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Comment by jzymbaluk | Hacker News Reader

It actually did. The market was on it's way to crashing harder than the great depression, but it didn't, probably thanks in some part to government being able to intervene and control monetary policy

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A very large amount of Bitcoiners absolutely insisted we were headed towards hyperinflation due to QE back then. In fact that was the very reason a lot of them were interested in Bitcoin in the first place.

Interesting how things have worked out. They were right about Bitcoin's value, but badly wrong on all of the economic related predictions.

Holder, in testimony before the Senate Judiciary Committee, after, well, not doing his job prosecuting banks: “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy.”

Soon after he was done with his effective regulation, according to you, he returned to his job...defending large financial institutions...at Covington & Burling LLP, D.C. law firm.

You mean the gov't regulation prevented the GD that it created?

Have you ever heard of the phrase "kicking the can down the road"?

You can play this argument ad infinitum without actually adding anything of value to this conversation.

Central banking is not perfect, but it has a better track record of stability and growth than any other system that’s been tried at a large scale. Try and remember that the alternatives aren’t optimal economic systems that are immune to bubbles, recessions, depressions, hyperinflation, corruption and manipulation.

If anything the Bitcoin experiment is reinforcing why we have existing regulations in place.

How do you know that it has a better track record of "stability" and "growth" than any other system at a large scale? Much of America's growth in the late 19th happened without any central banks in 1913. Most of "depressions" happened prior to that -- and there were 4 such major ones in the 19th century and many of them were directly caused by the govt policy changes -- were nowhere as severe as the Great Depression occurred after the creation of the central banking in the US.

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