Cryptos and Life After the State

Rob Breedlove laid out the two biggest ways people earn money. First, there’s “the entrepreneurial strategy, which is making, creating value and trading with one another.” Then there’s the “status strategy” — “taking away from the wealth of others.” In other words, taxation. Taxation also happens to be the root of Modern Monetary Theory (MMT) — the belief that the power to impose taxes lets the state print as much money as it wants. The state also chooses where the bulk of that money goes, as Elon Musk says, allocating it by political whims instead of where market forces say it will do the most good. And now we’re seeing the results of that unfettered power… rampant inflation. Rob thinks cryptocurrencies offer a way out of this malfeasance — a sentiment shared by this week’s Session guest, Dominic Frisby.