Bitcoin and the Tyranny of Time Scarcity (Part 4)
Economics is the art of cooperation and competition aimed at conquering scarcity.
Sacred Sovereignty
Bearer assets, like gold, offer another significant advantage — each individual unit is self-sovereign. Sovereignty refers to the freedom to take action as one sees fit. As Rosseau said: “Man is born free and everywhere he is in chains.” The struggle of history has been the need for flexible coordination of human action on a large scale against the usurpation of individual sovereignty that the institutions built for this purpose typically impose. Paradoxically, as mankind pursued large scale mobilization of his efforts to overcome the natural tyranny of time scarcity, he gave birth to an artificial tyrant that engorges itself by consuming our individual sovereignty — the government and, its apparatus of thievery, central banking.
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True sovereignty originates at the individual level; it naturally reigns when our individual expressions, whether verbal or financial, are unmanipulable by others. When a government censors your speech or a central bank devalues your dollar, it is a violation of your individual sovereignty. Let no one prevent you from speaking your mind or spending your time and money as you see fit. We are each our own supreme ruler:
Gold is a self-sovereign bearer asset whose credibility and value as money is derived from the combined sovereignty of countless self-interested individuals exercising free choice in the marketplace. When a good gains value on the free market, it is a result of market participants finding it useful, making sacrifices for it, and, thereby, imbuing it with part of their individual sovereignty. Since gold achieved dominance on the free market as a result of countless “votes” in the form of self-interested trade decisions by a faceless multitude across history, it can be considered the monetary materialization of popular sovereignty — the founding principle of Western Civilization:
Although it’s an ancient monetary technology, gold still forms the prime monetary sovereignty layer of Earth, as it underpins all governmental sovereignty. In turn, governments use this power to monopolize the market for money (via their central bank henchmen) and insulate fiat currencies from direct monetary competition. Such insulation is the only way debt-based monies can survive alongside hard money. Gold and other bearer assets are final extinguishers of debt, as payments in them carry no associated liability. Modern central banks still perform final settlement exclusively in gold and actively engage in market machinations to suppress its price (see Gata.org); a testament to the primacy of this ancient monetary metal.
In Part 5, we will uncover the modern “den of thieves” inhabited by central bankers and the politically privileged few with access to the value flows looted by fiat…
Thank you for reading Bitcoin and the Tyranny of Time Scarcity (Part 4).
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