Austrian economists claim they're the experts in predicting ...

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2026-04-12T11:30:28Z

Austrian economists claim they're the experts in predicting what will naturally become money, without realising that billions have happily used fiat and bank credit for decades, choosing the "wrong money"

A paraphrasing by Claude of Austrian thinking: "here are the properties that make a good money (divisibility, durability, portability, scarcity, etc.), and market processes will tend to select for those properties over time."

If your Austrian model can't predict the last few decades, then it's not a serious model 😜.

Maybe there needs to be a modernization of Austrian thought that acknowledges that speed is critical. I guess it comes under "portability"

Instant settlement is crucial. Privacy is important, not just as a good in itself, but because a lack of privacy is risky to the finality

#LightningFixesThis

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