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Chief Economist at the European Central Bank trying to explain how central bank money gets created


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"We have created jobs for inspectors to inspect inspectors" — Buckminster Fuller

"How are we, as leaders, supposed to avoid another financial crisis if none of us know the first thing about how money is created?" - Question pondered in UK parliament during a debate on the nature of money creation and society (2014).

 

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The cost (mainly from electricity) to mine a Bitcoin is in average the price of it at the time of creation less some tiny profit margin. The cost to create a Euro electronically is negligible compared to its face value. That you can spend money that you can create at virtually no cost is a corrupt monetary system.

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His boss explained it better: “The day when we have the central bank digital currency out, any digital euro, I will guarantee. So the central bank will be behind it, and I think that’s vastly different from any of those things [cryptocurrencies].”

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