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Paul Krugman finally talks about bitcoins

The Antisocial Network of Bitcoins - NYTimes.com
But bitcoin evangelists insist that it’s about much more than greasing the path for illicit transactions. The biggest declared investors in bitcoins are the Winklevoss brothers, wealthy twins who successfully sued for a share of Facebook and were made famous by the movie “The Social Network” — and they make claims for the digital product similar to those made by goldbugs for their favorite metal. “We have elected,” declared Tyler Winklevoss recently, “to put our money and faith in a mathematical framework that is free of politics and human error.” The similarity to goldbug rhetoric isn’t a coincidence, since goldbugs and bitcoin enthusiasts — bitbugs? — tend to share both libertarian politics and the belief that governments are vastly abusing their power to print money. At the same time, it’s very peculiar, since bitcoins are in a sense the ultimate fiat currency, with a value conjured out of thin air. Gold’s value comes in part because it has nonmonetary uses, such as filling teeth and making jewelry; paper currencies have value because they’re backed by the power of the state, which defines them as legal tender and accepts them as payment for taxes. Bitcoins, however, derive their value, if any, purely from self-fulfilling prophecy, the belief that other people will accept them as payment. However, let’s leave that strangeness on one side, along with the peculiar “mining” process — actually a process of complex calculation — used to add to the bitcoin stock. Instead, let’s focus on the two huge misconceptions — one practical, one philosophical — that underlie both goldbugism and bitbugism. The practical misconception here — and it’s a big one — is the notion that we live in an era of wildly irresponsible money printing, with runaway inflation just around the corner. It’s true that the Federal Reserve and other central banks have greatly expanded their balance sheets — but they’ve done that explicitly as a temporary measure in response to economic crisis. I know, government officials are not to be trusted and all that, but the truth is that Ben Bernanke’s promises that his actions wouldn’t be inflationary have been vindicated year after year, while goldbugs’ dire warnings of inflation keep not coming true. The philosophical misconception, however, seems to me to be even bigger. Goldbugs and bitbugs alike seem to long for a pristine monetary standard, untouched by human frailty. But that’s an impossible dream. Money is, as Paul Samuelson once declared, a “social contrivance,” not something that stands outside society. Even when people relied on gold and silver coins, what made those coins useful wasn’t the precious metals they contained, it was the expectation that other people would accept them as payment. Actually, you’d expect the Winklevosses, of all people, to get this, because in a way money is like a social network, which is useful only to the extent that other people use it. But I guess some people are just bothered by the notion that money is a human thing, and want the benefits of the monetary network without the social part. Sorry, it can’t be done. So do we need a new form of money? I guess you could make that case if the money we actually have were misbehaving. But it isn’t. We have huge economic problems, but green pieces of paper are doing fine — and we should let them alone.

April 14, 2013

This is the new face of legalized slavery in the Persian Gulf

There is very little daylight between this and the exploitation of migrant workers in America. But this is probably worse. Indentured Servitude in the Persian Gulf - NYTimes.com
LAST year, Theresa M. Dantes signed a contract with an employment agency in the Philippines to come here to work as a housemaid for $400 a month, plus room and board. But when she arrived, her employer said he would pay her only $250. She acquiesced; her family back in Quezon City depended on her earnings. Other surprises quickly followed. Ms. Dantes, 29, said she was fed one meal a day, leftovers from the family’s lunch: “If no leftovers, I didn’t eat.” She worked seven days a week. When she finished work in her employer’s house, she was forced to clean his mother-in-law’s house, and then his sister’s. After eight months, Ms. Dantes tried to leave. Her boss laughed. “You can’t quit,” he told her. Under kafala, the system that governs the working lives of every foreigner employed in Qatar, Ms. Dantes could not resign without her employer’s permission. She fled and joined 56 other women who had sought shelter at the Philippine Overseas Labor Office. Some 1.2 million foreign workers — mostly poor Asians from India, Pakistan, Bangladesh, Nepal, Indonesia and the Philippines — make up 94 percent of the labor force in Qatar, an absolute monarchy roughly the size of Connecticut.