Sound Money Values Carney – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides


Dear Dr. Carney,

This is an open letter in response to your Reith lecture series on the BBC from December 2020, “How We Get What We Value.” This content now also appears largely represented in your book “Value(s): Building A Better World For All.”

In short — in order to help solve the huge issues of our time — three of which you succinctly summarised as credit, Covid, and climate, you argue that we need to realign those valuations which our economy constantly pitches on society.

I am not an economist. I write this as a bystander, not an expert. My experiences, personal and professional, encourage me to view developments over long time frames.

I don’t doubt the issues you raise, or your sincerity, in trying to address them. In my view, throughout your entire Reith lecture content there is an elephant in the room which you ignore, and yet is so fundamental to our well being as a society – a crisis of our own creation.

This is sound money, and we no longer have it.

You appear to recognize the very high time preference of society. You correctly state “If we value the present more than the future, we are less likely to make the necessary investments today to reduce risk tomorrow.” In the questions put to you in the lecture series, Camilla Cavendish also refers to the “tragedies of the horizon,” in having enormous implications for climate change — the inability to act now to protect our future.

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