The title of this rag is a bit misleading. This isn't a "what if?" question, it's a "certainly is" statement. A fiat monetary system controlled by an unaccountable bureaucratic system that is unperturbed by the flashy politician of the day. No matter what party is in power, no matter what problems it is trying to solve, the money printer will go brrrrrr. When money printer goes brrrrr, those new dollars are allocated somewhere. Well, they're most likely misallocated somewhere because the printing of money combined with interest rate targeting skews opportunity costs, which leads to things being consumed that might not otherwise be consumed if our money was sound and opportunity costs weren't able to be so easily manipulated.
When you couple this with a "growth at all costs" economic mandate from above, it leads to an insane amount of wasted resources. This is the great irony of our time. Those in the mainstream who feign interest in the health of the planet and the future of humanity will scream bloody murder over a "climate crisis" and unbridled capitalism while begging for stimmy checks and a Green New Deal to Build Back Better™ that are funded via money printing or theft via taxation of the productive. It doesn't seem like many pushing for these massive government spending programs are very introspective about the effects these policies will have on the environment. As we should all know by now, the federal government is pretty piss poor at doing literally anything efficiently or correct. This stems from the fact that DC is bubble completely disconnected from the on-the-ground information that should be driving decisions of capital allocation. Combine this with the fact that politicians are typically, but not always, either incompetent, corrupt, or a combination of both and you have created a scenario in which only bad decisions will be made about the allocation of capital. It's truly mind boggling that most do not realize this.
Which makes the mainstream's fascination with the energy usage of bitcoin miners so perplexing. Bitcoin miners are a group of risk takers using their own capital to acquire and deploy hardware and infrastructure to capture the cheapest energy in the world; that which is otherwise wasted or stranded. What do bitcoin miners get by leveraging their creativity and the free market to bring the world extreme energy efficiency? Extreme scorn and screeching about the state of the cLiMaTe. None of these derelicts ever stop to think that it isn't bitcoin, a distributed network ushering in a sound monetary system which will force opportunity costs to be accurately reflected - therefore increasing the cost of waste, that is the problem. It is their addiction to cheap funny and fast growth that is the problem.
We truly live in an absolute clown world. "Printing money and throwing it at things" is the solution to every problem that exists today in the eyes of the mainstream. Fear not though, freaks. The market always humbles the derelicts and this time around Bitcoin is here to serve up the tastiest humble pie you've ever tasted.
Derrick Henry is an alien.