This will never happen

I am of the view that “crypto” or “private money” will soon replace the dollar, euro, yuan, pound, Swiss franc and other widely circulated mediums of exchange. It's all in my 2022 book, Currency Confusion: How Literacy About Currencies and Inflation is Setting the Stage for the Crypto Revolution. I believe this will happen because no one is buying, selling, borrowing or lending money. In reality, all monetary transactions are exchanges of goods, services and labor for goods, services and labor.


This being the case, it makes sense for private money to replace government money, given the tendency for governments to devalue their currencies. Devaluation robs individuals of all stripes of the fruits of their labor by narrowing the amount of goods, services, and labor for which money can be exchanged.

Şu anda dolar, küresel işlemlerin% 90'ı gibi bir şeyin en az bir tarafında dünyanın para birimidir. Dolar küresel borsaya benziyor çünkü piyasa mallarını satışa çıkaranlar, bu malları değiştirdikleri doların pazarda kabaca eşit kaynaklara sahip olmasını bekliyorlar.

Yet as Jason Les and Brian Morgenstern discuss in a column published today at RealClearMarkets, “The U.S. dollar is an inflationary asset. ” Their obvious point is that the dollar has historically depreciated. Measured in gold, they are quite accurate. While one dollar bought 1/35th ounce of gold in 1971, one dollar in 2024 bought roughly 1/2050th ounce of gold. Although trusted globally as the arbiter of the vast majority of transactions, the dollar has very real drawbacks.