He is right tho (not on bitcoin), Central Bank Digital Currencies (CBDC), which are cryptocurrencies, are going to be very important in the next decades. China-HongKong-Taiwan are already using CBDCs to make payments between them, for a long time these transactions have been filled with inefficiencies and mediators because of the use of the dollar.

[–] yogthos@lemmy.ml 5 points 8 months ago (1 children)

would've been more interesting if you addressed the actual point he made

The dollar is doomed, according to Bove, because "the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money."

[–] bennieandthez@lemmygrad.ml 8 points 8 months ago (2 children)

I've come to the sudden realization that fiat money, as we know it, is backed on the ownership of the means of production 🧐

[–] yogthos@lemmy.ml 3 points 8 months ago (1 children)

At the end of the day, an economy is a model for allocating labour and resources in a way that meets the needs of the people.

Measures such as the stock market and GDP were meant to act as proxies for measuring how well the economy was accomplishing its stated purpose, which is to improve the standard of living for everyone. Understanding that these metrics are simply proxies has been lost today, and they've been turned into goals of themselves. People have started treating the stock market and GDP as the economy.

When push comes to shove though, control over the means of production is what matters. Western countries allowed their financial capitalists to ship their domestic industries out to cheaper markets, and now that the west is no longer able to subjugate the countries where production happens it's becoming a nightmare for the west.

[–] bennieandthez@lemmygrad.ml 7 points 8 months ago (1 children)

Also it means that the west no longer has the military strength to enforce their ownership, as we saw recently in Africa (Faso and Niger). I am bold to say that many countries are lagging in taking back their ownership of production because theyre ideologically conquered.

[–] yogthos@lemmy.ml 3 points 8 months ago

Exactly, and this is a self reinforcing process. The more countries shake western oppression off the easier it becomes for other countries to do the same.

[–] RedWizard@lemmygrad.ml 1 points 8 months ago

Always has been.