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When there is enough supply to completely satisfy all the desires for this good, the partial quantity of that good is worthless. Therefore, noneconomic goods have not only no exchange value, but no value at all, and thus also no use value.

Carl Menger Explains Value | Antony P. Mueller

Bitcoin is hope.

Why Progressives Should Love Bitcoin: An Open Letter to Senator Elizabeth Warren

Is it any surprise that people who have been most oppressed by the state find appeal in a stateless money? Your voters are rejecting the legacy financial system because it fosters economic and racial injustice and perpetuates wealth inequality.

Why Progressives Should Love Bitcoin: An Open Letter to Senator Elizabeth Warren

How does behavior change in a world without permanent inflation, without obese governments fattened on free paper, without low or negative rates forcing us to take financial risks we didn’t want, and without financial crises that keep us perpetually dodging financial rocks flung by bankers and their government pets.

What happens to Bitcoin's Price if it Wins?

Today there is roughly $400 trillion in worldwide wealth, but only 20% of that wealth is held in currencies, with the rest parked in other assets like houses, stocks, or durable goods with resale value in a pinch. People own these things instead of money either because they get some benefit from owning it, like with a house, car or painting. Or else they own it because they think it will rise in value in future, like a stock, gold, or Bitcoin. Sometimes it’s both, like an antique car or a Jackson Pollack.

What happens to Bitcoin's Price if it Wins?

To wit, in Q3 1989 the net worth of the top 1% stood at $4.891 trillion, which amounted to 6.3X the $737 billion net worth of the bottom 50% of US households. That was when the Fed’s balance sheet stood at about $300 billion and it had taken 75 years to get there from the time of the Fed’s opening in November 1914. Fast forward to the present and the Fed’s balance sheet is 28X larger at $8.3 trillion. Alas, there is absolutely no doubt as to who benefited from that massive monetary inflation. That is, the net worth of the top 1% is now $41.52 trillion, where it stands 16X larger than the $2.6 trillion of wealth held by the bottom 50% of households.

Richard Nixon’s Dirty Deed – 50 Years Later - LewRockwell

Indeed, the essence of tyranny is the arbitrary and capricious deployment of state power, yet that’s exactly what inflation-targeting amounts to.

Richard Nixon’s Dirty Deed – 50 Years Later - LewRockwell

Politicians and Keynesian economists alike hated the gold standard because it was the great disciplinary anchor that kept the expansionist impulses of the modern Welfare State at least reasonably in check.

Richard Nixon’s Dirty Deed – 50 Years Later - LewRockwell

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation There is no safe store of value……The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.

Richard Nixon’s Dirty Deed – 50 Years Later - LewRockwell

If the fiat monetary system is to be saved from collapse, the economies will unfortunately have to throw overboard what little is left of the free economic and social system, for basically all the remaining corrective forces of the free market will have to be put to rest. In fact, governments will have to take recourse to more regulation, prohibitions, taxes, controls etc. In other words, the free economic and societal system will fall victim to the effort of preserving the fiat money system.

The Crime of '71: When Nixon Ended the Dollar's Last Connection to Gold | Thorsten Polleit

In any case, the decoupling of money from gold and the entrusting of the money-producing enterprise to the state and its central bank henceforth will probably prove to be one of the greatest follies in human history.

The Crime of '71: When Nixon Ended the Dollar's Last Connection to Gold | Thorsten Polleit

As Charles-Maurice de Talleyrand wrote of the Bourbons in the years after the French Revolution, “They learned nothing, and they forgot nothing.” One can say the same for the Keynesians. A half century after The Crisis, Keynesians seem hellbent on creating new crises and printing money to “fix” them.

The Great Keynesian Coup of August 1971: Fifty Years Later | William L. Anderson

The decision to end the gold redeemability of the greenback was probably the largest act of monetary expropriation of modern times.

The Crime of '71: When Nixon Ended the Dollar's Last Connection to Gold | Thorsten Polleit

Almost fifty years ago, on August 15, 1971, the US administration under President Richard Nixon (1913–94) abolished the gold redeemability of the US dollar. It was through this unilateral decision that the world's major currencies were turned into irredeemable money: money that is no longer backed by physical gold. This surprise coup put an end to the system of Bretton Woods, which had been adopted in 1944.

The Crime of '71: When Nixon Ended the Dollar's Last Connection to Gold | Thorsten Polleit

Tyranny results from government's attempts to plan the workings of daily life.

Hayek's Legacy of the Spontaneous Order | Federal Reserve Bank of Minneapolis

The argument that people accept a Yellow Fever certificate is spurious. Yellow Fever certificates are usually required only if you arrive from one of the endemic countries. In addition, Yellow Fever carries around a 30% mortality and has a well-established vaccine that gives lifelong protection. The COVID-19 vaccines and indeed the disease are not comparable in any way.

Vaccine certification - an ethical minefield

Any coercion is especially inappropriate given these vaccines are still under temporary licence pending publication of long-term safety data. We should not be advocating for vaccinating the entire population with experimental interventions whose long term safety is unknown and cannot be assumed.

Vaccine certification - an ethical minefield

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