Couple of separate issues to blog about today, although at a high level both of them are related in the aspect of "competing parallel currencies".
Fresh off of the press from few hours ago, legislature in Virginia moves closer to investigate feasibility of their own currency!
Push for own currency in Virginia moves closer to reality
Regardless of whether such an idea ends up being "pie-in-the-sky" as of today, the very fact that there is even discussion at a state legislature level to challenge Federal Reserve's hegemony is a big achievement. The Fed's out of control money printing encourages governments at various levels to run up unsustainable debts. Injecting more paper currency into money supply in such situation is akin to providing more drug syringes to an out of control drug addict. It takes constitutional conservatives in such an environment to seriously discuss the societal danger posed by out-of-control debts. One can only hope that such conversation moves to state legislatures in more and more states across the country.
And continuing with Bitcoin related discussion from previous post, here is a snippet of actual Bitcoin discussion from mainstream media!
Bitcoin in mainstream media news
Ignoring the obligatory portions in which it talks about "transactions by criminals", "shady underworld dealings" etc., once again the conversation of a non-Central Bank backed currency is slowly creeping in at more and more mainstream places. There is nothing more capitalistic and free-market than a discussion of competing currencies themselves. If a loosely coupled digital currency like Bitcoin ends up being flawed, fine. So be it, but let the market decide such successes or failures. Prospects of debasement of the "other big monopolistic reserve currency" do not inspire a lot of confidence either.
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