Dear Mr. Paul Krugman,
I read your recent piece about Adam Smith and bitcoin.
http://krugman.blogs.nytimes.com/2013/04/12/adam-smith-hates-bitcoin/
Once again, it seems all roads in economics come down to the roads.
Perhaps, Mr. Krugman, you can explain how without roads, goods and services can be delivered to people efficiently?
It appears that you agree with Adam Smith, and that you two might agree with some other similar arguments. For example, when it comes to corn, as Smith uses, we might take it that wealthy land owners with large estates aren’t putting their land to the best use. For that matter, how much space does anyone need? Perhaps it would be better to bulldoze all the estates, and the suburbs? By moving people into small cubicles, we can free up land for more productive uses, like GMO corn from Monsanto. Because as we all know, if it isn’t patentable, it’s not worth anything. Why not maximize profits for all we can?
Silver and gold as currency? Surely jewelry has no value. Keeping silver & gold as a currency can’t serve any purpose, can it? Neither is silver used in any industrial applications? It must not play any part in electronics, because Adam Smith told us that silver isn’t valuable, and since he’s dead, he must be right.
No, Mr. Krugman. You are just another symptom of the problem. You perpetuate outright lies. Well, if you believe them, then they’re not lies, but I’d bet that you’re not a complete and total moron.
Silver and gold have many real world applications. Please try to educate yourself and find out about the industrial applications of silver and the worldwide silver production capacity.
When it comes to Bitcoin, Mr. Krugman, perhaps you would do well to understand what cryptography is, what its applications are, and try to understand how cryptographic analysis of numbers and verifications of transactions creates a currency that is based in mathematics (cryptography) that cannot be debased like how the USD and the JPY are being raped by central banks at the moment.
You make a fool of yourself when you open your mouth with such utterly incompetent and ignorant drivel. Or rather, you appear to be a fool to people who understand the issues. Would I be wrong to guess that doesn’t include the readership of the New York Times? Because otherwise, I’d bet that you’d have kept your mouth shut.
Sincerely,
Ryan