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Slumps have always been boom times for monetary experiments, and the economic collapse of 2008-09 was no different. Underlying this recurrence is the instinctive feeling that economic calamities must have monetary causes, and therefore monetary remedies. If monetary fluctuations are the main cause of economic fluctuations, and if one can ensure the right quantity of money to support normal business activity, there will be no need for government interference.These "peer-to-peer electronic cash systems" aim to cure economic ills by monetary measures, but this time by bypassing banks altogether.Behind the more sordid motives lay Friedrich Hayek's dream of a free market in money.Government could not be stopped from making money go bad, Hayek wrote.Bitcoin can be seen as an attempt to use new technology to stop money from going bad. Paradoxically, although it is created out of nothing, it will offer no possibility of money "creation".
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