Ending Fiat Money Won’t Destroy the State

Source: Ludwig von Mises Institute
by Ryan McMaken

“A certain meme has become popular among advocates of both gold and cryptocurrencies. This is the ‘Fix the money, fix the world’ meme. This slogan is based on the idea that by switching to some commodity money — be it crypto or metal — and abandoning fiat currency, the world will improve greatly. Taken in its moderate form, of course, this slogan is indisputably correct. State-controlled money is immoral, dangerous, and impoverishing. … But it’s also important to not overstate the benefits of taking money out of the hands of the state. The temptation to push the ‘fix the world’ idea to utopian levels is often seen among cryptocurrency maximalists, and among some gold promoters as well.” (01/06/22)