“Bezos Versus Bernanke” is the headline up on futureofcapitalism.com, issued by the founding managing editor of The New York Sun, Ira Stoll. He cites as the “latest news in the story of the fall of the fiat dollar” word that the online retailer Amazon.com is issuing “Amazon coins,” which, the futureofcapitalism.com reports, it is calling a “new virtual money” and we’re inclined to call the Bezos.
Mr. Stoll quotes an Amazon.com press release as saying that “When Amazon Coins launches in the U.S. this May, Amazon will give customers tens of millions of dollars’ worth of free Amazon Coins to spend on developers’ apps on Kindle Fire in the Amazon Appstore. Amazon will also make it quick and easy for customers to buy additional Amazon Coins using their Amazon accounts.”
The questions Mr. Stoll poses are these — “why would anyone want to store value, or transact, in ‘Amazon Coins’ issued by Amazon CEO Jeffrey Bezos rather than in the notes issued by the Federal Reserve chaired by Ben Bernanke? Could it be that Mr. Bezos will prove a wiser steward of his money supply than Chairman Bernanke?”