Oddbean new post about login | logout Free countries don't have central banks.
Until Democracy comes knocking...
Which country would that be?
Isle of Man, Monaco, and Panama
Free banks don't have central currencies.
Every leader of our political parties served the central bank in some capacity. Goin back to the birth of the westminster system
But people say that those countries are the bad countries, so how does that make sense? Are they lying to us? Are those countries really The good countries are we living in the bad country?
But countries without central banks are not free.
This is also very true in pur current world. Maybe under a bitcoin system not tho?? Don't know how it works.
I don't think there are any countries that are truly free of a central bank, it just means they are controlled by someone else's. Examples are: Andorra - EUR Kiribati - AUD Marshall Islands - USD Micronesia - USD Monaco - EUR Nauru - AUD Palau - USD Panama - USD Tuvalu - AUD I was just pointing out that some may be thinking a country without a central bank is somehow free, which is incorrect. Yes. Bitcoin fixes thus. Central banks are s menace to society.
Yeah 100%. I happen to live in a place without a central bank but the currency they use has them by the balls. Its a significant disadvantage for a government not to be able to print 💰💰💰
Not related, the reverse isn't true of the above statement. Like saying "free markets don't have Minitries of Truth," wouldn't suggest everyone was free if they simply don't have a Ministry of Truth.
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This is a nice sentiment but not realistic. Every single country in the world has a central bank cos that’s the only way they can control their currency. No Govt in their right minds is going to let go of that. For the foreseeable future we live in a world of central banks. Individuals can opt out of the system with BTC but not governments. We’ve got to work in this framework.
It is neither a sentiment nor unrealistic. It’s a simple fact, there is no such thing as economic freedom when there is a central bank. Period. They are axiomatically opposed. How anyone feels about it is meaningless.
Armchair communists (which are the only kind presumably given that anyone that has lived through it seems to have nothing but bad things to say) don't realise that we don't have free market capitalism as long as central banks exist. It's more like comminism with extra steps. They don't realise that they are attacking a system that more closely resembles the very thing that they are advocating for.
Governments will start opting out…do you think CFA Africa will continue the status quo, South America will be perpetual IMF debt slaves?
I’m not sure. My feeling is that governments don’t see central banks as a negative. They see it as the only way of controlling their own currency. And monetary policy. As long as sovereign fiat currency is around central banks will remain to control it.