{"id":29375,"date":"2022-11-11T00:09:54","date_gmt":"2022-11-11T08:09:54","guid":{"rendered":"https:\/\/blogs.georgefox.edu\/dlgp\/?p=29375"},"modified":"2022-11-11T00:09:54","modified_gmt":"2022-11-11T08:09:54","slug":"change-money-change-money-dollar-marks","status":"publish","type":"post","link":"https:\/\/blogs.georgefox.edu\/dlgp\/change-money-change-money-dollar-marks\/","title":{"rendered":"\u201cChange money? Change money? Dollar? Marks?\u201d"},"content":{"rendered":"

\u201cChange money? Change money? Dollar? Marks?\u201d This phrase still haunts me when I am in certain places in Poland. These persistent pleas of individuals with hopes to unload the local currency for a more value stable one.[1]<\/a> Every Westerner knew these cries, as the hard currency they had could buy their way out of any challenging situation.[2]<\/a> The long lines of people waiting in line in anticipation of acquiring a long-awaited commodity they do not need, were another standard feature of the highly controlled market system. The long lines due to government control of production caused every item regardless of individual need to have an elevated value. Every product was a means of direct exchange of that item,[3]<\/a> which was necessary because the money in their pocket no longer retained its value. Meanwhile, those hard currencies were the golden ticket to a more secure future, and imported products, such as Levis, Coke, electronics that could be purchase at the dollar store. These are very real imagines in my mind of a person\u2019s desperate attempt to gain some control over the economic world around them. My longitudinal observations of Polish friends attest to the stifling of the human spirit that \u201cgovernment(s) can cause\u2026by controlling monetary policy.\u201d [4]<\/a><\/p>\r\n

The Bitcoin Standard: The Decentralized Alternative to Central Banking<\/em>,[5]<\/a> by Saifedean Ammous surprised me with its systematic and historical \u201cdiscussion of sound money,\u201d[6]<\/a>while introducing the possibilities of \u201ccryptoeconomics.\u201d[7]<\/a> Ammous\u2019 clear explanation of the \u201cbenefits derived from an economy that grows in a rational and sustainable way.\u201d[8]<\/a> Dr. Ammous uses his engineering and economic background to lay the foundation for the need of an independent currency that is \u201cwithout inflation or the negative consequences of the nationalization and politicization of fiduciary money.\u201d[9]<\/a> He also points out why, in his opinion, the Keynesian economics is deeply flawed.[10]<\/a> Although, it is the preferred theory of universities and governments, it neglects to consider human behavior while in times of scarcity.[11]<\/a> Individuals who have options will find a way to overcome the scarcity they encounter if the system does not get in their way. He argues that a free market exchange of goods within a stable monetary system is necessary to produces the futile ground for healthy investments, entrepreneurship, and personal control of one\u2019s financial future.[12]<\/a> Ammous sees Bitcoin as the cryptocurrency with the greatest potential for being an \u201cinternational decentralized liquidity network based on sound money principles\u201d [13]<\/a> that can compete with the centralize banking systems of the nations.<\/p>\r\n

This book definitely gave me a crash course in economics that made sense to me. However, the high risk and uncertainty of Bitcoin have not convinced me to jump into that pond yet. Overall, there are a number of questions this book has stirred in me:<\/p>\r\n