@QWQiao your post sent me down the path of looking into Hayek's views on deflation again and I found this choice quote:https://twitter.com/bascule/status/990691490069467137 …
Cryptocurrency Analyst. Bitcoin, not Blockchain. Angel Investor. Previously @Princeton.
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Spooky Public Key Info (SPKI) Retweeted Spooky Public Key Info (SPKI)
@QWQiao your post sent me down the path of looking into Hayek's views on deflation again and I found this choice quote:https://twitter.com/bascule/status/990691490069467137 …
Spooky Public Key Info (SPKI) added,
Interesting. Did you read that document? It's important to know the context in which he said that to understand why he said that.
Depends very much on when the quote is from. Eg. in the early 1930s he was actually in favour of deflation (in the UK), because of the prevailing wage, and price rigidity which he saw as a far greater evil - as it was the major cause of unemployment at the time.
There isn't a default opinion to be had for/against inflation/deflation when you talk Hayek, it all depends on context. He did argue against static inflation such as Keynes was for, and is the prevailing monetary policy of central banks today though.
Right. He definitely argued against deliberate inflationary monetary policy. Do you think he overall favors ethical monetary control or a free market approach?
He favors extremely limited intervention to restore equilibrium in extremely out-of-kilter situiations, but otherwise he obviously favors a bottom-up, free market approach. That’s very different from deflation as a first principle ala Bitcoin.
Hayek definitely considered static deflation as bad as static inflation. The intervention he argues for is actually very similar to what Bagehot argues for in Lombard Street. NGDP targeting monetary policy - inflation during decreasing output, deflation during increasing output.
https://m.youtube.com/watch?t=1235s&v=vbNMYfqTCkA … Don’t know if you guys seen this presentation by Jihan Wu yet. He thinks the future are Private Central Banks issuing stablecoins which will compete against one another and entire governments will outsource monetary-policy-as-a-service.
I think it is possible, but probably pretty unlikely. The more likely outcome is a mixed currency economy, where you still have a single accounting currency for taxation purposes, which probably will remain the government's fiat currency, but people transact in many currencies.
Don’t you think that 100s of currencies is no different to barter, the very thing that money wa supposed to eliminate? They exist today because of borders and add friction UX. I believe future are 1-5 big winners. What do you think?
If no one wants fiat anymore and it’s only used as a tax appcoin, it will be worthless or be worth very little due to high velocity. The SoV component of Money exists purely in our minds. There can only be so many Schelling Points for Neo-Gold etc.
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