Too Long; Didn't Read
Bitcoin Shall Bring Back The Lost Art of Commercial Banking. E.C. Harwood - the American autodidact economist who predicted the 1929 Great Depression and steered clients into gold investments - wrote on the "Lost art of commercial banking". Harwood was a pragmatic, full of common sense, not an ideologist. He knew monetary history and proposed practical solutions to the very well known problems of money debasement at a time of growing globalization and trade. The efficacy of capital controls will be in the future greatly diminished by the increasingly global access to cryptocurrencies. Emerging economies therefore will be on an accelerating path towards local currency.