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Creation, innovation, invention, entrepreneurship, research, and development generate real value. The balance of supply and demand also determines value. Supply and demand are determined not only by the given product but also by key alternatives. For example, the supply and demand for beef will not only be determined by the supply and demand for meat, but it will also be influenced by alternatives such as the supply and demand for chicken, fish, vegetables, eggs, lentils, and beans. Innovation generates value by offering superior options. New products and services often fail if the innovation does not provide a better alternative. Innovation also generates value by increasing demand and creating new jobs.
Modern complex economies result from the realization that it is neither productive nor possible for anyone to provide everything for themselves. This resulted in an exchange of products and services, the evolution of markets and marketplaces, and trade, which evolved into a global phenomenon with improvements in technology, means of production, communication, and transportation. The more open the markets are, the better they are for variety, choices, prices, quality, service, and competitive improvements. This is why tariffs and barriers harm producers, suppliers, carriers, retailers, advertisers, and consumers. Tariffs restrict the competition, resulting in higher prices, lower quality, stunting innovation, and limited choices.
All regulations and taxation, including tariffs, are bad for markets and consumers. These factors only increase the cost, supply, and prices. Arguments favoring market regulations, taxation, and trade barriers never stand the test of logic. These are primarily based on emotional appeals for patriotism and job creation. In reality, barriers never benefit the nation or job markets, at least in the long run. Higher prices limit the capability to buy, save, and invest, resulting in lower satisfaction rates, business growth, less research and development, less productivity, and higher uncertainty. These factors also hurt the job market. Lower demand for products and services lowers the demand for workers.
Expanding markets and trade to broader levels has also generated the need for a medium of exchange or money because the duplicity of want needed for direct exchange is very hard to find. For example, if a writer needs beef, the beef seller may not need writing services. For this reason, sellers have to exchange the products and services for more widely accepted commodities and then use those to get what they want and need. This made gold and silver the widely accepted mediums of exchange because these are durable, valuable, divisible, portable, and quantifiable. In the process, private and government issuers created and standardized gold and silver coins.
Later on, gold and silver coins were replaced mainly by notes and bills, both private and government, because of better portability. Notes and bills represented the equivalent worth of gold or silver on demand. Unlike private bills and notes, the government-issued bills and notes carry inherent hazards. At the same time, private bills and notes acquire value purely based on supply and demand, just like any other commodity, product, or service; government-issued money or currency mainly relies on coercive authority. This authority corrupts the supply and demand principle, forcing people and businesses to use government-issued money by coercive force or law.
Once governments acquire a monopoly on the issue of money or currency by force and not by competition, it brings in all the hazards of monopoly and coercion. It entails a massive barrage of corruption. Governments debase the money or currency by shaving the circumference of coins or by issuing large quantities of currency for maleficent purposes of corruption, increasing influence and coercion, cronyism, expansion, and war. Debasement or issuing large amounts of money or currency results in inflation. Inflation causes uncertainty and reduces buying power and the ability to save, invest, hire, and innovate. It results in unemployment and stagnation. Cronyism increases the gap between the rich and the poor.
Inflation, unemployment, reduced buying power, the increasing gap between rich and poor, and decreasing market competition due to reduced ability to save and invest cause dissatisfaction and unrest. Pits people against people. This, coupled with the government’s increased ability to expand, grow, and engage in conflicts and wars, results in serious issues. Human history is filled with examples of vast and mighty empires that ultimately fell due to warfare and welfare, capabilities provided by the ability to control the supply of money. This inevitably results in starvation and famines, crimes and corruption, conflict and war. Greece, Rome, Islamic, Chinese, Japanese, and Indian empires fell into the same trap.
The common sentiment in each case is the illusion that natural economic laws will not affect us. We have the capability and financial strength to bypass those. But, history shows us that no nation and no state is bigger and more powerful than nature. It always wins. Debt, deficits, unemployment, starvation, crime, and war have brought down every single empire in human history, thanks to the government monopoly on the issue of money. The bottom line is that all monopolies, including government monopolies, are bad. The most recent and worst examples of this are the failures of every single socialist economy, which by definition is the complete centralization of power and the monopoly of government on everything.
Independent and competitive money and currency markets are the only solution, whether private and fully competitive banks or Bitcoin or crypto. No one must ever be able to fluctuate the money supply at will. It must always be determined by supply, demand, and competition. Power to control money is the power to coerce. Only open and free competition can cure this illness. The Federal Reserve or any other central bank is nobody’s friend except the governments it works for and its cronies. Central banks, including the Fed, have printed trillions to fund warfare and welfare. It is causing inflation, an ever-increasing gap between rich and poor, economic stagnation, unemployment, decreased productivity, and rapidly increasing government debt. “End the Fed” is the only solution,