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Nathan | 1 years ago (raw) | export | reply | flag +9 
 This is strong evidence that @LynAlden‘s thesis that the difference in the speed of settlement between commodity money and credit money was gold’s downfall as money is correct. 

It’s been a long time since I’ve read McCulloch v. Maryland. Certainly it was before Bitcoin was even invented. I’m going to have to reread it.

https://hls.harvard.edu/today/mcculloch-v-maryland-two-centuries-later/ https://image.nostr.build/77023f1c3aab61ad95b18af3ee831930383a5c62b235eb21a14ba24a799b670d.jpg
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Snowden | 1 years ago (raw) | root | parent | reply | flag +11 
 "The power to tax is the power to destroy."

Ten seconds later: "So anyway, here's a federal income tax."

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Nathan | 1 years ago (raw) | root | parent | reply | flag 
 The federal income tax ultimately required a constitutional amendment to be sustained. The amendment was passed long after John Marshall was dead. The first federal income tax was implemented 26 years after he died. So it took a good while.
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ReichardKonige | 1 years ago (raw) | root | parent | reply | flag 
 Essentially.  The natural progression.  Why carry gold when receipts on gold were so easy to use....and it went downhill from there. And now we have Gresham's law to deal with when it comes to adoption of a better money. Who, other than idealists, would spend their Gold or bitcoin if they're holding g FIAT that's losing value every minute you don't spend it. Makes it hard to kick Fiat to the curb.