Motion: It's a bad idea to make Bitcoin compulsory tender (George Selgin vs. Yves Bennaïm)
The Blockchain Debate Podcast
Guests:Yves Bennaïm: twitter.com/ZLOKGeorge Selgin: twitter.com/georgeselginHost:Richard Yan (twitter.com/gentso09)Today’s motion is “It's a bad idea to make Bitcoin compulsory tender.”If you’re somewhat into crypto, you must have heard about El Salvador’s Bitcoin Law that has made Bitcoin a legal tender in addition to USD. With an asterisk. Dictionary definition of legal tender says a legal tender is a money that must be accepted if offered in payment of a debt. But El Salvador goes one step further, and says not only do lenders have to accept payment in bitcoin, but merchants that provide products and services must also. This is why the motion uses the term compulsory tender instead of legal tender.The two debaters today will discuss what all this means. One of them will argue why this is not in line with bitcoin’s values and why this may even hurt bitcoin’s adoption. The other will argue that adoption of a new money necessitates such coercion, and this will give the little guys the same kind of opportunity as sophisticated financiers in getting involved with bitcoin.If you’re into crypto and like to hear two sides of the story, be sure to also check out our previous episodes. We’ve featured some of the best known thinkers in the crypto space.If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.Please note that nothing in our podcast should be construed as financial advice.Source of select items discussed in the debate (and supplemental material):Full text of El Salvador Bitcoin Law (3-minute read): https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19Bitcoin Beach in El Salvador: https://www.bitcoinbeach.com/How the community custodial wallet works on Bitcoin Beach, explained in another podcast: https://stephanlivera.com/episode/279/Explanation of how Strike uses a private instance of the Lightning Network: https://twitter.com/AdrianoFeria/status/1411344200390557701Guest bios:George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and professor emeritus of economics at the University of Georgia.Yves is the founder of 2B4CH, a Bitcoin Think Tank and Industry Advocacy Group in Switzerland. He also writes about Bitcoin and crypto for the Swiss business magazine Bilan as well as the daily Swiss newspaper Le Temps.
Central banks destined to fail - says George Selgin, an expert on monetary economics
Through Bastiat's Eye
Central banks have an impossible task: to establish a correct price of money. They are doomed to fail. An ideal system will require no central banks but a basic money with supply regulated according to its velocity - says George Selgin, an expert on monetary economics working at Cato Institute.Video version of the podcast
George Selgin (Cato Institute) on Stablecoins, Bitcoin, and Free Banking (EP.234)
On The Brink with Castle Island
George Selgin, director of the Center of Monetary Alternatives at the Cato Institute joins the show to discuss Bitcoin, Free Banking, and stablecoins. In this episode: Why George refers to Bitcoin as a synthetic commodity money Why George was excited by the possibility for synthetic commodity money What conditions would have to hold for Bitcoin to be considered money Why money is a spectrum rather than binary Are stablecoins prone to bank runs? Is Tether's melange of underlying collateral sufficient? How should stablecoins be regulated? Why are regulators looking into stablecoins today? Comparing stablecoins to Money Market Mutual Funds Why money market funds broke the buck in 08 Are stablecoins as systemic as money market funds? George's objections to Gorton and Zhang's paper on free banking and stablecoins George's definition of free banking Was the 1830s-60s period in the U.S. a period of genuine free banking? The actual causes of bank failures in the pre-Civil War period Why 'unit banking' was so fragile What lessons can be taken from Canada's experience with free banking in that era Why the history of Free Banking is a red herring in the stablecoin debate George's recommendations for a primer on free banking George's reflections on Hal Finney's reference to his work Why bank failures are often the consequence of regulation Content mentioned in this episode: Selgin, Synthetic Commodity Money The Alt-M Blog Selgin, Money Free and Unfree White, Free Banking in Britain Selgin, The Theory of Free Banking Dowd, The Experience of Free Banking Gorton and Zhang, Taming Wildcat Stablecoins Sponsor notes: This episode is brought to you by Withum, a top 25 accounting firm with a cutting-edge Digital Currency and Blockchain Technology practice. To learn more, visit withum.com/crypto.
El Salvador And Bitcoin Anti Freedom With George Selgin
Bitcoin, Blockchain, and the Technologies of Our Future
https://youtu.be/P9hcRSkEQ2Q https://open.lbry.com/@NaomiBrockwell:4/el-salvador-pro-bitcoin-anti-freedom:3?r=9mvuwPzyZX55TFcyh5Yhwgm8HEXsrtSmBukele’s Bitcoin legislation in El Salvador is certainly a win for Bitcoin. But is it a win for freedom?George Selgin, Senior Fellow and Director of the Cato Institute’s Center for Monetary and Financial Alternatives, dives into the legislation: the good and the bad.The TLDR: The legislation is an awesome step, and can be considered a glass half full. But we shouldn’t apologize for the areas where it lacks. The Bitcoin community should urge that articles 7 and 13 be repealed because at best they’re unnecessary, but at worst they go against the ethos of freedom and choice, which is what Bitcoin is based on.To make a tax-deductible (in the US) donation to my channel, visit https://cointr.ee/nbtvSign up for the free cryptobeat newsletter here:https://Naomibrockwell.com/cryptobeat
George Selgin on Inflation, Fintechs, and Broadening Access to Fed Master Accounts
Macro Musings with David Beckworth
George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to the podcast. He rejoins Macro Musings to talk about the Fed’s recent calls for comments on opening up Fed accounts to fintechs and other non-bank financial firms. George and David also discuss monetary plumbing issues, the state of fiscal QE, and more. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings George’s Twitter: @GeorgeSelgin George’s Cato Institute profile: https://www.cato.org/people/george-selgin Related Links: *Keeping Fintech’s Promise: A Modest Proposal* by George Selgin https://thehill.com/opinion/finance/552614-keeping-fintechs-promise-a-modest-proposal *Central Bank Digital Currency as a Potential Source of Financial Instability* by George Selgin https://www.cato.org/cato-journal/spring/summer-2021/central-bank-digital-currency-potential-source-financial-instability *Federal Reserve Board Invites Public Comment on Proposed Guidelines to Evaluate Requests for Accounts and Payment Services at Federal Reserve Banks* by the Fed https://www.federalreserve.gov/newsevents/pressreleases/bcreg20210505a.htm *Aaron Klein on Real-time Payments and Financial Regulation* https://macromusings.libsyn.com/aaron-klein-on-real-time-payments-and-financial-regulation David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
Did the New Deal End the Great Depression? (with George Selgin)
George Selgin believes that the New Deal failed to bring recovery because, although some New Deal undertakings did serve to revive aggregate spending, others had the opposite effect, and still others prevented the growth in spending that did take place from doing all it might have to revive employment.What does it mean when the economy shrinks? What were some goals of the New Deal? How did the New Deal fail to reach its goals? See acast.com/privacy for privacy and opt-out information.
#30 George Selgin, Cato Institute Senior Fellow & Director of Center for Monetary & Financial Alternatives
Michael & Jonathan are joined by George Selgin. The discussion focuses on what is money vs. currency, considerations for monetary policy, Bitcoin, and Central Bank Digital Currencies. ABOUT GEORGE SELGIN George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. His research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and the history of monetary thought. He is the author of The Theory of Free Banking (Rowman & Littlefield, 1988); Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage (University of Michigan Press, 2008); Money: Free & Unfree (The Cato Institute, 2017); Less Than Zero: The Case for a Falling Price Level in a Growing Economy (The Cato Institute, 2018) and, most recently, Floored! How a Misguided Fed Experiment Deepened and Prolonged the Great Recession (The Cato Institute, 2018). He also contributed a chapter to libertarianism.org’s Visions of Liberty. Selgin is one of the founders, with Kevin Dowd and Lawrence H. White, of the Modern Free Banking School, which draws its inspiration from the writings of F. A. Hayek on denationalization of money and choice in currency. Selgin has written for numerous scholarly journals, including the British Numismatic Journal; the Economic Journal; the Economic History Review; the Journal of Economic Literature; and the Journal of Money, Credit, and Banking; and for popular outlets such as the Christian Science Monitor, the Financial Times, and the Wall Street Journal, among others. Selgin holds a BA in economics and zoology from Drew University, and a PhD in economics from New York University. Follow George on Twitter @GeorgeSelgin ABOUT DIGITAL DOLLAR SUBSCRIBE TO THE EMAIL INBOX UPDATES! https://digitaldollar.substack.com For more information about our sponsor, visit https://10xts.com for digital asset compliance solutions for financial services and capital markets. Follow us on Twitter @GoDigitalDollar--- Send in a voice message: https://anchor.fm/digitaldollar/message
George Selgin Critiques MMT and Debates Murphy on Free Banking
Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking. The episode also includes George’s background and thoughts on Bitcoin.Mentioned in the Episode and Other Links of Interest:The YouTube version of this episodeGeorge’s monograph Praxeology and UnderstandingMises’ book Theory and HistoryBob’s review of MMTGeorge and Bob debate at the Soho ForumGeorge’s article (co-authored with Larry White) defending fractional reserve free banking. Bob’s recent QJAE contribution to the debate.George’s articles at Alt-M on Canadian free banking, and 3 devoted to Scotland: one, two, and three.George’s interview on crytopcurrency.For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.
Ep. 149 George Selgin Critiques MMT and Debates Murphy on Free Banking
Bob Murphy Show
Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking. The episode also includes George's background and thoughts on Bitcoin.Mentioned in the Episode and Other Links of Interest:The YouTube version of this interview.George's monograph Praxeology and Understanding.Mises' book Theory and History.Bob's review of MMT.George and Bob debate at the Soho Forum.George's article (co-authored with Larry White) defending fractional reserve free banking. Bob's recent QJAE contribution to the debate.George's articles at Alt-M on Canadian free banking, and 3 devoted to Scotland: one, two, and three.George's interview on crytopcurrency.Help support the Bob Murphy Show.The audio production for this episode was provided by Podsworth Media.
George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE*
Macro Musings with David Beckworth
George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to Macro Musings. He joins again to talk about his views on the Fed’s new framework and his recent book titled, *The Menace of Fiscal QE.* Specifically, David and George discuss the Fed’s quantitative easing evolution, and how the move to a floor system helped pave the way for fiscal QE to become a more popular policy in the present. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings George’s Twitter: @GeorgeSelgin George’s Cato Institute profile: https://www.cato.org/people/george-selgin Related Links: *The Menace of Fiscal QE* by George Selgin https://www.cato.org/books/menace-fiscal-qe *Mission Creep at the Fed* by Greg Ip https://www.wsj.com/articles/mission-creep-at-the-fed-11598461446 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/