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News Link • Currencies

Real Evil: Attributing the Creation of Money to the State

• The Daily Bell
 One is elegant, intuitive and taught in many introductory economics textbooks. The other is true. The financial economist Charles Goodhart, a former member of the Bank of England's Monetary Policy Committee, laid out the two views in a 1998 paper, "The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas." – Bloomberg

Dominant Social Theme: Money comes from government.

Free-Market Analysis: This is the fundamental fault line between freedom and statism and one reason we've spent so much time writing about it and have been subject to so many attacks.

1 Comments in Response to

Comment by Powell Gammill
Entered on:

True...paper money is a creation of those who secured gold and silver for its owners.  It is only as good as the creator is trustworthy.

Bitcoins are an electronic version of paper fiat currency.  It has perceived worth.  It has all of the benefits paper currency has, had and even more.  For a libertarian the free market can decide.  What government does is eliminate the free market choices...only their currency can be used.

Not everyone wants to carry their gold and silver around with them all the time.  It's heavy and can fall through pockets.

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