Friedrich Hayek Predicts The Rise Of Stablecoins Bitcoin And Cryptocurrency
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[Friedrich Hayek Predicts The Rise Of Stablecoins Bitcoin And Cryptocurrency]
Our second guest is the senior economist in the world, Nobel Laureate
philosopher, political theorist, an economist, a magician.
Definitely in the world’s greatest living economist.
Professor Friedrich Hayek
F. A. Hayek
Professor Friedrich von Hayek
[Professor Friedrich August von Hayek:] Source: LYBIO.net
Law, language, money, the three paradigms of spontaneous government institutions. Now fortunately, law and language have been allowed to develop. Money has originated in original form, but as soon as it was there in it’s most primitive form it was frozen. After two or three hundred years of coins, all the governments put their hands and stopped any further development. Governments said it not develop any further. We were not allowed to experiment on it. Money hasn’t been improved. Money has rather become worse over the course of time. And what we have had since in development, matters of government inventions, mostly wrong, mostly abuses of money.
I’ve directed Secretary Connelly to suspend temporarily the convertibility of the dollar into gold or other reserve assets.
[Professor Friedrich August von Hayek:] Source: LYBIO.net
And I have come to the position of asking has monetary policy every done any good? I don’t think it has. I think it has done only harm. That’s why I’m now pleading for what I’ve called “Denationalisation of Money.”
How do you think that it would work? Would the major banks, such as Chase Manhattan issue currencies, or gold coins issued, how would it –
[Professor Friedrich August von Hayek:]
While governments can stop people from issuing money, they can hardly stop them from opening accounts in something. After all, in the modern world, hand to hand money, coins, and paper is no longer the most important. Credits and credit cards are substitutes. So I think we can forget about existing money, and existing banks and open a system of accounts which will displace money.
Ahh, that’s fascinating concept, maybe the unit one day will be known as the Hayek. How in the world could have a theory based on a tight definition of increasing the money supply at a particular rate, which varies from time to time, if you don’t know what the fundamental money supply is.
[Professor Friedrich August von Hayek:] Source: LYBIO.net
I think the rule ought to be that whomever issues the money must adapt to quantities so that the price level would remain stable. But the belief that there’s a measurable magnitude, which you can keep constant, with beneficial effects, I regard as completely wrong. I don’t believe that we should every have a good money again, before we take the thing out of the hands of government. If we can’t take them violently out the hands of government all we can do is by some sly or roundabout way, introduce something they can’t stop.
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Friedrich Hayek Predicts The Rise Of Stablecoins Bitcoin And Cryptocurrency. So I think we can forget about existing money, and existing banks and open a system of accounts which will displace money. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.