"It was a historical accident that governments took over the provision of money. They were often the organizations with the wherewithal to produce money that was reliable and thus acceptable to traders—and they have had plenty of power to push aside competing money. The move from physical commodity money to paper money put governments in a position to manage money supplies, for good or bad. Digital currencies undercut the contingencies that originally put the money in governments’ hands. They do not require governments to standardize them or ensure against counterfeiting—private administrative systems (including open source code) can handle these tasks. Digital currencies also threaten governments’ ability to collect seigniorage of all kinds, from the modest return on minting and printing to the exorbitant gains in inflating currency to monetize debt." cato-unbound.org/2013/07/08/jim-harper/its-just-money
Posted on: Sat, 13 Jul 2013 11:23:27 +0000
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