Unbounded, actually.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

... monotonic as well as unbounded rationality. Plus perfectly informed and economically powerless all around.

I was more focusing on the question of why anyone would set forward an intrinsically valuable monetary unit as a feature rather than as a bug after the history of repeated depressions and hyperinflations under the Gold Standard replaced, in the core industrial nations, by neither depression nor hyperinflation under sovereign fiat currency.

Libertarianism has nothing much to do with that: as a matter of empirical record, monetary systems based on media with independent value are miserable failures at delivering stability and reasonably sustained participation across the income ladder.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.