You know, unpopular opinion, but while I'm normally someone who dunks on this kind of thing I think NFTs are exactly the kind of conceptual contradiction and metanarrating that art has been trending to for the last three decades and I think while it will get tired and pass,
it's just as useful & intellectually engaging as other art trends over the past few decades.IoW,I don't see why the NFT being worth so much more than a JPEG is inherently any crazier than an original piece of art being worth way more than a perfect reproduction
The conceptual "specialness" is just as debatable and abstract a notion, it just feels "fake" because its digital which is in and of itself an idea to unpack and explore in art. and certainly I can imagine an art class spending 3-4 weeks on NFTs fruitfully.
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This paper's analysis of the MMT position isn't very serious.
THREAD: 1) It randomly cites a hodge podge of historical examples without any discussion of one. It relies on readers ignorance and kneejerk reaction that a"token"like a cowrie shell must be"debt free".It's a shell!
2) the discussion of government bonds related to MMT is barely worth commenting on its so bad. No one who says that government securities are a form of money says that they are literally exactly identical to other forms of money.
This criticism is also inconsistent with the criticism that immediately follows it which is trying to de-emphasize the immediate role of an instrument because there is an interrelation of financial instruments that leads to payment clearing. One can say the same of T-Bonds
What I especially appreciated about @rmarchiel's analysis is it shows why a digital fiat currency is politically so important. A point that strangely @BCoeure made with @TheStalwart@tracyalloway on oddlots.
That is, people's ideas about what money is and what they can demand of money design, in the absence of intense historicized monetary education, is often determined by the immediate materiality of money. When money is a bank deposit, it is seen as inherently private.
Something I've been thinking a lot about lately is people have kept on looking for some "replacement" for the dollar. First the Euro, then the Yen, sometimes some gold-backed (or oil backed?) middle eastern currency. Sometimes Bancor/SDRs, nowadays the Yuan (a decade ago BRICs).
but replacing the dollar doesn't make sense without the political shift to a new hegemon and for all the talk (both real and imagined) of the U.S.'s relative decline there's just nothing like it. Moreover, we DON'T WANT a New Hegemon. That would suck.
Equalizing the world will mean actually moving to a world without a hegemon. But it won't look "multipolar" in the sense of the early 21st century of multiple "major currencies". It will be a world of more distributed power- a world of swap lines as alliance politics.
I really appreciate this very, very generous profile from @petercoy but I do want to disagree with the headline, which is reinforced by the article. I do have a credential- the intersection of my whiteness, maleness and cisness. 1/N
That I'm a white cis male who dresses in dress shirts and dress slacks(and have done so since I was 19)has given me a passport into conferences,events and more.I crashed conferences without paying during high school that I would have been barred from if I looked any other way 2/N
IN 2010 I attended a mainstream economics PhD students conference where students presented their job market papers and I asked basic questions about their assumptions and methodology. That would not have been tolerated if I didn't have all those "credentials" 3/N