18 Apr '13, 2pm

The Fiat Emperor Has No Clothes: A piece from Paul Krugman in The New York Times this week criticizes bitcoin

Move up http://i.forbesimg.com t Move down Bitcoin Obliterates 'The State Theory Of Money' Jon Matonis Contributor Bitcoin Prevents Monetary Tyranny Jon Matonis Contributor Government Ban On Bitcoin Would Fail Miserably Jon Matonis Contributor Paul Krugman (Image by DonkeyHotey) A piece from Paul Krugman in The New York Times this week criticizes bitcoin for being antisocial and for not having a State-controlled supply while secretly admiring its powerful abstractness. As a complicit minion in the State’s appropriation of the monetary unit, Krugman perpetuates ‘The State Theory of Money’ myth that the sovereign’s power to collect taxes and declare legal tender imbues a currency with ultimate value. While that may be a reason to acquire a certain amount of government fiat currency, it is a transitory value because in the end it is still based on a State-sanctioned illusion....

Full article: http://www.forbes.com/sites/jonmatonis/2013/04/18/the-fia...

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