Central bank digital currencies need to be centralized and manipulable to some extent in order to use them to implement monetary policy, which is central bankers' goal. This characteristic makes them a very risky proposition.
Decentralized societies that value local customs, institutions, and governments are obstacles to the expansion of the regime's power. Not surprisingly, central governments do all they can to destroy this.
The 1920 article by Mises is as unknown today by graduate students in economics as it was in 1990, 1950, or 1930. But at least one man in the socialist camp admitted to the New York literati that Mises was right.
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Even when an economic bust appears, there may still be enough real savings in the economy to quickly put the economy back on track. This is what brings economic recovery, not artificial "stimulus."
No, “societal” value is not what you want or think is good, and “we” are not a homogenous entity of observable, aggregated preferences.
When governments subsidize projects, citizens pay twice—once as taxpayers who indirectly pay the subsidy, and then again as consumers in higher prices for the goods they buy and in reduced consumption.
During October 2020, year-over-year (YOY) growth in the money supply was at 37.08 percent. That's down slightly from September's rate of 37.54 percent, and up from October 2019's rate of 4.8 percent.
The reasons why digital currencies are a bad idea are the same reasons why central banks are sure to implement them.
Socialist regimes under the Soviets and the National Socialists silenced scientific theories that appeared to contradict the regime's ideological dogmas. The modern politicization of science is going down that road.
