Sensing this dissatisfaction, entrepreneurs have introduced hundreds of digital currencies in the past few years, of which bitcoin is only the most famous. Now governments want in: The People's Bank of China says it intends to issue a digital currency of its own. Central banks in Ecuador, the Philippines, the U.K. and Canada are mulling similar ideas. At least one company has sprung up to help them along.I'm not a fan of the government controlled blockchain, even if I expect it.
Much depends on the details, of course. But this is a welcome trend. In theory, digital legal tender could combine the inventiveness of private virtual currencies with the stability of a government mint.
The old progressive left - John Derbyshire mentions in passing Edward Alsworth Ross (1866-1951), an old leftist professor of sociology who had a tumultuous public life that would be ...
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