The Libra could be to money and finance what Henry Ford was to automobiles.
Money did not originate in the laws or decrees of kings and princes. Money, as the generally accepted medium of exchange, emerged out of the market transactions of a growing number of buyers and sellers in an expanding arena of trade.
Requiring that citizens track transactions in gold or alternative currencies and pay taxes on gains and losses relative to the dollar is just another mechanism for keeping the monetary playing field unbalanced in favor of government fiat.
There is a reason to the rhyme of why dealers, rappers, and pimps wear their wealth. It all comes down to the legal gulf that separates their professions and art from civic practices. If you want to keep what you have earned, and take every precaution against having it pillaged by the police, it’s best to carry it with you.
A company is trying to bring the calming influence of gold to the Wild West frontier of cryptocurrencies
A monetary standard based on Bitcoin, a digital currency, would act something like the gold standard in making price levels more predictable and stabilizing exchange rates but would likely be undone by politicians and central bankers.
Texans’ writing checks as good as gold is just a few months from reality.
Texas declared it wants to repatriate its gold, sending beams through the monetary world. Is this the long-awaited new day for alt-currency devotees or another false dawn?
In 1900, President William McKinley signed the Gold Standard Act, explicitly making gold the only commodity exchangeable for U.S. paper money.