What Warren Buffett Gets Right About Bitcoin

Please fol­low and like us:
Pin Share

Before I exit­ed acad­e­mia, I trained as a finan­cial his­to­ri­an. I looked at bal­ance sheets in dusty, old archives and I inves­ti­gat­ed what banks were doing in Vic­to­ri­an Britain; I ran fan­cy sta­tis­ti­cal analy­ses on 19th-cen­tu­ry stock prices to see if they behaved like mod­ern port­fo­lio analy­sis sug­gests stock prices should; and I looked at how mon­ey oper­at­ed and how mon­e­tary regimes changed over time. 

In all my read­ing, noth­ing annoyed me more than estab­lished econ­o­mists with equa­tion-filled white­boards and paper mod­els arro­gant­ly declar­ing that some fea­ture of mon­ey and bank­ing was defec­tive. With zero knowl­edge of the past, aca­d­e­mics often stood up from their endowed uni­ver­si­ty chairs and pro­claimed that mon­ey could not be pri­vate, finan­cial mar­kets would dis­in­te­grate with­out reg­u­la­tors, and banks could not oper­ate with­out gov­ern­ments back­stop­ping them. 

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *