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Here's what Nobel prize-winning (when it still meant something) economist Hayek had to say: “I don’t believe we shall ever have a good money again before we ta
by npoc 2y ago
Here's what Nobel prize-winning (when it still meant something) economist Hayek had to say:
“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” – F.A. Hayek 1984
https://youtu.be/CBIidtaUCzs https://youtu.be/CBIidtaUCzs
https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/
- deleted 2y ago[deleted]
- ttyprintk 2y agoHis goal of spontaneous order depends on several things. Apparently, the most difficult for Americans are: 1. Initially, the currency is promised to be convertible to a basket of goods and services. That promise begins the reputation of the issuing institution. 2. Fraud would still be illegal, reputation-damaging, and not “it’s called being smart”
- npoc 2y agoIt's not a goal just a concept. Point 1 isn't true. There doesn't need to be a issuing institution. Just look at gold. As for 2., yes, it seems that the promises from centralised institutions you mention always end up being fraudulent