(Credit: Reuters/Jim Urquhart)

Is the bitcoin craze another in a series of history’s most infamous bubbles, or is it a genuine harbinger of a new global financial architecture? In spite of recent market turbulence, its champions see bitcoin (and its cryptocurrency peers) as an ideal market-generated solution as questions arise about the future viability of paper currencies in a global economy characterized by sky-high indebtedness and bloated government/central bank balance sheets. The enthusiasts behind cryptocurrencies produce debt clocks that relentlessly tick over to get us to believe that a Weimar–style hyperinflation is imminent. By creating an alternative store of value outside the control of easy-money-peddling central banks, and their corrupt Wall Street handmaidens, they assert that bitcoin offers a way out of this looming destruction of our savings.

Certainly one can appreciate the appeal of anything that purports to prevent an economic Armageddon. No less a figure than Frederick Hayek, the Austrian Nobel prize-winner known for his work on the theory of money and demigod of free-marketers, called for the elimination of state-controlled money and the abolition of “money-printing” central banks. He …read more

Source:: Salon – Innovation

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