National Currencies’ Tragic Race to the Bottom

by Pascal Hügli

Money—the magical power it has over people is almost universal. But whether we earn it, spend it, or save it, we hardly ever think about the following questions: What is money, why does it exist, and what will money look like in the future? Why should we? Our money works. Day in, day out we use it without much effort. So what’s the problem?

Well, let me explain. As August Friedrich von Hayek pointed out, we humans constantly use things we don’t know anything about. It’s this very fact that makes us such a successful species. It’s no different with money. That we don’t have to think about money but can still use it successfully is a big win and a witness to how well our market and knowledge society functions.

In the course of the Great Recession of 2008 and the corona crisis this year, questions about the role of money seem to become asked more frequently again. Is money undergoing great change?

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