"We are facing a debt as out-of-control as Weimar Germany while the government keeps the printing presses busy."
That is actually false. If anything, the government is poised to begin "un-printing" money, so to speak. I think cryptocurrencies are far superior to fiat but we should be accurate when making our arguments.
mmm can you elaborate your statements?
The US government is able to "print money" by buying corporate bonds with money that it doesn't have. They do this to stimulate the flow of money when there isn't enough. Too much, and it can cause inflation. However, if they need to slow inflation, they can restrict the flow of money by calling in this debt at any time.
The amount of debt the hold has increased from about $800B in 2007 to $4.5T in 2014. That number is now roughly the same at $4.4T, but that means that the Fed essentially unprinted $100B in the last few years. Now that the economy is starting to ramp up the Fed is considering entering a phase where it buys back even more.
The Fed has powerful and sensible economic tools to steer the economy and it has done a very good job over the past 40 years of stimulating the economy while keeping inflation reasonable. However, the hyper inflation of the 1970's shows what the Fed can do if it is not run well. That is why I trust the coded logic that governs cryptocurrencies more than the skills of individuals. We shouldn't leave something as important as money up to the discretion of a small group of people.
When you write, "Fed" are you referring to "Federal Government" or "Federal Reserve". You know there not the same thing right?
Many people assume the Federal Reserve is part of the Federal Government....this is false...
Yes, I did know that. Your own quote states "...while the government keeps the printing presses busy". I thought that I would talk about the topic at the same level as your were presenting it instead of being pedantic about nuances that aren't pertinent to the discussion. Also, "Fed" always means "Federal Reserve".