https://www.thestreet.com/cryptocur...to-back-dollar-with-bitcoin-end-bitcoin-taxes Great idea -- a tax break for Bitcoin Billionaires and a U.S. government guaranteed floor for Bitcoin!
Backing the U.S. dollar with an unreliable, VOLATILE asset, who's price is moved outside the control of our Government. The very concept is beyond stupid.
"..."Fiat currency was invented to fund wars,” he said. “I like base currencies because they make it more difficult, you have to go to the public. You can't just print money to fund the war and tax the public through the hidden tax of inflation. You actually have to go to the public and say, ‘Here's what this war is going to cost.’” What the hell is he babbling about here? Fiat was invented for war funding? Not sure that is what Woodrow Wilson had in mind.
There is some historical precedent to his viewpoint. Several countries (USA, UK, France, Germany, Italy, Austria) suspended gold convertibility for their currencies to fund World War I. Wouldn't it be much more difficult politically for the U.S. to send $100B to Ukraine if it required spending cuts of $100B elsewhere or raising taxes by $100B? Fiat doesn't hold Congress's feet to the fire the way a backed currency would.