What Bitcoin Did BITCOIN & THE MONETARY REVOLUTION w/ Josh Hendrickson & William Luther
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Mar 6, 2025 Join economists Josh Hendrickson, a professor and chair at the University of Mississippi, and William Luther, an associate professor at Florida Atlantic University, as they dissect the misconceptions surrounding Bitcoin. They discuss how mainstream economists struggle to embrace cryptocurrency, and critique the vulnerabilities of fiat money. The conversation dives into Gresham's Law, the potential shift to a Bitcoin standard, and the future dynamics of money in unstable economies. Expect a lively exploration of trust, complexity, and the evolving landscape of economic thought!
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Government Borrowing and Power
- Governments control armies and can confiscate property (taxes), giving them power to borrow.
- Money printing enhances this power, but government borrowing existed before fiat money.
Bank of England and Gold Convertibility
- The Bank of England historically paused gold convertibility during wartime, resuming at the previous rate.
- Not doing so would destroy faith in the currency, similar to current concerns about fiat.
Fiat Failure and Bitcoin's Vulnerability
- Fiat currencies face supply and demand side problems: governments exploiting their position and people abandoning the currency.
- Bitcoin eliminates the supply problem but remains vulnerable to demand shifts.