Is Bitcoin Racist?
Zarlenga captures the crux of it here. I’ve written about him before and it bears repeating here. The Lost Science of Money is broken out into four main sections:
- The Main Obstacle is The Mystification of Money
- Monetary History Has Been Ignored
- Monetary History Has Been Censored
- Monetary Data is Often Misinterpreted
Golumbia’s book is guilty on at least 3 out of 4 of these points.
(Those interested understanding the historical basis of our current system would also do a service to themselves by reading Vincent LoCascio’s “The Monetary Elite vs Gold’s Honest Discipline” and “Special Privilege: How The Monetary Elite Benefit at Your Expense“. )
Errors of Fact
These numerous fallacies aside, the rare occasions throughout the book where Golumbia tries to build his thesis on something specific he actually gets it wrong to degree which can only be called “cringeworthy”.
Inflation is a “Conspiracy theory”
For example, in the chapter “Central Banking, Inflation and Right-wing Extremism” he again tries to assert that “inflation is actually good” and anybody who thinks it isn’t is a right-wing extremist / conspiracy nut:
These ideas are not simply heterodox or contrarian: they are pieces of a holistic worldview that has been deliberately developed and promulgated by right-wing ideologues. To anyone aware of the history of right-wing thought in the United States and Europe, they are shockingly familiar: that central banking such as that practiced by the U.S. Federal Reserve is a deliberate plot to “steal value” from the people to whom it actually belongs; that the world monetary system is on the verge of imminent collapse due to central banking policies, especially fractional reserve banking; that “hard” currencies such as gold provide meaningful protection against that purported collapse; that inflation is a plot to steal money from the masses and hand it over to a shadowy cabal of “elites” who operate behind the scenes; and more generally that the governmental and corporate leaders and wealthy individuals we all know are “controlled” by those same “elites.”
Whenever I try to explain to people what inflation really does, I – and many others – usually like a graph depicting the purchasing power of the US dollar since the inception of the Fed in 1913: