We’re All Default Keynesians Now, and How Bitcoin is Changing That

“We’re all Keynesians now.” Milton Friedman coined the phrase, often miscredited to Richard Nixon, back in 1965. And that hasn’t changed since then. Unless you began your Austrian economic education at birth in some unknown Austrian paradise, on this planet at this particular time in human history, I think we can safely say we’re all Keynesians by default.

A default Keynesian is a person who, probably unwittingly and passively, supports the…