Marty's Ƀent - September 23rd, 2021 - Issue #1083

Thursday, September 23rd 2021 - Issue #1083

We won't be free until money is truly free

There are many things in life that the mass of men have come to accept as immovable truths. The sun will rise every morning. It will set every evening. And governments and central are the only entities capable of managing monetary systems.

While the former two phrases are examples of things that are actually immovable truths (until the sun explodes or gets ripped into a black hole), the latter is one of those things that many get tricked into believing is an immovable truth when, in fact, it is somewhat of an anomaly that isn't really based in any truth. Many of us who were born into a world in which governments and central banks are the only entities managing the major currencies of the world and most have come to expect that this is the way money works. However, this could not be further from the truth; the free market has produced the best forms of money the world has ever seen in terms of the ability to preserve purchasing power over time.

I'd take it a bit further and say that the mass of men wandering the planet today have been hypnotized to believe that government and central bank issued currencies are superior to free market currencies. "Duh, of course the money will be better if a centralized party is monitoring the smooth facilitation of the currency." Not fully understanding the tradeoff that is made to achieve that smooth facilitation; you get a better UX but a very small select group of individuals can debase your currency on a whim. Not only that, these centralized parties can begin to exert more granular control over the currencies they manage - especially in a world that is becoming digital-first. Control that allows them to decide whether or not you can send money in the first place, how much money you can send, and when you can send money. This system is anathema to the concepts of Freedom and Liberty.

If we are to live in a world that respects the inalienable rights of individuals to live free, it is imperative that money be a tool that is driven by and birthed from the free market. This means that if we are to be truly free, it is imperative that we separate money and state. This is not a new idea, Ayn Rand was preaching this vehemently when she was alive. Though, she called for the separation of economics and state.    
As Ayn pointed out, this means that money should be left to the free markets and the interactions humans make with that money should be engaged in without the encroaching oversight of the government or a central bank that has been decreed by the government. El Salvador is paving the way in regards to actually taking steps to separate money and state by making bitcoin legal tender. As it stands right now, El Salvador is the first country in the modern world to separate money and state. The same cannot be said in most of the world where bitcoin transactions are absurdly taxed as if they are transfers of real estate or liquidation of stocks. To ensure that humanity is truly free, governments the world over should allow individuals to use bitcoin as they see fit without any overbearing taxes or transaction spying.

I am hopeful that we will get there in my lifetime.  
Final thought...

I have a lot of driving ahead of me over the next two weeks.
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