I live in exactly the right location to see the outcome of a grand experiment. The pilot Walmart Supercenter is located in Dallas, Georgia. So am I.

On Friday the 13th, the CEO of Walmart cut the ribbon at the grand opening. Sadly, I only learned about this grand opening on the morning of September 14. There had been no publicity while the store was being remodeled over the last 12 months.

So, what you are about to read is based on original research conducted on the cheap on the afternoon of September 14.

The founders of classical economics, namely David Hume (1711-1776), Adam Smith (1723-1790), and David Ricardo (1772-1823) and their British followers were fervent advocates of the principle of free trade between nations. Even more so were J.-B. Say (1767-1832), Frederic Bastiat (1801-1850) and their Continental disciples of the liberal school (who for simplicity I will broadly classify as classical economists because of their link to Adam Smith). Despite their devotion to free trade, the classical economists were nationalists.

“If an archeological seeker of the origins of the socialization of risk in high finance wants to find clues, let him or her begin with an excavation of Lombard Street.”

-- James Grant, Bagehot, p. 268

Mastercard, one of the big players now looking at this new money, is starting a cryptocurrency team.

“Do you have the desire to work at the cutting-edge intersection of payments and cryptocurrencies,” MasterCard asks. Those hired will “monitor crypto currency ecosystem trends” and “develop new products and solutions.”

A credit card expert called it “a smart move.”