Idiotic Comment of the Day: "Bitcoin Ought to Be Outlawed" - Stiglitz

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Economist Joseph Stiglitz sees no socially useful purpose to Bitcoin and concludes it should be banned.

The former chief economist of the World Bank, Joseph Stiglitz Wants Bitcoin Banned.

"Bitcoin is successful only because of its potential for circumvention, lack of oversight," Joseph Stigliz, currently a professor at Columbia University, said in an interview on Bloomberg Television today, as the cryptocurrency reached new all-time highs this week. "So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function."

Who gets to decide what is or isn't a socially useful function?

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Bitcoin, like it or not, is a result of innovative thinking. The free market seems to like it.

OK, bitcoin is a bubble. So are lots of things, predominantly because of groupthink by central bank economists and their nutcase academic proponents who collectively serve no useful function.

I'll tell you what ought to be outlawed: The Fed.

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About Michael Shedlock