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Central Bank or Not, Fractional-Reserve Bitcoin Violates Sound Money
A common misconception is that the only problem with current money is the central bank, and that once we abolish government control everything is going to be fine. However, a sound-money regime has to provide for the consistent time structure of property rights in money.
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The Digital Denationalisation of Money
Cryptocurrencies are still quite new and seem to just be scratching the surface of their potential. If they are to succeed — not only as a fringe medium of exchange or speculative investment, but as real competitors with government currencies — some new programmers are going to have to come along and make currencies whose digital coins are created in a much different manner than the current ones. Perhaps digital coins whose supply is determined by demand will lower volatility enough to cut the future uncertainty of prices. Those may be adopted as true media of exchange. Until that time, Hayek’s vision of private currencies will not be quite realized.
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How IKEA Changed Our Values and Lives
Ingvar Kamprad, the founder of IKEA, has died at the age of 91. He is a remarkable example of how enterprise and visionary entrepreneurship can have such a profound effect on the world. Even now, walking into an IKEA store for the first time is a riveting experience. It invites you to reassess your life priorities, how you live, how you spend your money, what you seek to do in life. It certainly did that to me, and I’ve never let go of what I learned. In some way, as I think about it, Mr. Kamprad, though I never met him, has been my teacher for a large swath of my adult life. Millions of others can say the same.
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