Are Legal Tender Laws An Oxymoron?
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Thoughts on The Bitcoin Legal Tender Law in El Salvador: Should the marketplace alone determine what is legal tender?
I love my country. I love our Constitution, and I despise our government insofar as it does not follow our Constitution. Such a view does not imply that the Constitution is a perfect document for it is a document created by men. It does imply that as men we should be ruled by law.
Just as our Constitution wrongly protected slavery, should our Constitution protect legal tender? Probably not.
The proposed legislation by the government of San Salvador to declare bitcoin is legal tender has given pause for thought. Rather than enshrine legal tender laws should they not be abolished?
I can not help but love and admire the passion of Jack Mallers for Bitcoin. Yet it is likely a stretch that legislation declaring bitcoin is legal tender is a panacea for economic development in third world countries. And Jack Mallers is not claiming such legislation saves dying babies after ending all wars!
But is it a step in the right direction? Certainly, Ron Paul and many others at the same conference don’t think so.
All legislation, despite the best intentions, has unintended consequences and is usually implemented after the fact and in reaction to a persistent problem.
It certainly is a topic worthy of discussion.
UGLY OLD GOAT
