Sublime

This was the fiat standard protocol installation, and the whole world copied it: run unsustainable deficits, default by confiscating and restricting the movement of gold, suspend redemption, increase the supply of paper notes, and if you can, try to get other countries to hold your currency as reserve. The U.S. did it best.

Imposing negative interest rates is strip-mining the capital stock.

Bitcoin already appears to satisfy all the requirements of Menger, Mises, and Hayek: it is a highly salable free‐market option that is resistant to government meddling.

would be a mistake to assume that microfinance is the holy grail solution to the problem of global poverty, any more than is Hernando de Soto’s property rights prescription.

One of Adam Smith’s most intelligent and penetrating readers was the German economist Karl Marx. Marx agreed entirely with Smith’s analysis: specialization had indeed transformed the world and possessed a revolutionary power to enrich individuals and nations. But where he differed from Smith was in his assessment of how desirable this development m

The dominant regime of political economy in the West since 1971, and particularly acute since 2009, has been built on a set of related economic fallacies: There are no adverse consequences to manipulating the price and supply of money; economic well-being can be measured by increases in flows of revenue rather than the growth rate of profit over ca

money is universal credit and that its supply and value in a free market is a reflection of the reality of how much valuable work has been done and not redeemed.

The three political lies: 1.From Hobbes, government is not about the common good or providing basic needs. It is about preserving property. 2.From Hobbes and Locke, economics is a moral-free math. Humanity’s equality need not translate to economic equity. 3.From Smith, justice is retributive—it is about punishing rule-breakers—not about making righ