In fact, there are few monopolies, but currency, as we have seen, is a low cost method to compete with central banks. Central bank share of the currency business varies between 80% and 40%, and sometimes lower if the government prefers free banking. In Venezuela, the central bank share of the market is now way below 40%.Barter reigns supreme, barter and corruption. Most of their cocaine business is conducted in dollars.
Why do economists teach central banking as a monopoly?
Well, not all do it, the economists with a sense of history go look, or economists with a sense of trade go look. They find competitive currency systems everywhere, from paper grocery coupons, to gold, to regular S/L currency banking which we do today. Libra would have tended toward normative issuence via the S/L mechanism.
But in some universities and colleges, competition analysis is beyond the capability of the professors, and math folks won't bother because of economists tendency toward delusion. Sandboxers know how to automate S/L. Sandbox supports central banking.
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