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Mashinsky: Since the 2008 Recession, we were told, especially by Republicans, it is not the American way to put a safety net under the average worker or the average company. What do you think should be the role of monetary policy by Government? If there were a РІР‚ВcryptoРІР‚в„ў monetary policy, what would it be?Р”Р‡ederal Reserve Building in Washington, DC Getty This theory shifts the responsibility of Fiscal policy to the U.S. can print as much of its own sovereign money as it wants to pay off its debts.

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dollar is backed by its full faith and credit, the U.S. It does not have limited supply, nor is going to cure our illness of trying to print ourselves out of trouble.Р”В«rett: Based on ideas that have been publicly embraced by the former Presidential Candidate Senator Bernie Sanders (I-VT) as well as Congresswoman Alexandria Ocasio-Cortez (D-NY), a theory called Modern Monetary Theory (MMT) has gained a following, where Congress would print, or mint, two trillion dollar platinum coins in Treasury. So really the Blockchain has no purpose there it is just a way to validate who has what. When you put in the context of the new digital dollar, the main question is are you creating something that has limited supply, or are you just converting printing money on a Fed balance sheet by just adding zeros to a Fed spreadsheet with a new dollar that will just be in digital form? The big difference between Bitcoin and any digital fiat currency that runs on a blockchain the Chinese or American are not going to put a cap on the amount that can be printed. We need to stop and go back to Austrian Economic Theory which relies on savings and no monetary intervention. We are moving in to a Keynesian Modern Economic Theory on steroids.

In the last month, the Fed printed more money than it did in the last one hundred years.

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So really, all this GDP that we are talking about was created through financial engineering either by creating these crazy valuations for tech companies or by banks leveraging free money that the Fed created for them while Americans lost their life savings due to inflation and monetary debasement. On the other hand the average AmericanРІР‚в„ўs income has basically stagnated since 1971 while tech and finance did exceptionally well. The Fed reflated your assets every time you got in trouble and you did better and better after every cycle. ThatРІР‚в„ўs also when the microprocessor was invented, and since then we basically have had four or five recessions, and if you were in the financial or tech sector, you almost didnРІР‚в„ўt feel any of the downturns. ThatРІР‚в„ўs when we went off the gold standard. Mashinsky: Let me give you the long version of the answer because I think the answer goes back to 1971. You donРІР‚в„ўt need my opinion.Р”В«rett: What is your take on the current policy of the Federal Reserve and the direction taken by Fed Chair Powell during this economic crisis? Jason Brett: I realize there is a lot going on for your company, but would like to dive into monetary policy and fiscal policy discussions for crypto and blockchain as well to get your opinion.Р”Р„lex Mashinsky: Sure, you can just listen to Powell, he has all the answers. Additionally, ArbinetРІР‚в„ўs fundraising story was featured as a case study in 2001 by Harvard Business School.3) According to Mashinsky, gold has never been able to accrue interest for its owners in the past 5,000 years until now with Celsius Network, which pays 4% interest in gold on gold. Alex founded two of New York CityРІР‚в„ўs top 10 venture-backed exits since 2000: one of his first comapnies, Arbinet, IPOРІР‚в„ўd in 2004 with a market capitalization of over $750 million and another venture, Transit Wireless, was valued at $1.2 billion at the time of exit.Р”Р„lex has received numerous awards for innovation, including being nominated twice by E&Y as entrepreneur of the year in 2002 & 2011 CrainРІР‚в„ўs 2010 Top Entrepreneur the prestigious 2000 Albert Einstein Technology medal and the Technology Foresight Award for Innovation (presented in Geneva at Telecom 99).Р”Р„s one of the pioneers of web-based exchanges, Alex authored patents that cover aspects of the Smart Grid, ad exchanges, Twitter, Skype, App Store, Netflix streaming concept and many other popular web companies.

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As a serial entrepreneur and founder of seven New York City-based startups, Alex has raised more than $1 billion and exited over $3 billion. Over 35 patents have been issued to Alex, relating to exchanges, VOIP protocols, messaging and communication. Alex is one of the inventors of VOIP (Voice Over Internet Protocol) with a foundational patent dating back to 1994 and is now working on MOIP (Money Over Internet Protocol) technology.