toxicbitcoiner on Nostr: Bob Murphy would say: But if we make laws, even in Ancapistan, that consider ...

Bob Murphy would say: But if we make laws, even in Ancapistan, that consider fractional reserve banking to be fraud, then we could reinstitute a gold standard with 100% reserve deposits.

To which I’d say the original post plus: money is supraordinate to law.

quoting
nevent1q…x9hw

Money lenders will never willingly give up their ability to indefinitely expand the money (credit) supply. Gold doesn’t have the spatial salability to *force* a reversal of their runaway rehypothecation. While Bitcoin cannot necessarily guarantee *zero* rehypothecation, it is the only credible solution to runaway rehypothecation.