Pour one out for the sacrificers out there

Intentional and unintentional...we salute you! 🫡

it would be a useful bit of statistics to do, to count the number of vendors you can find in the world, and gather their currencies, and then count them all and figure out what teh actual global ranking for "currency" actually is

USD is definitely the top dog, and euro is not far behind, but yuan, ruble, and, yes, bitcoin

bitcoin is probably actually in the top 20 of most accepted currency, by number of merchants

bitcoin is rapidly being adopted as an accepted means of payment in very large numbers in countries where the size fo transactions is a lot smaller than in the rich countries, mainly because there is so much more people outside the rich countries, and because those poor countries are more likely to be suffering from debased national "currency"

The Libertarian Lens on Rome's Economic Crisis of A.D. 33

(Dedicated to the roman Mario Draghi, Tiberius)

In the shadow of the Palatine, under the distant rule of Tiberius, Rome faced an economic tempest in A.D. 33 that would challenge not just its financial stability but the very principles of governance and liberty that underpin economic freedom. From a libertarian perspective, this crisis serves as a profound case study in the perils of state intervention and the unintended consequences of economic policy.

The Catalyst of Crisis:

The economic downturn was set into motion by a law mandating senators to invest heavily in Italian land, an act of economic nationalism that clashed with the libertarian ideal of free market dynamics. This policy, aimed at securing Rome's economic sovereignty, instead led to a devastating liquidity crisis. Land values plummeted as senators scrambled to comply, demonstrating a clear violation of the free market's invisible hand—a hand that libertarians argue should guide economic activity, not the heavy fist of state regulation.

A Libertarian Critique

From a libertarian viewpoint, the crisis of A.D. 33 is a stark reminder of the dangers of government overreach. The forced investment in land was not merely an economic misstep but an infringement on individual liberty and market freedom. This echoes the belief that individuals, not the state, should determine their economic activities based on voluntary exchange and personal risk assessment.

Tiberius' Intervention: A Double-Edged Sword

Tiberius' response, while stabilizing in the short term, offers a complex lesson. He injected vast sums into the economy through interest-free loans, a move that could be seen as an early precursor to modern-day state interventions like quantitative easing. While it undoubtedly alleviated the immediate crisis, libertarians would argue this was a band-aid solution that masked deeper issues of market distortion caused by initial government interference.

The Human and Economic Cost

This crisis laid bare the human cost of economic policy, where farmers, merchants, and senators alike were caught in the web of state-induced economic volatility. Libertarianism, with its emphasis on individual liberty, would decry the suffering caused by such policies, advocating instead for a system where economic decisions are made freely, reflecting the true will and ingenuity of the people, not the whims of rulers.

Philosophical Reflections

The crisis of A.D. 33 invites us to reflect on the balance between government and market. It's a potent narrative on how the state, in its efforts to control the economy, can inadvertently lead to its own undoing. This event serves as a historical testament to the libertarian creed that economic freedom is not just beneficial but essential for prosperity and individual well-being.

The economic crisis under Tiberius in A.D. 33 is more than a historical anecdote; it's a cautionary tale about the perils of government economic meddling. It underscores the argument for minimal state intervention, the sanctity of property rights, and the power of free markets to self-correct. From this ancient crisis, we can draw a modern lesson: that economic liberty is the bedrock of a just and prosperous society andfree markets are the absorber of economic shocks.