"Fiat money is backed by men with guns; Bitcoin is not. So why should this thing have any value?"--Uber statist economist Paul Krugman.
Off topic (small) but on target (big picture) from Cato: Buried inside a Washington Post feature on “America’s worst candidate” is this revealing look on politics as it is played:Tennessee Democrats, who’d watched their conservative voters drift to the GOP, finally lost the state House in 2010. That had been a financial lifeline for Democrats, since the legislature has broad powers over patronage.“That pretty much was the end,” said [Will T. Cheek, a Nashville investor who has been a member of the state Democratic Party’s executive committee since 1970]. “Because we have nothing left. In the other low points, we had the Election Commission, we had the Building Commission. ... If you wanted to get state deposits into your bank, those were all ours. And that’s where you’d raise your money.”Losing those powers “really kicked the props out from under the financing of the party,” Cheek said.
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