Search My Site
Categories
Best Economics Book Ever
Best Economic History Book Ever
How to Fix Health Care
My Introduction to Austrian Economics
Pushing Back Against Krugman
The Case for IBC
Pages
- “My History With IBC [Infinite Banking Concept]”
- *The Three Lads and the Lizard King*
- About
- Academic Work
- Books
- Check out the MURPHY-KRUGMAN DEBATE
- Contact Me
- Free Advice
- Lara-Murphy.com
- Popular Writings
- PRIVACY POLICY
- Reading List in Austrian Econ & Libertarianism
- Resumé/CV
- Sign up for the Lara-Murphy Report!
- Speaking Engagements
- Videos
- Writings
My Trade Surpluses
Read at Your Own Risk
- Antiwar
- Big Questions (Steve Landsburg)
- Cafe Hayek (Boudreaux and Roberts)
- EconLog
- Ideas (David Friedman)
- Master Resource (Rob Bradley et al)
- Moneyness (JP Koning)
- MyGovCost Blog
- Satoshi Nakamoto Institute (Bitcoin)
- The Beacon
- Think Markets (Rizzo et al)
- Tom Woods
- Worthwhile Canadian Inititiative (Nick Rowe et al.)
Recent Posts
- Bob Murphy Show ep. 193: Walter Block Explains His Entry into Libertarianism, and His View of the Future
- BMS ep. 192: Extending AnCap Analysis for Vaccine Passports, Court Rulings, and Desegregation
- BMS ep. 191: Clarifying the Economic Framework for Both Camps in the Bitcoin Debate
- Bob Murphy Show ep. 190: Benjamin Boyce on the Evergreen State Riots and Lessons for America
- Undercutting the Libertarian Case Against Lockdowns
Recent Comments
- random person on BMS ep 152: The Coming Darkness and Renaissance
- random person on BMS ep 152: The Coming Darkness and Renaissance
- guest on BMS ep 152: The Coming Darkness and Renaissance
- random person on Undercutting the Libertarian Case Against Lockdowns
- Harold on Undercutting the Libertarian Case Against Lockdowns
Mises.org Daily Article RPM Feed
- 88 Years Ago, FDR Banned Gold. Will a Bitcoin Ban Be Next?
- Jacqui Boland’s Entrepreneurial Journey on a Red Tricycle
- India's Crypto-Clueless Regulators
- State Legislatures Are Finally Limiting Governors' Emergency Powers. But Only Some of Them.
- Major League Baseball Punishes Georgians for the Acts of a Handful of Politicians
Mises.org Media Feed
- The Feds Are Pushing Pension Funds toward "Socially Responsible Investing"
- 88 Years Ago, FDR Banned Gold. Will a Bitcoin Ban Be Next?
- Jacqui Boland’s Entrepreneurial Journey on a Red Tricycle
- Major League Baseball Punishes Georgians for the Acts of a Handful of Politicians
- The Tyranny of the "Enlightened" Experts
First, everything Tatiana said about stuff was awesome, and she makes my life better in so many versions of mainly just one way.
But second, you guys can’t just say that having a set number of things to use in indirect exchange creates coordination. Why is that, in your view? What is the number of things *doing* with respect to your individual preferences?
For the record, once again, it is my position that non-commodity money (such as FRNs and bitcoins) necessarily cause DIScoordination, not coordination, and the only reason Americans are able to enjoy such a high standard of living under our current structures of production is because wealth is being stolen from other countries on our behalf (through counterfeiting, and exporting our inflation), even as our government does the same to American citizens for the benefit of the banks and Wall Street (there’s nothing wrong with banking or the profit motive, btw).
Money has to convey the profit you expect in return for your sale (of goods or of labor), otherwise it’s not functioning as money. And arbitrarily valued paper or digits cannot logically do that.
Even LK understands that to say that an arbitrarily valued “digital currency” – whether valued freely or not – can create economic coordination, is also to say that FRNs, or any other state-imposed “money” can create it, and would be a justification for fiat money and even coercive stimulus.
Because whether or not the “money” is valued freely, it is arbitrarily valued – it has no link to use-value, anyway, so there can’t be a distortion caused by the coercive nature of its use.
Distortion?? Distortion of what? That would imply the existence of some objective stantard being used for comparison. But arbitrarily valued things don’t have objective standards, so you can’t distort them.
Ask the guy: LK understands the acceptance of bitcoins as an acceptance of FRNs. The logic that justifies bitcoins’ use as money also justifies the use of FRNs – imposed or otherwise.
Bob, you losing weight? No kidding.