Cryptocurrency shiller comments

I would say antithetical to. They praise the hardness of the gold standard as a precursor to Bitcoin. Bryan embraced the softness of bimetallism, and famously cursed the gold standard. Shiller p. In effect, the result would have been a default on about half the value of all debts denominated in US dollars.

And there is a second important contrast: the peak discussion of bimetallism came in the context of a political campaign. Bitcoin, by contrast, is a payment system whose advocates seek voluntary joiners, one at a time. Most problematically, he comments p. Most deflations under the gold standard were not troublesome in themselves, nor symptomatic of problems elsewhere.

Relatively rapid real income growth is of course not a problem. Falling nominal prices with flat nominal wages were how workers enjoyed higher levels of real income. Deflation a decline in overall nominal prices under the classical gold standard was not normally associated with other economic problems like depression normally defined as a decline in overall real income.

US real GDP in was Deflation characterized half the decade, —88, with the GDP deflator of almost 3 percent below that of for an annualized compound inflation rate of negative 0. Thus, only three years of the s exhibited both deflation and declining real income. These sharp deflations were not due to the uninterrupted working of the gold standard, which operates gradually, but followed from the high inflations that the Federal Reserve and European central banks off the gold standard had created during the First World War, given their refusal to devalue afterward, as persuasively argued by Mazumdar and Wood More importantly, the coincidence of depression with deflation was not typical of the classical gold standard.

He touched on their complexity and the fact that they are connected with a yearning for social revolution. Robert Shiller is an esteemed Nobel prize winning economist who is known for his warnings about the dot-com and the housing bubbles.

Play Now! Apples and Oranges Shiller lays down his take on cryptocurrencies, bringing forward what he believes are comparable examples of other failed attempts to replace conventional fiat currency. Could you be next big winner?

This ended in when the country abandoned the gold standard, severing the connection between gold and the dollar. As it is painfully obvious, both those examples proposed new models during an existing, pre-determined standard. They attempted to disrupt what was currently existing and replace it with something new — money backed by labor and electricity, respectively, and not by gold, which was the merit at the time these propositions came to light.

As Shiller notes: Each of these monetary innovations has been coupled with a unique technological story, […] But, more fundamentally, all are connected with a deep yearning for some kind of revolution in society.

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