Everyone’s Talking About Currencies: 21 Points
The ideal “sound money system” is one in which many currencies, both state-issued and privately issued, compete in a transparent global marketplace.
The ideal “sound money system” is one in which many currencies, both state-issued and privately issued, compete in a transparent global marketplace.
Everyone’s talking about currencies, but often without much context. Here are 21 points about currencies that are good to keep in mind during any discussion.
1. Currencies are the foundation of a nation’s economy and financial system. History may offer examples of currency collapses benefiting the few, but there are no examples of currency collapses benefiting the many.
2. Ultimately, every currency reflects (i.e. is “backed” by) the economy and institutions of the issuing nation. Nations with diverse, adaptable, productive economies with deep, transparent markets have the means to pay interest on their bonds and offer productive investments for other nations holding surpluses of their currency. The meme on fiat currencies is that they’re “backed by nothing.” But currencies issued by nations / central banks that issue interest-bearing bonds are backed by the interest-bearing bonds.
3. Governments jealously maintain the sole privilege of issuing the currency so they can inflate (i.e. reduce the purchasing power) of the currency at will to make it easier for debtors to pay down debts. This benefits governments which are debtors and the banking / financial sectors which profit from lending and leverage.
4. The collapse of a currency destroys the central state’s ability to issue debt to fund its functions. Governments will always try to maintain the currency while debasing it as a means of maintaining a status quo that benefits elites at the expense of the many.
5. Currencies reflect financial repression: central banks’ suppressing interest rates / bond yields and excessive money creation weaken currencies by making the currency less attractive to global capital.
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