{"id":6064,"date":"2021-01-26T13:49:28","date_gmt":"2021-01-26T13:49:28","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6064"},"modified":"2021-02-17T14:05:30","modified_gmt":"2021-02-17T14:05:30","slug":"a-new-age-of-private-money","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/01\/26\/a-new-age-of-private-money\/","title":{"rendered":"A new age of private money"},"content":{"rendered":"<p>The appearance of cryptocurrencies like bitcoin is part of a much bigger trend\u2014the re-emergence of private money as a competitor to state-issued currencies like the dollar, euro, yen or pound.<\/p>\n<p>That\u2019s the central argument of Professor George Selgin, our guest on <a href=\"https:\/\/blubrry.com\/newmoneyreview\/73084736\/a-new-age-of-private-money\/\">the latest <em>New Money Review<\/em> podcast<\/a> and a specialist in monetary history.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6066\" src=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2021\/01\/New-Glasses-Need-Haircut.jpg\" alt=\"\" width=\"258\" height=\"336\" srcset=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2021\/01\/New-Glasses-Need-Haircut.jpg 905w, https:\/\/newmoneyreview.com\/wp-content\/uploads\/2021\/01\/New-Glasses-Need-Haircut-231x300.jpg 231w, https:\/\/newmoneyreview.com\/wp-content\/uploads\/2021\/01\/New-Glasses-Need-Haircut-787x1024.jpg 787w, https:\/\/newmoneyreview.com\/wp-content\/uploads\/2021\/01\/New-Glasses-Need-Haircut-768x999.jpg 768w\" sizes=\"auto, (max-width: 258px) 100vw, 258px\" \/><\/p>\n<p><em>George Selgin<\/em><\/p>\n<p>Selgin, who is director of the centre for monetary and financial alternatives at the Cato Institute and a professor emeritus at the University of Georgia, is a supporter of Austrian economist Friedrich Hayek\u2019s proposal that money should be denationalised.<\/p>\n<p>According to Selgin, privately issued money has a long and successful history, as well as providing the foundation for a more stable financial system.<\/p>\n<p>\u201cWe need to appreciate the extent to which desirable and beneficial monetary institutions can develop without any involvement of the state, and have done so in the past,\u201d he says in the podcast.<\/p>\n<p>\u201cWe owe most of our good monetary innovations to the private market. Of course, we owe some bad ones too. But on balance, we would probably be a lot worse off if we hadn\u2019t taken advantage of private market institutions\u2019 contributions to exchange.\u201d<\/p>\n<p>\u201cWhen you look closely at the history of money, more often than not it\u2019s been the case that when things have gone awry, it\u2019s been because of misguided interference with the development of these private monetary arrangements,\u201d says Selgin.<\/p>\n<p><a href=\"https:\/\/blubrry.com\/newmoneyreview\/73084736\/a-new-age-of-private-money\/\">Listen to the podcast<\/a> to hear Selgin and <em>New Money Review<\/em> editor Paul Amery discuss:<\/p>\n<ul>\n<li>What&#8217;s driving the resurgence of interest in private money?<\/li>\n<li>Do free banking systems or central bank-based systems handle financial crises better?<\/li>\n<li>A fiscal or monetary response to the coronavirus?<\/li>\n<li>Fintechs and why the US lags in monetary innovation<\/li>\n<li>The prospects for bitcoin as a future monetary standard<\/li>\n<\/ul>\n<p><em><a href=\"http:\/\/eepurl.com\/du6eTr\">Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n<p><em><a href=\"https:\/\/blubrry.com\/newmoneyreview\/\">Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n<p style=\"text-align: center;\">************<\/p>\n<p>George Selgin on:<\/p>\n<p><strong>Private money<\/strong><\/p>\n<p>\u201cBitcoin has given a great boost to interest in non-state-issued money.\u201d<\/p>\n<p>\u201cHayek, in his pamphlet \u2018Denationalisation of Money\u2019, which was published in 1976, really got the ball rolling.\u201d<\/p>\n<p>\u201cWe need to appreciate the extent to which desirable and beneficial monetary institutions can develop without any involvement of the state, and have done so in the past. We owe most of our good monetary innovations to the private market. Of course, we owe some bad ones too. But on balance, we would probably be a lot worse off if we hadn\u2019t taken advantage of private market institutions\u2019 contributions to exchange.\u201d<\/p>\n<p>\u201cWhen you look closely at the history of money, more often than not it\u2019s been the case that when things have gone awry, it\u2019s been because of misguided interference with the development of these private monetary arrangements.\u201d<\/p>\n<p>\u201cToo often, people jump to the conclusion that when things go wrong, the solution is more government involvement in money. It\u2019s often the case that the better solution is to roll back some of its involvement.\u201d<\/p>\n<p><strong>Financial crises: do we need a lender of last resort?<\/strong><\/p>\n<p>\u201cCases of systemic crises are relatively rare. It\u2019s just a bad accident that the US is one of the leaders in financial instability, with England coming up a somewhat distant second, but still with a fairly bad record of financial crises. It\u2019s from these two economies that most people have drawn their records. In other countries, like Canada and Scotland, you see long records of financial stability.\u201d<\/p>\n<p>\u201cSo why did we have systemic crises in some places and not in others? The structure of the banking system and the nature of bank regulations have a lot to do with it.\u201d<\/p>\n<p>\u201cThere are contractual ways banks can handle crises and runs, if they are allowed to. But the laws of most countries have prevented them from having contracts that would stem runs.\u201d<\/p>\n<p>\u201cI would not want to go out on a limb and claim that a free banking system would have been able to handle a crisis like the recent [coronavirus-related] one. We\u2019ve never seen anything quite like it. But what was needed in the last crisis more than anything to sustain demand was fiscal policy, not monetary policy. If you had enough of that, even a banking system without an active central bank could have handled it well enough. The government would have had to go into debt to finance relief payments, but it would not necessarily have required any vast expansion of the money stock. A purely fiscal response to the recent crisis probably would have been much more effective than what we had, with so much reliance on the Fed and other central banks.\u201d<\/p>\n<p>\u201cThere is a tendency in a free banking system for the banks to automatically stabilise the relationship between the monetary base and total spending.\u201d<\/p>\n<p><strong>Financial innovation and fintechs<\/strong><\/p>\n<p>\u201cMoney is a malleable concept and financial innovation can make for big changes in the kinds of things that serve us as money, as generally useful means of exchange. We see this today, with innovations like stablecoins and fintech.\u201d<\/p>\n<p>\u201cWe want to have new kinds of money appear. We want to have a financial system that grows and innovates over time. Private institutions are the ones that are going to find these improvements.\u201d<\/p>\n<p>\u201cThere are two kinds of innovation going on side-by-side. One consists of cryptocurrencies like bitcoin, which are quite distinct from conventional currencies. The other involves digital currency products that are based on existing moneys like the dollar or pound. These are supplied by firms outside of the normal banking system, but using technologies that have a lot of advantages.\u201d<\/p>\n<p>\u201cFintechs have the potential to introduce a very dynamic payments system that gets away from banks, whose role is likely to diminish in the future.\u201d<\/p>\n<p>\u201cIf you want to offer dollar substitutes in the US, you need to settle with central bank dollars, which means you need access to the Fed\u2019s settlement facilities. It\u2019s by denying fintechs that access that we prevent the innovations that have elsewhere improved payments for many people. We need to really do something about this. It\u2019s an area that\u2019s crying out for reform.\u201d<\/p>\n<p><strong>On bitcoin<\/strong><\/p>\n<p>\u201cIt\u2019s wonderful that we have an innovation like bitcoin. I also think it supplies a genuine need for private transactions. What I\u2019ve been sceptical about is the claim that bitcoin can be a true challenger to established, official moneys like the dollar. I don\u2019t see that happening. That\u2019s partly because of the volatility of bitcoin. But it\u2019s also very hard for a new currency\u2014a different standard\u2014to take over from a very well-entrenched incumbent like the dollar.\u201d<\/p>\n<p><strong>Mentioned in the podcast<\/strong><\/p>\n<p><a href=\"https:\/\/iea.org.uk\/wp-content\/uploads\/2016\/07\/Denationalisation%20of%20Money.pdf\">Friedrich Hayek on the Denationalisation of Money<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The appearance of cryptocurrencies like bitcoin is part of a much bigger trend\u2014the re-emergence of private money as a competitor to state-issued currencies like the dollar, euro, yen or pound. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1014,1011],"tags":[1836],"class_list":{"0":"post-6064","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"category-value","12":"tag-george-selgin"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A new age of private money - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2021\/01\/26\/a-new-age-of-private-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A new age of private money - New Money Review\" \/>\n<meta property=\"og:description\" content=\"The appearance of cryptocurrencies like bitcoin is part of a much bigger trend\u2014the re-emergence of private money as a competitor to state-issued currencies like the dollar, euro, yen or pound. 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