Since bitcoin, just as the Internet, recognizes no political boundaries, Krugman resists seeing the global monetary unit as something social.
Importantly, there is nothing inherently partisan about favoring a metallic-based monetary unit.
FORBES: Virginia House Sets The Stage For Bipartisan Monetary Reform
This is not the first emergence of authoritative attention to the power of gold as the monetary unit by China in recent years.
Governments have appropriated the monetary unit for their own benefit by declaring it the only preferred monetary unit for payment of taxes to the State.
In 1967, an International Monetary Fund meeting in Rio de Janeiro reached agreement on a scheme for the creation of a new international monetary unit, the Special Drawing Right.
Yes Virginia, there is a Constitutional monetary unit.
FORBES: Yes Virginia, There Is A Constitutional Monetary Unit
The Virginia legislature, members of both houses, and parties, have an historic opportunity to enact and conduct a joint subcommittee to study the feasibility of a United States monetary unit based on a metallic standard.
FORBES: Yes Virginia, There Is A Constitutional Monetary Unit
Usually, it will be cloaked in terms like full employment, price stability, temporary stimulus, quantitative easing, and economic growth, but manipulation of the money supply serves only to favor the issuers of that particular monetary unit.
While public authorities will certainly be challenged by the introduction of a monetary unit that cannot be manipulated for political purposes, bitcoin in some cases does have the ability to provide tracking capability that far exceeds that of national cash or money substitutes.
FORBES: ECB: "Roots Of Bitcoin Can Be Found In The Austrian School Of Economics"
In conducting its study, the joint subcommittee shall receive testimony from such witnesses and take such other evidence as it deems appropriate and shall consider recommendations for legislation, with respect to the need, means, and schedule for establishing a metallic-based monetary unit to serve as a contingency currency for the Commonwealth.
FORBES: Virginia House Sets The Stage For Bipartisan Monetary Reform
Over the long term, higher productivity growth and better-functioning labour markets are vital if economies in southern Europe are to regain the competitive ground they lost in the first decade of monetary union, when their unit labour costs soared relative to those in northern countries like Germany.
The ultimate goal was for America lead the world toward a stable, international monetary system based on gold, with the dollar again defined as a unit weight of gold.
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