Currency

A man makes a transaction at an automated teller machine (ATM) of a Piraeus Bank branch in Athens, Greece. (AP/Yorgos Karahalis)
ATHENS (Analysis)– Day by day, we’re moving towards a brave new world where every transaction is tracked, every purchase is recorded, the habits and preferences of everyone noted and analyzed. What I am describing is the “cashless society,” where plastic and electronic money are king, while banknotes and coins are abolished.

Many mainstream economists today instinctively oppose the idea of the self-regulating gold standard because they have been trained as social engineers. They consider the aim of scientific economics, as of engineering, to be prediction and control of phenomena (not just explanation).

Bitcoin has become digital gold. In many ways it's become better than gold, allowing for an easier way to make exchanges and transactions worldwide. Trading has never been easier than with cryptocurrency. We are living in an amazing time for currency and trade.  

(ANTIMEDIA) Phoenix, AZ — The latest massive price increases in cryptocurrencies like Bitcoin and Ethereum have boosted the credibility of investors who criticize the fiat currency system. Unfortunately, precious metals haven’t followed in crypto’s footsteps yet, and heavy losses over the last few years have led many people to write off the asset class altogether.

(ANTIMEDIA) The price of bitcoin just surpassed $1,800, its second all-time high this week. As governments worldwide eye the blockchain technology and ready new cryptocurrency rules, there is no sign bitcoin’s astronomical rise in value, up 81 percent this year, is over.

Earlier this week, I hooked up for a lunch with George Archer and Jonathan Nitzan, two friends of mine who also had previous stints working at BCA Research. I enjoyed our lunch and conversation. After we met, Jonathan sent me a paper he published along with Shimshon Bichler, “Can Capitalists Afford a Trumped Recovery?”:

Anything you can do with Bitcoin, you can do with a dollar-pegged cryptocurrency, like avoid fees associated with credit and debit cards, maintain greater privacy, “remit payments globally” more cheaply, and access blockchain financial services.

A man holds a newspaper as he looks at an electronic board displaying stock prices at a brokerage house in Beijing, China, Dec. 5, 2016. (AP/Andy Wong)
Moments ago, all three main US FX pairs, the yen, euro and yuan snapped higher, following a CNBC report according to which the Trump administration is studying ways to penalize countries whose currencies it believes are undervalued. CNBC cited two unidentified people with direct knowledge of the review who work within the administration.

Mural at the Communist Party headquarters in Lisbon

(RPI) History shows that, if individuals have the freedom to choose what to use as money, they will likely opt for gold or silver.