Within digital-libertarian circles, there is a persistent, almost religious belief that decentralized cryptocurrencies will organically starve the state of its power by enabling parallel, untaxable counter-economies. This techno-optimistic prophecy assumes that because the state cannot break the underlying mathematics of cryptography, it is effectively disarmed. Yet, this worldview conflates economic friction with true sovereignty.
The historian Clyde Wilson has observed that John C. Calhoun’s congressional speeches are “always dealing with a real and known audience and with a subject requiring decision.” Calhoun was not merely expounding on theoretical or abstract points. This is important in understanding his response to the abolition petitions, including the one colloquially described as the “positive good” speech. Like all his speeches, it must be understood in the context of his time.
Financial markets involve various individuals engaged in the buying and selling of financial assets. Most of the time, the actions of the market participants are driven by popular ideas. If the market participants were to follow a theory that corresponds to reality, then the market will reflect this. Conversely, if the decisions taken by the market participants are based on assumptions that are detached from reality, then the direction of the market is likely to follow.
