U.S. Federal Reserve to teachers and students (there will be a quiz!): “Traditionally, currency is produced by a nation's government.“ files.stlouisfed.org/research/publi…
Education or propaganda? At the very least it is quite incomplete. The following thread fills in some of the gaps:
2/ Many banks besides central banks issued bank notes that circulated as currency. See work of @lawrencehwhite1 & @GeorgeSelgin
• Charted Bank of India, Australia, and China, 1954
• Mechanic’s Bank, U.S.,1856
• North of Scotland bank, 1945
• Ipswich bank in England,1820s
3/ In the industrial revolution, factories had to attract workers with frequent pay that could be spent at bargain shops. The Royal Mint was not producing low-denomination coins, so factories minted their own. Was not the only time or place for private coins. ht @GeorgeSelgin
Ethnography was confounded by colonial bans on native institutions. Despite this many recorded use of shells as store of value & medium of wealth transfer. Shell beads go back over 100,000 years in archaeology. Copper was first smelted to make beads. unenumerated.blogspot.com/2017/02/confli…
I have to disagree but I understand why a person could think that in a debt/spending driven economy. The idea that not spending money could have a long-term value proposition is foreign to those who didn't experience savings APRs of +3%. Now u have to chase those returns w/ risks
If a society allows (or encourages) banks to enslave debtors through hidden and unjust taxation (printing money), regulatory and legislative rent-seeking (bailouts), and social programs that entrap (student loans), my opinion is ethics demands a re-balancing of incentives
Sure. But that good could be a bad form of money, if adopted. “Good money” commodities have intrinsic properties that make it good SOV’s, MOE’s, and UOA’s. Bitcoin is a commodity that has the strongest properties of money that ever existed
Agree but would like to point out this applies to Bitcoin operating within capacity, in full-block mode it becomes less portable due to delayed confirmation times and less durable as fees are highly corrosive.
Great point. Though I’d argue that a small block size is a trade off in order to maximize Bitcoin’s censorship resistance. Hoping layer 2 (⚡️) increases its portability. (Although even without layer 2, BTC is still way more portable than gold & fiat)
3% absent inflation or default risk is good. My earlier point was that low risk can turn out to be a false assessment, hence diversification. I do not disagree with your points, but I think real solutions are rarely as binary as polarized debate casts them.