U.S. Federal Reserve to teachers and students (there will be a quiz!): “Traditionally, currency is produced by a nation's government.“
Education or propaganda? At the very least it is quite incomplete. The following thread fills in some of the gaps:
"Money serves three functions in an economy: medium of exchange, store of value, and unit of account."
My bank account says that fiat failed miserably at #2. That means it fails as money, right? And they got it backwards. #2 comes before #1 & is more important. What say u Feds?
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
4/ Vast majority of coins were minted by gvnts, but monetary use of metals was far broader than & long predated that of coins. International money was the metal not its form. "Pound", "drachma", "shekel" etc. were units of weight.
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.
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
Not sold on the merits of that argument especially to the degree of enforcing radical changes on BTC’s economic properties.
I don’t begrudge your belief, but wouldn’t even a sufficiently small block size keep pace with technological advances?
Frozen limit seems regressive.