28 Apr '15, 12pm

Misfit Bitcoin, Flag Money, and Currency Wars

Misfit Bitcoin, Flag Money, and Currency Wars

Ever since the end of the gold standard, world currencies have free-floated in value against each other. This system has created a zero-sum competition among currencies that, when enhanced by nationalism, becomes a global proxy war for domination. The value of currency is neither intrinsic nor related mostly to purchasing power. Instead of focusing on competitive industries and mutually beneficial trade, many countries today use their currency as a weapon to tilt the trading field in their favor. By manipulating currencies, usually through devaluation, governments can simultaneously juice the earnings of large corporations, erode and lighten the national debt, and destabilize the economies of rivals. In the process, they also destroy the value of savings for their own citizens. But right in the middle of this global currency war, bitcoin was born. And it is set to undermin...

Full article: http://fee.org/freeman/detail/misfit-bitcoin-flag-money-a...

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