Paul Krugman won the Nobel Prize in Economics in 2008, ten years after saying that “by 2005 or so, it will become clear that the Internet’s impact on the economy has been no be greater than the fax machine’s”.
One might be tempted to say that Krugman did not know what he was talking about: the Internet. This is true, but it is a fairly irrelevant detail.
A mind that, in the face of a technology that allows the exchange of knowledge (widely dispersed between people) without intermediaries and not available to any central entity, is not able to immediately understand its disruptive scope, is a mind that, by definition, it is not objectively capable of understanding the economic science.
And it is mainly because of his objective mental incapacity to understand economic science that he fails to understand Bitcoin, as he failed to understand its revolution in the monetary field (“Bitcoin is a Ponzi scheme”), but he harbors a delirious rage against it (“Bitcoin is evil”).
Krugman will continue to look foolish while talking about of something he is unable to understand, as well as all the scoundrels who babble about (or even teach) economics without having studied or understood the Austrian School of economics. But among them there are even “journalists” who are in somebody’s pay. As we learn from Cointelegraph: “Poland central bank, in conjunction with Google Ireland Limited and Facebook Ireland Limited, has admitted that it has secretly funded anti-crypto propaganda campaigns on social media.”
We might have thought that governments/central banks would simply continue to do what they were used to: resort to coercive measures, pay academics to teach junk theories in antithesis with the reality of facts, subsidize the mainstream press to disseminate this garbage, maybe compensate in some way Nobel prizes to attack cryptocurrencies as they did with the Internet.
But no: governments/central banks have pushed themselves one step further and secretly paid kids to spread misinformation, because as H. L. Mencken once said: “The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.”
So ask yourself a question: should you be afraid of a technology that presents itself simply for what it is, or of those who stand as your defenders, and lie to you?
These people have run out of ideas that could prevent their inevitable end on the dustbin of history. Bitcoin has just revealed to the world that governments/central banks are the Wizard of Oz.
The little men behind the curtain are still cranking the gears and shouting into the microphone about the power of the great Oz. But Toto has pulled back the curtain.
