Contrary to what most people think, bank money is much more important than state money. In Greece, for example, bank money makes up 84.26% of the total money supply.
From Steve Hanke
When Ronald Reagan was elected president for his first term in 1980, he received strong support from the so-called Sagebrush Rebels. The Rebels wanted lands owned by the federal government to be transferred to state governments.
When I was operating as one of President Reagan's economic advisers, an early assignment was to analyze the federal government's landholdings and make recommendations about what to do with them. This was a big job. These lands are vast, covering an area six times that of France.
In 2008, Bitcoin was mysteriously introduced to the world in an obscure, technical paper written under the pseudonym Satoshi Nakamoto. By late 2013, the financial press was filled with reportage on Bitcoin and its dramatic price increase.
In April 2013, Nathaniel Popper of 'The New York Times' reported on Bitcoin in an article titled, 'Digital Money is Gaining Champions in the Real World'.
In January 2013, one could buy a Bitcoin for about $13. By late November, one Bitcoin would have set a buyer back over $1100.
The IMF is set up to deal with liquidity crises.
With the passing of Milton Friedman on November 16, 2006, we lost one of the great champions of free markets.
Although floating and fixed rates appear dissimilar, they are members of the same freemarket family. Both operate without exchange controls and are free-market mechanisms for balance-of-payment adjustments.
Most economists use 'fixed' and 'pegged' as interchangeable or nearly interchangeable terms for exchange rates.
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