. It is the opposite; it is the best way anyone can level the playing field, regardless of whether the path may be harder for some than others.

The demand for money is near universal, and over time, anyone using the form of money with the strongest foundation and the most true price signals will benefit.

Whereas the dollar and other fiat currencies are one for a few in the short-term and all for none in the long-term, bitcoin is one for all, now and in the future, because it fixes the economic foundation for everyone. Views presented are expressly my own and not those of Unchained Capital or my colleagues. When Satoshi Nakamoto created bitcoin, he established in its code a fixed number of bitcoin that will ever exist.

Bitcoin is often described as a hedge, or more specifically, aпїЅ. Bitcoin education in your inbox Sign up to be notified when we publish new blog articles.

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A Tesla driver was killed and a passenger was critically injured Saturday when the car plowed into a fire truck that was parked on a Northern California freeway to shield a crew clearing another accident, fire officials said. Ramsey didn't hold back. What is certain for now is that the Cybertruck will begin to be produced this year. The commercial success of the vehicle seems to be guaranteed at least in the first months.

For investors, the year has also been roiled by both market anxiety and changes to retirement savings. Mark Zuckerberg announced a new paid subscription service for Facebook and Instagram on Sunday, granting users a hallowed blue check for a monthly fee.

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He also plans to organize sectoral pension plans that would wield more bargaining power and "ditch Wall Street asset managers by taking voting in-house. Determined to curb corporate greed and corruption, Sanders wanted to establish a Bureau of Corporate Governance at the Department of Commerce if he had been elected. Large corporations would need to obtain a federal charter forcing their boards to consider the interests of all of the stakeholders, not just shareholders.

He called the August Business Roundtable commitment to this "empty words. Besides giving workers more rights as discussed above , he would also ban large-scale stock buybacks by repealing the SEC's Rule 10B , force corporate boards to include individuals from historically underrepresented groups, protect the rights of farmers and consumers to repair the equipment and technology they purchase, develop guidelines for anti-competitive exclusivity agreements, develop stricter antitrust rules, and allow the Federal Trade Commission to approve, deny, or undo Trump-era mergers.

Sanders also promised to double the funding for The Maternal, Infant, and Early Childhood Home Visiting Program, give childcare workers a living wage, pass a bill to ensure free meals to every child in childcare and pre-k, construct, renovate, or rehabilitate childcare facilities and pre-schools, and make more investments in the public education system. This is the biggest proposal yet for an issue that most of the Democratic candidates during the primaries considered important not just for individual families but for the U.

Sanders said he would pay for it with the taxes on extreme wealth. Sanders has his own version of a Green New Deal. Sanders also promised to ban fracking and mountaintop removal coal mining. The campaign website also added the plan would basically pay for itself. Sanders would target the fossil fuel industry with litigation, fees, taxes, and eliminating federal fossil fuel subsidies.

He also says there will be cuts in military spending since the U. In , Sen. Bernie Sanders introduced the first standalone bill to remove marijuana from the Controlled Substances Act and make it legal. Sanders, who believes the current law disproportionately targets African Americans, was also the first high-profile presidential candidate to call for marijuana legalization on the federal level. If he had been elected, he had promised to issue an executive order to declassify marijuana as a controlled substance and introduce legislation to make it permanent.

His plan has two parts: 1 undo the damage of the war on marijuana and 2 regulate the legal marijuana industry with strict laws to prevent it from becoming like Big Tobacco. His administration would have reviewed and expunged all current and past marijuana-related convictions and devoted funding and manpower to make sure no one slips through the cracks.

Tax revenue collected from the marijuana industry would go toward helping communities impacted by marijuana convictions. According to his plan, market share and franchise caps would be introduced to "prevent consolidation and profiteering" in the industry. Businesses would be incentivized to be structured like cooperatives and collective nonprofits. Tobacco companies would be prevented from participating in the industry.

This would spell trouble for giants hoping to diversify their businesses, like Marlboro-maker Altria Group Inc. CRON in Safety measures proposed include a ban on marketing products to young people and barring companies that run misleading advertisements or create products that cause cancer from the industry. Bernie Sanders.

The New York Times. Stephanie Kelton. Harvard Kennedy School Institute of Politics. Franklin D. Roosevelt Presidential Library and Museum. Bernie Sanders U. Senator for Vermont. Levy Economics Institute of Bard College. Sanders and Rep. International Review of Applied Economics. John Maynard Keynes. Elizabeth Warren. Business Roundtable. The Cut.

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Workers' Rights. Wall Street Reforms. Corporate Reforms. Green New Deal. Marijuana Reform. Key Takeaways Bernie Sanders ran for the Democratic presidential candidate during the election cycle. While he ultimately dropped out of the race that Joe Biden won, Sanders' economic plan remains a cornerstone of the Progressive agenda.

Sanders promoted Medicare for all, a drastic reduction of student and medical debts, and increasing workers' rights while raising taxes on the wealthy and on corporations. Article Sources.