Yanis Varoufakis: Why Bitcoin Is Not a Socialist’s Ally – Reply to Ben Arc


Naked Capitalism has the post Yanis Varoufakis: Why Bitcoin Is Not a Socialist’s Ally – Reply to Ben Arc

In summary, the monetary system is like the dog’s tail. It cannot wag the capitalist dog, in the sense that democratising money by means of a monetary commons will not democratise economic life but, rather, make capitalism uglier, nastier and more dangerous for humanity.

Having said all this, a monetary commons (that may very well rely on something like the blockchain underpinning Bitcoin) will, I have no doubt, be an essential aspect of a democratised economy; of socialism.

The article gives reasons to support the first paragraph quoted above. I have no idea what thinking backs up the second paragraph. For all the problems he raises about Bitcoin, I don’t see how taking control of the money supply out of the hands of government is going to help anything. Yanis needs to explain the automatic stabilizers he envisions for such a system before I can imagine hos such a system would prevent the crises he depicts in his post.

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