{"id":1699,"date":"2020-07-30T09:53:56","date_gmt":"2020-07-30T09:53:56","guid":{"rendered":"https:\/\/cryptosfundtrading.com\/uncategorized\/why-bitcoin-like-scarcity-would-be-a-disaster-for-the-dollar\/"},"modified":"2021-05-19T09:35:47","modified_gmt":"2021-05-19T07:35:47","slug":"why-bitcoin-like-scarcity-would-be-a-disaster-for-the-dollar","status":"publish","type":"post","link":"https:\/\/cryptosfundtrading.com\/fr\/why-bitcoin-like-scarcity-would-be-a-disaster-for-the-dollar\/","title":{"rendered":"Why Bitcoin-Like Scarcity Would Be a Disaster for the Dollar"},"content":{"rendered":"

Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. Her book \u201cThe Case for People\u2019s Quantitative Easing<\/a>\u201d explains how modern money creation and quantitative easing work, and advocates \u201chelicopter money\u201d to help economies out of recession.<\/p>\n

There\u2019s a widespread belief that the exorbitant quantity of money the Federal Reserve is pouring into the U.S. economy must eventually mean the return of high inflation. After all, if there\u2019s lots more money but no more stuff to buy, prices must rise, mustn\u2019t they? So the prospect of Judy Shelton<\/a> \u2013 known for her support of the gold standard \u2013 joining the Fed\u2019s Board of Governors is raising the hopes of those who want the Fed to be stripped of its money creation powers.<\/p>\n

But the Fed\u2019s mandate is price stability. And, as I shall explain, if the Fed can\u2019t vary the quantity of money in circulation in response to economic circumstances, it can\u2019t stabilize the price of a dollar.<\/p>\n

See also: Jill Carlson \u2013 How I Learned to Stop Worrying and Love the Money Printer<\/a><\/em><\/strong><\/p>\n

What is the \u201cprice\u201d of a dollar? Some people like to express the dollar\u2019s price in terms of gold \u2013 though as the dollar hasn\u2019t been backed by gold since 1971, this is perhaps a bad attack of nostalgia. For them, the dollar\u2019s price is anything but stable and the Fed is fatally undermining it.<\/p>\n

Goldbugs think the rise in the dollar price of gold over the last century means the dollar is worthless (despite me arguing about it with them for hours). I have had similar arguments with people who think that massive rises in the stock market\/bond market\/real estate\/bitcoin<\/a> mean the dollar is hyperinflating. But as the dollar is not backed by assets, the rising price of assets tells us absolutely nothing about the price of a dollar.<\/p>\n

For ordinary U.S. people and businesses, the price of a dollar is its purchasing power. The dollar\u2019s domestic purchasing power is the quantity of U.S. goods and services U.S. residents can purchase with their own currency. The rate at which the dollar\u2019s purchasing power changes is known as the \u201cinflation rate.\u201d<\/p>\n

If people reject a currency in favor of gold or another currency, its purchasing power falls to zero. This is known as \u201chyperinflation.\u201d It has never happened to the U.S. dollar.<\/p>\n

IF THE FED WANTS THE PRICE OF DOLLARS TO REMAIN STABLE, IT HAS NO CHOICE BUT TO ACCOMMODATE THAT DEMAND BY CREATING LOTS MORE DOLLARS.<\/q><\/i><\/p>\n

For foreigners, the price of a dollar is its exchange rate versus their own currency. The exchange rate is the quantity of another currency that one dollar can purchase. This in turn determines not only the quantity of externally produced goods and services that U.S. residents can purchase with dollars, but also the quantity of U.S.-produced goods and services that foreigners can purchase with their own currencies. We can therefore regard the exchange rate as measuring the dollar\u2019s purchasing power outside the U.S.<\/p>\n

A fall in the exchange rate means one dollar purchases fewer foreign-made goods and services. The rate at which the exchange rate falls is thus the external equivalent of the domestic inflation rate.<\/p>\n

Exchange rate collapse destroys the external purchasing power of the currency, just as hyperinflation destroys its domestic purchasing power. Indeed, the two are often seen together. If the country has large amounts of debt denominated in foreign currencies, exchange rate collapse can mean it becomes unable to service these debts.<\/p>\n

Furthermore, if the country is dependent on imports, a sudden exchange rate fall can mean it can\u2019t pay for imports. All too often, the government\u2019s response to these disasters is to print enormous amounts of its own currency in the hope of exchanging it for the foreign currency it needs. This fuels the exchange rate collapse and triggers domestic hyperinflation.<\/p>\n

In the past, central banks and governments regarded the exchange rate as the most important price. They thought countries must \u201cearn their way\u201d in the world by exporting goods and services to other countries, and they knew controlling the exchange rate would help them to export. They also feared that if a country allowed its exchange rate to float against other currencies it would collapse, resulting in hyperinflation. So they pegged their currencies to gold or other assets, or even to each other.<\/p>\n

\u201cFear of floating<\/a>\u201d determined monetary policy long after the end of the gold standard. Indeed, for many developing countries it still does. As recently as the 1980s, the Fed was actively managing the dollar\u2019s exchange rate, aided by other central banks.<\/p>\n

But after the failure of the Louvre Accord<\/a> in 1989, the Fed switched to managing the dollar\u2019s domestic purchasing power instead of the exchange rate. Along with most major central banks, it set a target of 2% per annum consumer price inflation and allowed the exchange rate to float.<\/p>\n

Since then, the Fed has managed inflation by adjusting the interest rate it charges banks to borrow dollars. Bank lending creates purchasing power. Increasing banks\u2019 borrowing costs encourages them to charge more for loans to individuals and businesses, which damps demand for loans and thus reduces bank lending. When bank lending falls,  the rate at which purchasing power increases also falls. In other words, less bank lending means lower consumer price inflation.<\/p>\n

Of course, U.S. banks create dollars when they lend. But the Fed doesn\u2019t directly control the quantity of dollars they create. And it doesn\u2019t restrict its own money creation either. It creates reserves in response to demand from banks, and provides liquidity to financial markets in response to signals from market participants. Contrary to popular opinion, this is intended not to allow inflation to run out of control but to maintain it at around the Fed\u2019s 2% inflation target.<\/p>\n

To understand why the Fed can\u2019t meet its price stability mandate by directly controlling the quantity of dollars in circulation, it\u2019s helpful to look at bitcoin\u2019s behavior. Bitcoin\u2019s algorithms control its quantity, not its price. The quantity of bitcoin in circulation increases at a constant rate and is ultimately limited to 21 million (even though this won\u2019t be reached in the lifetime of anyone alive today).<\/p>\n

See also: Frances Coppola \u2013 \u2018Money Printer Go Brrr\u2019 Is How the Dollar Retains Reserve Status<\/a><\/em><\/strong><\/p>\n

The result of controlling the quantity of bitcoin rather than its price is price instability. Bitcoin\u2019s price is subject to wild swings as demand for it fluctuates, while its quantity does not. This roller-coaster ride doesn\u2019t really matter for bitcoin, because almost no one is buying their weekly shopping with it or hodling their life savings in it. But for the millions of people whose livelihoods depend on the dollar, price swings of the kind all too often seen on the bitcoin charts would be disastrous.<\/p>\n

As we saw in September last year and March this year, international demand for dollars heads for the moon at times of crisis. So if the Fed wants the price of dollars to remain stable, it has no choice but to accommodate that demand by creating lots more dollars. This would still be true if it were targeting the exchange rate, by the way. International dollar shortages cause the dollar\u2019s exchange rate to rise<\/a>.<\/p>\n

If the Fed adopted some kind of algorithm that kept the rate of money creation constant, or linked the dollar to gold or some other asset, the result would be renewed instability both in the dollar\u2019s external value and its domestic purchasing power, not on the upside (exchange rate collapse and hyperinflation really are not a serious risk) but on the downside. We know from the 1930s<\/a> that when the Fed is prevented by a rule or a gold standard from creating enough money to ease a crisis, the result is debt deflation and severe economic depression.<\/p>\n

Let\u2019s not go there again.<\/p>\n","protected":false},"excerpt":{"rendered":"

Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. Her book \u201cThe Case for People\u2019s Quantitative Easing\u201d explains how modern money creation and quantitative easing work, and advocates \u201chelicopter money\u201d to help economies out of recession. There\u2019s a widespread belief that the exorbitant quantity of money the Federal […]<\/p>\n","protected":false},"author":6,"featured_media":2625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9,12],"tags":[13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,92,93,94,95],"class_list":["post-1699","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-chart-analysis","category-update","tag-bitcoin","tag-bitcoinmining","tag-bitcoinnews","tag-bitcoins","tag-bitcointrading","tag-coinbase","tag-crypto","tag-cryptocurrencies","tag-cryptocurrency","tag-cryptocurrencyattorney","tag-cryptocurrencycommunity","tag-cryptocurrencycompany","tag-cryptocurrencyconsultant","tag-cryptocurrencydon","tag-cryptocurrencyeducation","tag-cryptocurrencyheadlines","tag-cryptocurrencylifeinvest","tag-cryptocurrencymessenger","tag-cryptocurrencynews","tag-cryptocurrencyopportunity","tag-cryptocurrencysignals","tag-cryptomarket","tag-cryptomining","tag-cryptonews","tag-cryptos","tag-cryptotrading","tag-cryptoworld","tag-federal-reserve","tag-inflation","tag-judy-shelton","tag-opinion","post_format-post-format-video"],"yoast_head":"\nWhy Bitcoin-Like Scarcity Would Be a Disaster for the Dollar - Cryptos Fund Trading<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptosfundtrading.com\/fr\/why-bitcoin-like-scarcity-would-be-a-disaster-for-the-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Bitcoin-Like Scarcity Would Be a Disaster for the Dollar - Cryptos Fund Trading\" \/>\n<meta property=\"og:description\" content=\"Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. 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