The Meb Faber Show · Friday, July 10, 2026
Historian Dr. Joseph Moore argues that historical US currency systems, particularly in the 1800s, were highly unstable due to self-issued currencies by banks and individuals. He draws parallels between these past systems and modern cryptocurrency, suggesting that the future of crypto may resemble these earlier, often problematic, forms of money. Moore notes that the introduction of the government-backed 'greenback' was widely welcomed as a solution to this instability.
“So if you go to the 1800s, the United States does not print money. The federal government does not print money. That's something that it does. It offloads that in various ways to banks and even to individuals and companies and you can find these on auctions today.”
“So we've had peer to peer self-issued currencies before. It was incredibly dangerous. People hated the system.”
“And I think people are not understanding that the future of crypto is probably going to look a lot like the past.”