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Oh, we can definitely change it one by one -- park your money in gold or Bitcoin. Alas, it's very slow, and historically the whole system only changes after it crashes. 😬

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Mar 27, 2023Liked by Peter St Onge

Great newsletter, really been enjoying the content.

Suggestion for discussion/future content: Quantifiable metrics for determining if something is an MoE.

I've been seeing and arguing with a few Austrians on twitter who insist that bitcoin is not money because it is not a "generally accepted MoE" or is not the "globally accepted MoE".

Now of course this is subjective and is a spectrum. For me and others, yes it is money although my use of it as such may be limited or may require additional steps, and for others it isn't and most may not even be aware of its existence.

So the question really is: are there any generally agreed metrics that Austrians can look at to determine whether something is "generally accepted" or not?

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The problem is that the modern economy is based on credit , not cash. It’s a debt system, and it’s been working for business a lot better than individuals . We can’t change it unless the whole world agrees to ( or is forced into )a total monetary system change. Hello Great Reset. Sure individuals are required to actually have money before they spend it, no kiting checks. But this doesn’t apply if they use credit cards or loans, which most people do. Ending credit and debt will send us back to the Middle Ages .

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