Sublime

The libertarians were different. They slipped more easily into the American stream. In their insistence on freedom they could claim to be descendants of Locke, Jefferson, and the classical liberal tradition. Some of them interpreted the Constitution as a libertarian document for individual and states rights under a limited federal government, not a

Printing money is a stealth tax on wealth that disincentivizes holding money, as above. It has the same first-order effect on wealth transfers but has hidden second-order effects of misdirecting capital due to political expediency and cowardice.

Prices are information, trade is speech, and the capital stock is a literary corpus. Which is to say, Bitcoin is the internet, extended to the communication of value, furiously wrestling value back from the feudal client/server architecture of fractional reserve and central banking. The Bitcoin Protocol / Lightning Network Protocol (LNP/BP) is the

Hayek gives us the intuition of prices conveying only what market participants deem to be the most important information and actually destroying the rest, and Holland shows how this can be represented with the formalism of complex systems.

Whereas Buchanan’s views were informed by a sense of earnestness, humility, and respect, Rothbard’s every breath was laden with irreverence for authority. Buchanan was an Irish Catholic who regarded 1959’s liberalizing Vatican II Council as a surrender of the forces of good (meaning orthodoxy) to those of decadent modernism. Rothbard, on the other