Is Bitcoin Racist?

Golumbia also invokes the name of Keynes to somehow confer more legitimacy on the premise and reiterate that disagreeing with Keynes of all people amounts to still more far-right heresy.

Keynes played an enormous role in modern economic thought but in my mind his work is largely misunderstood. His tenets have been grotesquely mangled and I suspect that were he to see what economic policies have occurred in his name he would be appalled.

Over the course of his life Keynes substantially modified his investment approach and economic beliefs. Gradually eschewing the idea that  superior macro economic knowledge could give him an advantage in the hunt for investment returns, he ended his career as a prototypical value investor.

Economists love to cite Keynes for calling gold “a barbarous relic” (in 1924) yet later, in 1934, after his transformation he had fully two thirds of his net worth invested in South African gold miners. Interesting fact: Keynes was on the Board of the British Eugenics Society from 1937 to 1944 which gives me a certain schadenfreude from pointing out to any progressives who revere Keynes that this in fact made him a rrrrrrrracist!

Misuse of “literally” makes me figuratively insane

Stylistically, Golumbia tends to hold all these “right-wing extremists” to a different level of accountability than he does himself. On Andreas Antonopoulos’ “Mastering Bitcoin” he laments that the book:


“includes several substantial economic discussions in which extremist views are proffered, without attribution, as if they are simply commonsense analyses of relatively uncontroversial subjects. Antonopoulos offers matter-of-fact accounts of Bitcoin technology that incorporate conspiratorial theories about the Federal Reserve: [examples cited:] ‘bitcoin mining decentralizes the currency-issuance and clearing functions of a central bank and replaces the need for any central bank with this global competition [to mine for bitcoins]’ (2); ‘mining creates new bitcoins in each block, almost like a central bank printing new money'”


I don’t really see what’s “extremist” about those statements. He’s simply describing how bitcoin issuance of unit of currency contrasts to how the Fed does the same thing.

But Golumbia himself saturates his book with “substantial economic discussions in which progressive / leftist views are proffered, without attribution, as if they are simply commonsense analyses of relatively uncontroversial subjects”.


< Prev 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next >

Sign Up

Get the InvestingChannel
Free e-Letter Today

Learn More

Independent market opinion, analysis and ideas - delivered every business day

Premium market opinions, analysis, and ideas - delivered every business day

Editor's Picks