I don't want my government to have that kind of power and control over my finances.

Expand full comment

It's true that CBDC's may be in some ways problematic. But for reasonably clean well-governed liberal democracies, they represent an opportunity to make the system work more fairly than delegating to the banking sector, however well-governed and transparent it is.

But the notion that crypto is anything better is not just laughable it is hugely suspect: removing the transparent democratic control over a currency is an invitation to economic and political disaster. There is nothing about crypto that is an "economic" system, let alone one that has proven to be the greatest system to enhance living standards of the most number of people in human history.

Inflation is a feature of every system of production and exchange. It occurs most frequently as a side effect of supply. It can also be caused by mismanagement of an economy. There is a vast and clear history of national and international economics work and why. The silliness advanced in the crypto space that it is a "financial system" or that it somehow will miraculously alter how economies work is at best laughable.

But there are many fools out there who are looking to latch onto some hot tulips or, perhaps worse, are uninformed fools doing no one, including themselves and their progeny a favor.

The will end at some point and not well. Hang on, though, greed, opportunism and non-democratic state-sponsored misinformation will keep the nonsense going still for awhile. Let's hope for the empirically-oriented liberal democracies to swallow and shit this out soon.

Expand full comment