622 irony and the gold standard
They said Irony died after 9/11. At the time, I thought it was because events were so heavy that irony didn't work anymore. These days, I'm hearing that the kids don't do irony. And it's because reality is too ironic to make fun of. Apparently at some point in the past month, the big banks in the US got together and created a stablecoin, Genius USD. This is an attempt to replace the dollar as the global reserve currency. This is because the US debt has gotten to the point where it's obviously not going to get paid off. This is perhaps because we've spent the $100 trillion the retiring baby boomers are expecting to receive in social security. I'm far far far from a banker or financial person, but my understanding is the maneuver goes something like this: create stablecoin, dump debt into stablecoin, watch inflation skyrocket, presto change-o, debt is gone. (And so are you...