Today’s fiat currencies emphatically meet the above bubble criteria. The prices of government bonds denominated in euro, yen and dollars have risen to extraordinary levels (which is the same as saying interest rates have been forced to extraordinarily-low levels). And befitting its size and scope, this bubble is rationalized with two popular mantra

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The fatal flaw of the gold standard at the heart of these two problems was that settlement in physical gold is cumbersome, expensive, and insecure, which meant it had to rely on centralizing physical gold reserves in a few locations—banks and central banks—leaving them vulnerable to being taken over by governments. As the number of payments and set

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The gold standard allowed for unprecedented global capital accumulation and trade by uniting the majority of the planet's economy on one sound market‐based choice of money. Its tragic flaw, however, was that by centralizing the gold in the vaults of banks, and later central banks, it made it possible for banks and governments to increase the supply

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Some are skeptical about the ability of digital currencies to emerge as a viable store of value in just a few years since it took thousands of years for gold to do so, and only after gold had been used for its intrinsic value for centuries before that. I don’t agree; such logic is too rooted in the past and does not account for rapid behavioral cha... See more