People hate change. They also allow themselves to be swayed by the first or second thing they hear about something new that confirms their bias for or against it. Once that happens, they simply run with that as a justification for why they don’t like something and never move off that position.
In libertarian circles private roads is the wedge issue to keep people statists. Fear over who will maintain the roads is a classic rhetorical technique used by statists to prove libertarianism is stupid.
The other is the environment. Again, because they have such a low level of trust in humanity they only see the downside of human ingenuity not the upside.
So, in Ancapistan, the mythical land where anarcho-capitalism reigns supreme, the roads would be impassible and the environment a toxic wasteland.
And gods forbid that their first experience with a libertarian was with someone ill-equipped to allay those fears and present good, communitarian arguments as to why those fears are unfounded.
Which brings me to Bitcoin and cryptocurrencies in general. This morning Martin Armstrong is embarrassing himself once again about the future for cryptocurrencies.
His entire blog post is a morass of poor argumentation which I could go into point by point but seriously why? Anyone who has spent as much time analyzing markets and governments as Martin should know that today’s governmental power rests on a functional internet and electrical grid.
95% of all dollars are digital. So, shut off the power grid and you shut down the dollar. In fact crypto peer-to-peer networking would start back up quicker than any government banking system because of the lack of single-points of failure. But, I digress.
This is the paragraph that reveals Armstrong’s irrationality and institutional bias.
I have been skeptical about the claims that cryptocurrencies will replace all money and central banks and end banking creating money out of thin air. That would be recreating the Dark Age. For that to take place there can be no lending.
Nonsense. What would take place is a radical deflation of assets artificially inflated in price by the profligate issuance of currency. Currencies created by the central banks having zero skin in the game. And therefore have zero real assets at risk. Because the central banks are there to bail them out and socialize the costs of their mistakes through the issuance of….?