With most of currency being digital, this change of reserve ratio requirements has almost no effect in the way banking and economy works. Added a Wikipedia reference which has more references to empirical studies.
“ Many economists and bankers now realize that the amount of money in circulation is limited only by the demand for loans, not by reserve requirements.”
Japanese central bankers figured out a way of creating money for purposes that are good for society. Like AI, Quantum computing or bio technology and any other hyped up stuff you see on internet.
There were many bad consequences in the past because of money created that way.
With the way SoftBank is giving away money, it looks like “smart credit guidance” is still happening with out any public policy or public awareness.
Aim of Academic institutions conducting research is for the benefit of humanity. Their principles are to hire the highly qualified people irrespective of their nationality or religion. It’s a merit based hiring.
There is no secret conspiracy here to bring down wages of researchers. Some people just do it for the likes.
This post was amusing to me for so many reasons. The author did this for his personal project, cheers to him for his passion to try out new technology.
This is roughly similar to what happens in technology teams all across the business units.
Manager 1: We are streamlining all our product offerings to a Kubernetes container cluster. Why you ask? We want to modernize our stack and we want to attract best talent.
Manager 1 and the team collects the rewards
...... few months later
Manager 2: We reduced the cost of operations by x% by simplifying operations. Aka rolling back to something other than Kubernates.
Manager 2 Collects the rewards
Every time, there is a detailed intelligent write up about what we are going to do and what we did and how awesome it was.
Believe it or not, internet has a way of influencing the really smart people with branding and advertising driving them to a form of resume driven development.
Kubernetes to developers is like what Axe body spray is to teenagers.
Just use Axe Deodorant and women will be all over you.
It makes more sense if Bitcoin is viewed as an insurance rather than an investment or a commodity.
It's an insurance against the whole world falling apart. Why would the whole world of finance fall apart? Same reason Roman empire fell part and lost its significance.
Long back 1000$ was a lot of money, later a million $ was a lot of money and then billion $ was a lot of money. In today's news, people are describing events in trillion $ costs. If you extrapolate this trend, money as we know will be losing its value exponentially.
Bitcoin is a money system that is defined very clearly in terms of quantity, creation process and exchange etc. This is a good minimum viable product. It definitely has value just like a commodity. It also has people working on improving it as if it were an ipo'd company.
Just like language and law, bitcoin is a product of "spontaneous order" and our knowledge of traditional finance may not have enough mental tools to value it like another financial product. Some people certainly value it more than other people. Over a long period of time take span of 100 years, it becomes easy to imagine having a bitcoin like digital currency with standardized rules for money creation not controlled by any single party.
“ Many economists and bankers now realize that the amount of money in circulation is limited only by the demand for loans, not by reserve requirements.”
https://en.wikipedia.org/wiki/Money_creation#Credit_theory_o...