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On 11 January, the UK Financial Conduct Authority warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money". Nearly all cryptocurrencies were down by double-digit percentages. This was partly in response to Elon Musk 's announcement that Tesla would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the People's Bank of China reiterating that digital currencies cannot be used for payments.
In September, Bitcoin officially became a legal tender in El Salvador with many news sources wondering what countries would be next. Coinbase became one of the most downloaded apps after their ad aired. Securities and Exchange Commission SEC announced they would begin to put regulations on the crypto agencies setting the stage for a broad selloff. The CEO later announced that they were at no risk of bankruptcy.
A wave of layoffs from other crypto agencies accompanied this, including from Crypto. Many fellow conservative MPs members of parliament were anxious that the crisis would be the catalyst to the opposition Labour party gaining a landslide victory at the next General Election due at latest by end ; wild swings in the opinion polls fanned the alarm. A leading concern was that the jump in interest rates would unsettle swathes of traditional conservative voters with large mortgages outstanding on homes bought at notoriously high prices fanned by monetary inflation.
The inglorious coup, unlike the glorious revolution, brings no new freedoms. Rather a rapid return journey looms into the status quo where Big Government, Big Finance, and crony capitalism thrive. The brooms of de-regulation and market-determined interest rates to which the Truss Government had opened the door are now firmly back in the cupboard. The requirement for any eligible candidate to have MP sponsors to go forward into an election process meant Sunak would be the only name on a ballot.
Hence no election necessary, whether amongst parliamentarians or rank and file conservative party members. The success of this coup is sad for anyone who believed that Britain had a real prospect of shaking off the fetters of a high tax Big Government and reaping the benefits of freedom and prosperity from a new competitive capitalism under sound money.
Deriving and learning the lessons about how the coup succeeded will not help undo the sombre outcome for the UK. The process, however, should be of huge consequence for the US and indeed the rest of the world. Hopes for a renaissance of capitalism and freedom should gain new substance from those lessons as its advocates in the political arena are better prepared in consequence when their opportunity comes.
The biggest lesson will surely be one going all the way back to Adam Smith, repeated by J. Mill and Milton Friedman. The essential foundation of competitive capitalism and freedom is sound money. As a practical matter it is only possible to pursue supply side tax reform which transitorily widens the budget deficit if indeed there is a monetary regime in place which enjoys confidence about its money being good.
Tax cuts delivered up front can be matched then by credible programs of public spending reduction. If the economic reformers leave the bad money regime in place, then any serious widening of the budget deficit becomes a catalyst to an intensification of inflationary fears. These can short-circuit in currency and bond market collapse. President Reagan and PM Thatcher understood those interdependencies in the early 80s. Of course, the applied forms of practical monetarism had flaws.
Both leaders came under intense political pressure later to abandon monetarism, which they did. The wider free market crusades in Britain and the US bore the consequences of that failure to persevere with monetary reform in the direction of good money. By contrast ex-PM Truss led the charge for a new low tax competitive capitalism whilst leaving the old regime under inflation-maker Bank of England Chief Bailey in full command.
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