Denationalisation of money
an analysis of the theory and practice of concurrent currencies
by Friedrich A. von Hayek · first published 1976
6mentions
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5HN commenters
2007–2022first – last mentioned
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…their name to the currency and have no legal power to make their money legal tender they will have a much stronger incentive to provide a good and stable money. Hayek wrote a fascinating treatise on the denationalisation of money, and with the ongoing globalisation sooner or later we will get used to juggle with more than one currency in our pockets. Second Life seems to be a step in the direction that companies start to issue…
on “The Meaning of Money” ↗…currency already under a single decision maker doesn't so obviously need that extra governance. I don't know, maybe it does, but I'd like to see the reason spelled out. (Hayek raised this point in his Denationalisation of Money.)
on “Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal” ↗That's not what Gresham's law says. As Hayek put it in denationalisation of money (section VI The confusion about Gresham's Law): > Gresham's Law will apply only to different kinds of money between which a fixed rate of exchange is enforced by law (Emphasis in the original)
on “It Looks Like Nobel Economics Laureates Don't Like Bitcoin” ↗…solving inflation, we're just really really early, yes, 99% of tokens will die, but that 1% that lives will be the building foundation of the future of smart money, novel winning economist Hayek proposed denationalisation of money and we are finally witnessing it, I do seriously think you don't understand it.
on “An attacker is currently draining 100s of Solana, $SOL, wallets and SPL tokens” ↗…do think he's worth the time to get his point of view to sink in. (I don't think the same of Austrians in general.) Perhaps most relevantly he wrote a book on the idea of competing private currencies (Denationalisation of Money -- it seemed meant for people with more knowledge of economics or finance than me).
on “The hyperinflation gallery” ↗…abandoned to avoid the crisis potentials peculiar to it. The most influential statement of your proposal is Hayek's article "Choice in Currency: A Way To Stop Inflation"[1] which he later expanded on in "Denationalisation of Money". Hayek's views have an admirable internal consistency, but his political premises are contrary to the core values of almost every pre-industrial society, and of the social democratic tradition in Europe…
on “FTX to file for U.S. bankruptcy, CEO resigns” ↗