Kinsella on Liberty Podcast, Episode 368.
This is my appearance on Robert Breedlove’s What Is Money podcast, Ep. WiM099 (Youtube channel). We discussed legislation vs. (private) law—Centralized Law vs Decentralized Law, or as Hoppe refers to legislation, “democratic law-making”.
From Robert’s Episode notes: “Stephan Kinsella joins me to discuss the nature of centralized law legislated by fiat in comparison with decentralized law discovered through the observation of human action across time.”
Youtube outline/time stamps:
- 00:00:00 “What is Money?” Intro
- 00:00:08 Exploring the Meaning of Legislative “Law”
- 00:09:40 Possession is 9/10ths of the Law
- 00:16:43 Corruption in Law Making & Money Printing
- 00:20:30 Is Coercion Inherent to Fiat? 00:26:44 Bitcoin Replacing Fiat Standards?
- 00:30:00 The Basics of Human Action and Property
- 00:36:17 Is Bitcoin Property?
- 00:44:25 NYDIG
- 00:45:34 Does the Nature of Legal Disputes Change Under a Bitcoin Standard?
- 00:51:42 Custodial Aspects of the Fractional Reserve Banking System [see also my post The Great Fractional Reserve/Freebanking Debate]
- 00:57:49 Bitcoin Lending & the Threat of Rehypothecation
- 01:03:25 Does Bitcoin Disincentivize High Risk Human Action
- 01:08:37 Morality Under a Bitcoin Standard vs a Fiat Standard
- 01:18:11 Centralized Legislation Contributes to Uncertainty
- Kinsella, “Legislation and the Discovery of Law in a Free Society,” Journal of Libertarian Studies 11 (Summer 1995)
- Summary version: “Legislation and Law in a Free Society,” Mises Daily (Feb. 25, 2010)
- Another Problem with Legislation: James Carter v. the Field Codes (Oct. 14, 2009)
- The Great Fractional Reserve/Freebanking Debate (Jan. 29, 2016)
- Jesus Huerta de Soto’s Money, Bank Credit, and Economic Cycles, esp. ch. 1 (uses Roman law concepts to properly analyze fractional-reserve banking)
- KOL274 | Nobody Owns Bitcoin (PFS 2019)
- Paul Cantor, Hyperinflation and Hyperreality: Thomas Mann in Light of Austrian Economics