The Reason Interview With Nick Gillespie Lyn Alden: Our Money Is Broken
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Nov 3, 2023 Explore the concept of money as a ledger and who controls it, the demise of gold as money, issues with the financial system and trade deficits, the role of the Federal Reserve in taming inflation, navigating investment in a weak money environment, Bitcoin's rise and challenges for adoption, and the value of private censorship and alternative monetary systems.
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Money as a Ledger
- Money is fundamentally a ledger tracking ownership and transactions.
- Who controls the ledger and its rules determines money's value and stability.
Gold's Unique Monetary Hardness
- Gold's value as money comes from its high stock-to-flow ratio and difficulty to produce more.
- This natural scarcity resists dilution, unlike other commodity monies.
Telegraph Ended Gold's Reign
- Telegraph-era telecommunications forced money into abstract, centralized ledgers.
- Gold's slow physical movement made it untenable in fast, global transactions.