People think the U.S. sells iPhones and NVidia Chips.
But Treasuries are America's largest export.
Over the last year the U.S. exported $900 billion in T-bills to foreign countries. Our distant second largest export was energy - $320 billion.
Total treasuries foreign countries hold is $9.1 trillion - close to three full years of all U.S. exports.
We export our debt and the world uses it as money.
Why does the world want Treasuries?
Tyler Cowen - "Think of T-bills as our export. We’re selling [the world] something like rule of law services."
The world is buying rule of law from the U.S. They're buying property rights, access to U.S. capital markets and consumers, and the dollar for currency and SWIFT/banking payment networks.
They're buying liquidity.
All this backed by the strength of the U.S. economy and military might and trade networks - a world order establish in the decades post WW2.
People think Ethereum sells blockspace.
But ETH is Ethereum's largest export.
Like a nation state - the Ethereum network state sells the world rule of law services.
Ethereum sells property rights for digital assets. Programmable capital markets and payment networks with billions in liquidity, available 24/7 to anyone with an internet connection.
Just as T-bills are the store of value export of the U.S. - ETH is the store of value export of Ethereum.
And like Treasuries - ETH has a shot at becoming a global store of value - through digital rule of law, size of economy, depth of liquidity, and strength of security.
Ethereum = world ledger
ETH = world reserve asset
But Treasuries are America's largest export.
Over the last year the U.S. exported $900 billion in T-bills to foreign countries. Our distant second largest export was energy - $320 billion.
Total treasuries foreign countries hold is $9.1 trillion - close to three full years of all U.S. exports.
We export our debt and the world uses it as money.
Why does the world want Treasuries?
Tyler Cowen - "Think of T-bills as our export. We’re selling [the world] something like rule of law services."
The world is buying rule of law from the U.S. They're buying property rights, access to U.S. capital markets and consumers, and the dollar for currency and SWIFT/banking payment networks.
They're buying liquidity.
All this backed by the strength of the U.S. economy and military might and trade networks - a world order establish in the decades post WW2.
People think Ethereum sells blockspace.
But ETH is Ethereum's largest export.
Like a nation state - the Ethereum network state sells the world rule of law services.
Ethereum sells property rights for digital assets. Programmable capital markets and payment networks with billions in liquidity, available 24/7 to anyone with an internet connection.
Just as T-bills are the store of value export of the U.S. - ETH is the store of value export of Ethereum.
And like Treasuries - ETH has a shot at becoming a global store of value - through digital rule of law, size of economy, depth of liquidity, and strength of security.
Ethereum = world ledger
ETH = world reserve asset
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