Nostr

I doubt that a socialist government would not take over the mint. Lenin famously said that a socialist system must debase the money to deflect the people's attention towards the State.

Fiat money is just corporate vouchers. That's also why the laws of these modern governments, which are all fundamentally socialist, are called "statutes" which is the legal term for rules of a corporation, that apply to its employees.

The Fockin’ Fury 2y ago

That’s actually not what Lenin said at all. The quote was, “The best way to destroy the capitalist system is to debauch the currency,” and that quote was falsely attributed to Lenin by none other than John Maynard Keynes. Taken at face value—if Lenin had indeed originated it—that could even be seen as an argument *against* inflationary monetary policy, in alignment with the views of many bitcoiners.

Also, I’m not saying that a socialist state would not capture the mint of given the opportunity. Any government would do so. The point is that if it are impossible for a socialist state to control the money supply, it would not necessarily render the state powerless.

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mleku 2y ago

Well, I think there was some more wrinkles to the Lenin quote and that's pretty hilarious that Keynes is considered to be the grandfather of modern state finance and he essentially said that it was communism. The Communist Manifesto states that a central bank is one of the 10 planks also.

Money is designed to empower the users, so it's quite moot. Sneaking it across borders is why compact is one of the features that defines monies.

In the initial setup of socialist states, there was no real concept of bank wires. The modern socialism is using this to eliminate money (as in portable cash) by licensure over the banks, who must comply with the company policy, I mean statutes. In this way they hope to be able to use the money as a control system rather than lubricant and communication system for production.

We all know where this central control ends up though, no amount of new gadgets and doodads is going to change the result.