Tuesday, January 19, 2021

Yellen Has Concerns About Cryptocurrencies

Janet Yellen

During a nomination hearing today before the Senate Banking Committee, Biden Treasury Secretary nominee Janet Yellen said she was concerned about cryptocurrencies.



  1. Perhaps she should first examine the CIA's use of the USD in "terrorist financing & money laundering."

  2. Goof point NAPster.

    However, I don't believe for a second that this is truly about money laundering, terrorism, paying hit men, evading taxes, or the other BS they typically parade out before the gullible public in order to maintain their monopoly power over the monetary system.

    Some 70 years ago, Mises wrote that the most pernicious form of govt intervention was political control and manipulation of the monetary system.

    Using political & ideological pressure, govts have enjoyed monopoly control over the monetary system. (See Human Action at 60 by Richard Ebeling, March 12, 2009.)

    This gives them incredible power and influence. And, as we know, has allowed govts to create additional currency units out of thin air to finance deficits & to artificially lower interest rates, which causes unsustainable investment booms, malinvestment, and the business cycle.

    And this govt control of the monetary system is at the heart of the entire interventionist system of monetary central planning. Id.

    German free-market economist Gustav Stolper pointed out, "Hardly ever do the advocates of of free capitalism realize how utterly their ideal was frustrated at the moment the state assumed control of the monetary system. ... Money control is the supreme and most comprehensive of all govt controls short of expropriation." Id.

    Sadly, govts will, in all likelihood, eventually smash cyrptos. They are a direct threat to the state's monopoly power of the monetary system.

    Personally, I think as long as the cryptos stay at the fringes, govts tolerate it. But once it gains prominence and they deem it a legit threat, then knives will come out. And then we will hear that (insert name of horrific group) uses cryptos to finance their evil deeds (never mind that they mostly use USD cash).

    Good times!