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Cryptocurrencies: Privately Issued Monies Pre-Civil War Couldn’t Survive. Will History Repeat Itself?
“Those who cannot remember the past are condemned to repeat it,” wrote George Santayana. History has its cycles and its ups and downs.
Some compare what is happening now in the world of cryptocurrencies with currencies that private banks issued in pre-US Civil War days. In those days, banks rather than the federal government issued currencies. James Bullard, president of the Federal Reserve Bank of St. Louis, told the Wall Street Journal that “the current situation could be described as a drift back towards private money.”
But private monies never survived. The problem then and also now is that the many currencies invited volatility and uncertainty about their true value. CoinMarketCap estimates that there are now more than 1600 cryptocurrencies.
Agustin Carstens, executive head of the Bank for International Settlements, said that “the tried, trusted and resilient modern way to provide confidence in public money is the independent central bank.”
