{"id":19732,"date":"2021-06-15T17:06:03","date_gmt":"2021-06-15T17:06:03","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=19732"},"modified":"2022-02-10T16:31:48","modified_gmt":"2022-02-10T16:31:48","slug":"foreign-policy-el-salvador-is-printing-money-with-bitcoin","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2021\/06\/15\/foreign-policy-el-salvador-is-printing-money-with-bitcoin\/","title":{"rendered":"Foreign Policy:  El Salvador Is Printing Money With Bitcoin"},"content":{"rendered":"<p>Yet more El Salvador! This one is hardly about Bitcoin at all \u2014 it&#8217;s about the politics of what I think Nayib Bukele was thinking. [<a href=\"https:\/\/foreignpolicy.com\/2021\/06\/15\/el-salvador-bitcoin-official-currency-printing-money\/\"><em>Foreign Policy<\/em><\/a>]<\/p>\n<p>My thesis here is that Bukele doesn&#8217;t want to de-dollarize El Salvador \u2014 he just wants to print his own dollars as well. So he wants to inject bitcoins and tethers, account those as &#8220;dollars,&#8221; sop up all the actual dollars to pay outside debts, and hope the Salvadoran economy takes off before it all goes <a href=\"https:\/\/en.wikipedia.org\/wiki\/Corralito\">Argentina in 2001<\/a> and people start setting fire to things.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2021\/06\/15\/foreign-policy-el-salvador-is-printing-money-with-bitcoin\/bukele-foreign-policy\/\" rel=\"attachment wp-att-19733\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-19733\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/06\/bukele-foreign-policy.jpg\" alt=\"\" width=\"510\" height=\"315\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/06\/bukele-foreign-policy.jpg 680w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/06\/bukele-foreign-policy-300x185.jpg 300w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/06\/bukele-foreign-policy-348x215.jpg 348w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>This one was 24 hours from James Palmer messaging me for a piece, to publication. Of course, it was <em>also<\/em> eight days of being steeped in El Salvador&#8217;s new Bitcoin Law, and how the local Salvadorans feel about it.<\/p>\n<p>Tremendous thanks to my pre-readers \u2014 particularly the local Salvadorans, an Ecuadorian economist who watches El Salvador closely, and Ed Salazar, who&#8217;s from Argentina.<\/p>\n<p><b>Update:<\/b> Seph Brand has done an unofficial translation into Spanish, which I&#8217;m told is accurate. [<i><a href=\"https:\/\/www.getrevue.co\/profile\/sephbrand\/issues\/el-salvador-esta-imprimiendo-dinero-con-bitcoin-656301\">Seph Brand<\/a><\/i>]<\/p>\n<p>&nbsp;<\/p>\n<p><small><small>If the paywall blocks you, try the Firefox &#8220;reader view,&#8221; or opening the article in a Firefox private window.<\/small><\/small><\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>Bukele doesn&#8217;t want to de-dollarize El Salvador \u2014 he just wants to print his own dollars as well.<\/p>\n","protected":false},"author":1,"featured_media":19733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[2317,21,2305,1150,2307],"class_list":["post-19732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-argentina","tag-bitcoin","tag-el-salvador","tag-foreign-policy","tag-nayib-bukele"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/06\/bukele-foreign-policy.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/19732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=19732"}],"version-history":[{"count":7,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/19732\/revisions"}],"predecessor-version":[{"id":21804,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/19732\/revisions\/21804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/19733"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=19732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=19732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=19732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}