<http://r20.rs6.net/on.jsp?ca=15fcc8cd-c9d3-46cc-bfa7-7254c5841276&a=1109020606174&d=1117878360054&r=3&o=http://ui.constantcontact.com/images/p1x1.gif&c=4b973610-7e19-11e3-9448-d4ae52843d28&ch=4d1ac8d0-7e19-11e3-94b9-d4ae52843d28>
<http://r20.rs6.net/tn.jsp?f=001XhIiVpkjydt70A3wGX-OX5fPThVutgv4ylfsb0V8xmk6jHRPDli5WUQk0IMpPEXZrbTJYh-Lf-2YaHY9NCwF3BtqbMpP2QdqMDbxx-e37NNNN9w_jYpH41ucwUgb0AmcRmxnn-62XVOBgWBX8lho8ljCrIGLkJN99JKxiXoKFaRLBUV-HwRkjQ==&c=R1b0ix7As50AIsRU6nItJkBgaMncMraxBC084L6S6MturvscZ1phXA==&ch=7TajGk3slLpuSmYomym2gp8FpzjpCcz65_RUgKpStUw2wKR9w7J99g==> July 9, 2014 Central Banks Losing Control The rapid rise of interest in and use of "virtual currencies" like Bitcoin has been astounding. It probably won't surprise you to learn what the established masters of the worlds' monies say: Bitcoin is disruptive! Heavens. Bogdan Ulm, writing on <http://r20.rs6.net/tn.jsp?f=001XhIiVpkjydt70A3wGX-OX5fPThVutgv4ylfsb0V8xmk6jHRPDli5WV86OlNdXGwON61jT__m9xrgKOr49Vih0C3vd34g_RKifuY0E_N4S9OFf4WtsVqWeu9s4QhwPF23L4JFtYpg3thobCAv5X6bnWQ7c5DyrZXPqQEmCrx9uJk5n6mcN_eSPpsncUlPQ_T8Wg2_bOA4hRGXPLebqidDP7x7MJCwNHKQIYeZ3yEeZot7kZ1q-MG3lzbpMb0RHp1ZwzcAUAR1WpKGK-NNou3Zy6P7CbMAZQWv&c=R1b0ix7As50AIsRU6nItJkBgaMncMraxBC084L6S6MturvscZ1phXA==&ch=7TajGk3slLpuSmYomym2gp8FpzjpCcz65_RUgKpStUw2wKR9w7J99g==> Bitcoin Trader, noticed the concern in Ireland: <http://thisiscommonsense.com/images/bitcoin-reflection.png> "Virtual and digital currencies can challenge the sovereignty of states," says Gareth Murphy, senior Central Bank of Ireland <http://r20.rs6.net/tn.jsp?f=001XhIiVpkjydt70A3wGX-OX5fPThVutgv4ylfsb0V8xmk6jHRPDli5WV86OlNdXGwOmDaEnXjuH4Xnx3p-5dn98MV5EQ2niw5gezVgz169ACyHOGyUasYfC3ADKy45B9syNiAN_6gWxZxJcjmOeq2L0XW-ZN7le1ZnlQ_d5kBmdLcE9sG9RxAuJOEwph1y-k8nHtologvtUIk=&c=R1b0ix7As50AIsRU6nItJkBgaMncMraxBC084L6S6MturvscZ1phXA==&ch=7TajGk3slLpuSmYomym2gp8FpzjpCcz65_RUgKpStUw2wKR9w7J99g==> official. At a recent digital money conference in Dublin, he mentioned that rivals are interfering with a bank's ability to sway the price of credit for the entire economy. Murphy warned that there might be considerable threat to the finances of a country if increasingly more transactions for services and goods fade away from the tax system due to the use of crypto currencies such as Bitcoin. Now, it's worth mentioning that there are many economists — from a long tradition — who have denied the necessity of anyone acquiring the ability to "sway the price of credit for the entire economy." Separate bids and offers for credit (loaning money with interest) can be seen as signals of competing evaluations in the economy. There are tremendous forces pushing interest rates to align, and when they do (or don't), their alignment (or lack thereof) sends important additional information to market participants about both the present and the future. But when anyone (say, a central bank) presumes to corral all interest rates into a "coherent plan," much of the useful meaning of signals gets lost, or jumbled, and the economy gets (inadvertently?) programmed for boom and bust. So, when I hear that modern digital currencies could prevent central banks from "doing their business," I wonder if, perhaps, this is not a good thing. This is Common Sense. I'm Paul Jacob. Comment on this episode <http://r20.rs6.net/tn.jsp?f=001XhIiVpkjydt70A3wGX-OX5fPThVutgv4ylfsb0V8xmk6jHRPDli5WV86OlNdXGwOLOJUHHjJjZhQ6z1e_CMWNpCTC2be6Lw081MRoh0CCCawwGOEDw2Pl-ZWPyMIVWrS6UHj-_BCW0VpreVRIZATQCTDgDZvJYw9fXEQw8LH-XuFcCGsXiIKE89sPGWPCyQu&c=R1b0ix7As50AIsRU6nItJkBgaMncMraxBC084L6S6MturvscZ1phXA==&ch=7TajGk3slLpuSmYomym2gp8FpzjpCcz65_RUgKpStUw2wKR9w7J99g==> | View/Print the PDF <http://r20.rs6.net/tn.jsp?f=001XhIiVpkjydt70A3wGX-OX5fPThVutgv4ylfsb0V8xmk6jHRPDli5WV86OlNdXGwO6bp-TGVrMFdmVluuxpzFSmMYPszhiwm4Z4ZnmohQ8xwDRnZaK1DXbIwXXzYrW7if0kVS6QHVAZ3lV-gVSRKblZJwwuqwzIhA_AAHgE3r-hSNOag-ygfaE5Ed3Oigukv0qk_WTfOZRYg=&c=R1b0ix7As50AIsRU6nItJkBgaMncMraxBC084L6S6MturvscZ1phXA==&ch=7TajGk3slLpuSmYomym2gp8FpzjpCcz65_RUgKpStUw2wKR9w7J99g==> Today On July 9, 1896, William Jennings Bryan delivered his "Cross of Gold" speech advocating bimetallist inflationism at the 1896 Democratic National Convention in Chicago, Illinois, a triumph of rhetoric over reason that solidified the takeover of the Democratic Party by reformers utterly ignorant of basic economics. Thought <http://thisiscommonsense.com/wp-content/uploads/2012/07/luthermartin.png> We have no right to expect that our rulers will be more wise, more virtuous, or more perfect than those of other nations have been.… —Luther Martin Video Click HERE <http://thisiscommonsense.com/2014/02/15/video-our-pension-problem/> to see Paul's latest! <http://thisiscommonsense.com/images/TFM-logo-220square.png> Common Sense is sponsored by Think Freely Media, a 501(c)3 nonprofit organization that assists other nonprofits in promoting freedom in a persuasive manner. Paul Jacob is President of the Liberty Initiative Fund <http://libertyifund.org/> (LIFe) as well as Citizens in Charge and Citizens in Charge Foundation. The opinions expressed in Common Sense (and at Townhall.com <http://r20.rs6.net/tn.jsp?f=001XhIiVpkjydt70A3wGX-OX5fPThVutgv4ylfsb0V8xmk6jHRPDli5WR_t6N78ISJm4A9QyzRwVL6eMemZDpm4fSb51fqzQNI-gcs0jbxTbyo3KdU57P9W-hgv3uiLNwGggHWbKEEyAFJGY7eB-UKB_S_1wFe23e4bUOj126XtrUg=&c=R1b0ix7As50AIsRU6nItJkBgaMncMraxBC084L6S6MturvscZ1phXA==&ch=7TajGk3slLpuSmYomym2gp8FpzjpCcz65_RUgKpStUw2wKR9w7J99g==> , where Paul has written weekend columns since 2003) are his own and do not necessarily reflect the opinions of Think Freely Media, Liberty Initiative Fund or Citizens in Charge. Make Common Sense <http://r20.rs6.net/tn.jsp?f=001XhIiVpkjydt70A3wGX-OX5fPThVutgv4ylfsb0V8xmk6jHRPDli5WUQk0IMpPEXZmvN7HYa3v7864OSrmYMpAcMjQdtskvXYObUnN3NUdFhSyXQR-Mgx3IqZf6xmngEljcCWt5VU6qEma7xQvXUuTMPzUCNc_DtASmwFsIwbBAuHEeTB796MYg==&c=R1b0ix7As50AIsRU6nItJkBgaMncMraxBC084L6S6MturvscZ1phXA==&ch=7TajGk3slLpuSmYomym2gp8FpzjpCcz65_RUgKpStUw2wKR9w7J99g==> your daily stop on the Web! <http://thisiscommonsense.com/images/TFM-horizongal-logo-550w.png> Forward email <http://ui.constantcontact.com/sa/fwtf.jsp?llr=5w4om8iab&m=1109020606174&ea=redactor%40wirkman.com&a=1117878360054> <http://www.constantcontact.com/index.jsp?cc=custom01> Think Freely Media | 180 West Adams Street | 6th floor | Chicago | IL | 60603 -- -- This is a Free Speech forum. The owner of this list assumes no responsibility for the intellectual or emotional maturity of its members. If you do not like what is being said here, filter it to trash, ignore it or leave. If you leave, learn how to do this for yourself. 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