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Hoppe's Phoenix is Coming....

I noted previously (Update: The Prophetic Dr. Hoppe on the Rise of the Phoenix) Professor Hoppe's prediction years ago of the inexorable move to a single, worldwide fiat currency. It's coming. As reported here, "The dollar dropped after China's central bank reiterated a call for a worldwide currency."

See also Hoppe's fascinating discussion of money starting about 1:05:17 of Lecture 3 of his riveting 10-part Economy, Society, and History lectures delivered in 2004, where he talks about the tendency on a free market of multiple "monies" to converge to one--by the nature of money, it's more valuable the more widespread it is, etc. Hoppe notes that there is a similar tendency now, with fiat currencies, only this time, it's bad, not good. He points out that the world had alreayd achieved free market unified money (gold); this was destroyed with the outgrowth of dozens of country-based paper monies, leading to a world in a state of quasi-barter; and now when the major currencies like the dollar, yen, euro, talk about monetary unification, they are moving back towards what we already had with gold, except without the relatively fixed supply and other salutary aspects of a commodity-based money.

Author:

Stephan Kinsella

Stephan Kinsella is an attorney in Houston, director of the Center for the Study of Innovative Freedom, and editor of Libertarian Papers.

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