VandelayBTC on Nostr: “In no period of human history, has paper money spontaneously emerged on the free ...
“In no period of human history, has paper money spontaneously emerged on the free market. The only sure way to bring paper notes into circulation was to impose them on the citizenry.
Historically, private coinage came first and only later did governments take over. It carries the risk of total and permanent value annihilation.
In a truly free market, paper could not withstand the competition of commodity monies. The more farsighted and prudent market participants would get rid of their paper money first, and the others would follow in due course
Inflation is that part of the money supply that comes into being because of the invasion of private property rights. As in the case of debasement, banknotes have been falsified both by ordinary criminals and by the “guardians” themselves, as in 1781 when the Bank of Amsterdam started counterfeiting its own banknotes.
Economic science has put us in a position to understand that competitive coinage is an even better way of preserving the trustworthiness of coins. There is no economic reason not to allow every private citizen to enter the minting business and to offer his own coins.
As long as the citizens are free to produce and use the best money available, sound money prevails, whereas debased money and fractional reserves lead a fringe existence".
- J.G.Hülsmann
#Bitcoin > #CounterfeitMoney
Published at
2023-08-15 02:47:45Event JSON
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"content": "“In no period of human history, has paper money spontaneously emerged on the free market. The only sure way to bring paper notes into circulation was to impose them on the citizenry. \n\nHistorically, private coinage came first and only later did governments take over. It carries the risk of total and permanent value annihilation.\n\nIn a truly free market, paper could not withstand the competition of commodity monies. The more farsighted and prudent market participants would get rid of their paper money first, and the others would follow in due course\n\nInflation is that part of the money supply that comes into being because of the invasion of private property rights. As in the case of debasement, banknotes have been falsified both by ordinary criminals and by the “guardians” themselves, as in 1781 when the Bank of Amsterdam started counterfeiting its own banknotes. \n\nEconomic science has put us in a position to understand that competitive coinage is an even better way of preserving the trustworthiness of coins. There is no economic reason not to allow every private citizen to enter the minting business and to offer his own coins.\n\nAs long as the citizens are free to produce and use the best money available, sound money prevails, whereas debased money and fractional reserves lead a fringe existence\".\n\n- J.G.Hülsmann\n#Bitcoin \u003e #CounterfeitMoney\n\nhttps://cdn.nostr.build/i/fce6dfd799c8889168248867aeb7c69a23b6f6bdc40742a6ef6f9315d31fdd1f.png",
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