Why Governments Will Always Borrow Against the Future

Abstract:
The contemporary fascination with a so-called “Bitcoin Standard” rests on the same utopian fantasy that once sustained the Gold Standard—that monetary scarcity can restrain political excess. This essay dismantles that illusion. Through historical analysis of the American experience from 1921 to 1971, and a critical exploration of modern fiscal theory, it argues that the problem of government overspending lies not in the nature of money, but in the nature of governance itself. States do...