Touch some grass today. /acc Kardashev Type 1 Initiation Pump loading... #grounding #nature #Bitcoin

Good Morning beautiful People, time for some Pushups. 🌄

GM 🌄

#animalkingdom #nature #lion

Society Without State: Private Law Society | Hans-Hermann Hoppe #Bitcoin #Austrianeconomics #freedom #privatelaw #liberty

#Bitcoin #Austrianeconomics #Cypherpunk

A short summary to "The Theory of Free Banking (1988) by George A. Selgin Chapter 1: Introduction In the introductory chapter of "The Theory of Free Banking," George A. Selgin sets the stage for a comprehensive exploration of monetary theory. He introduces the central theme of the book – the concept of free banking and competitive note issuance. Selgin articulates the need for a reconsideration of traditional central banking models and proposes an alternative where private banks play a central role in issuing currency within a competitive framework. Chapter 2: Historical Precedents This chapter constitutes a meticulous examination of historical instances where free banking systems not only existed but thrived. Selgin meticulously analyzes cases from Scottish and Canadian banking, unraveling the intricacies that contributed to their success. By delving into specific examples, he provides readers with a rich understanding of how private banks, operating in a competitive environment, can contribute to the establishment of stable and efficient monetary systems. Chapter 3: Theoretical Foundations of Free Banking Moving from historical analysis to theoretical underpinnings, Selgin dedicates this chapter to exploring the economic foundations of free banking. He delves into the intricacies of market forces and competitive pressures, emphasizing their role in regulating the money supply. The chapter explores concepts such as the incentives for private banks to issue sound currencies, the dynamics of competitive note issuance, and the potential benefits of decentralized decision-making in the monetary realm. Chapter 4: Criticisms and Counterarguments In a pivotal chapter, Selgin addresses the criticisms often directed at the concept of free banking. He engages with concerns related to potential bank panics, inflationary pressures, and challenges in maintaining monetary stability without a centralized authority. Through a detailed analysis, he provides robust counterarguments, aiming to demonstrate the resilience and effectiveness of the free banking model in overcoming these potential pitfalls. Chapter 5: Free Banking and Financial Stability This chapter delves into the intricate relationship between free banking and financial stability. Selgin explores how a decentralized system might respond to financial crises and whether it can provide a more resilient framework compared to centralized models. He considers the implications for the broader financial system and the ability of private banks to navigate turbulent economic conditions, offering a nuanced perspective on the role of free banking in ensuring financial stability. Chapter 6: Policy Implications In the concluding chapter, Selgin discusses the policy implications of embracing free banking. He explores the practical considerations and challenges involved in transitioning from current monetary systems to a decentralized model based on competitive note issuance. The author provides insights into how policymakers might approach implementing such a paradigm shift, considering the potential benefits and risks associated with reshaping the monetary landscape. In summary, each chapter of "The Theory of Free Banking" contributes to a detailed and nuanced exploration of the historical, theoretical, and practical dimensions of the concept. Selgin's work not only advocates for a fundamental rethinking of monetary systems but also rigorously engages with potential criticisms and challenges, making it a significant and comprehensive contribution to the discourse on monetary theory and policy.

Just breath

Did a little trip today -9°C outside, embrace the cold #photography #winter

And another one.

Another Fresco

A colored version

#Fresco #Christianity #Photography #artstr

Picture of a Fresco I took recently

#photography #artstr #black&white

Good evening beautiful souls. May your weekend be filled with joy!

#Bitcoin

GN