/biz/ - Business & Finance

>>15570297
Also here's a quote to bring out the ideological wackyness of lolberts
>Hayek’s scheme of private individuals or banks issuing their own currencies—a scheme which he himself, in more sober moments, would have dismissed as absurdly “constructivist”—was not so much adopted as coming to serve as inspiration or jumping- off point for other money-crank schemes, which have proliferated ever since. They range from private currencies to schemes for private banks freely inflating credit on top of gold currency reserves. As these proposals have multiplied, however, gold has inevitably dropped out or been pushed out of the picture. Later plans range from banks inflating notes or deposits on top of Federal Reserve Notes even after the Fed has been abolished; gold being a mere shadow helping to prop up the system; and finally schemes where banks clear each others’ notes indefinitely with no possibility of the poor public’s being able to redeem its way out of bank money. Finally, standard or “high powered” money disappears altogether, and inflationary banks merely redeem their notes and deposits in the equally phony notes and deposits of other inflating banks.”
>Money-crankism is a common phenomenon of the last two centuries and, as every professor of money and banking who has received lengthy and passionate letters written in crayon on the subject can attest, it always involves schemes for radical expansion of the supply of money. The proposed monetary inflation can either be governmental, or, if proposed by the libertarian-inclined, it can be private. Economically, it makes no real difference, except that empowering every private person to print as much money as possible would bring hyper-inflationary disaster even more quickly.
https://books.google.ca/books?id=e5G13fmGBpsC&pg=PA205&lpg=PA205&dq=%22opened+the+Pandora%27s+Box+of+money-crankism.%22
cypto is fraud and anyone dealing in them are violating the NAP, only gold is real money
t. Rothbard