If competition is supposedly “good” and monopolies are “bad” then why do we accept a monopoly when it comes to our currency?
Why do the anti-trust laws that exist for other industries do not exist for money creation? Is money a special good the requires special consideration or can it be treated like any other commodity?
Money is only useful when it is salable with other goods. We cannot eat it; we cannot live in it; we cannot wear it yet we rely on it to exchange if for these goods.
Should we be worried that monopoly control of money is destroying its value and impoverishing an entire civilization or are these unfounded worries?
Linked below is an article about how some states are starting to question this monopoly of the money supply. I, for one, am glad it is starting to get so much attention and consider monetary freedom to be at the crux of freedom for the entire human species.
Opponents argue that the Fed could just limit its distribution of dollars - Right, that worked so well its like a fox guarding the Chicken coup.
the other argument says it would weaken the US dollar with respect to foreign *(read EURO) currencies. No, precisely the opposite would occur, our monetary base would contract and unsustainable credit expansion would be curtailed. So if by weaken, that we would have all those bubbles that make an illusion of wealth, and then a crash, then yes, of course we wouldnt have that.
The great depression had very little to do with Gold, and alot to do with the same FED policies we have now.
I am surprised ABC gave this story press. Im glad they noted that elimination of legal tender laws would reduce the central bank and government role in monetary issues…as that is THE POINT.
You guys are missing the fact that the dollar is the world’s reserve currency and the economic benefits that having that status gives us. It would be very foolish for the US to adopt another currency of have multiple currencies that would FURTHER weaken the dollar.
Unless you like gas prices like they have in Europe… (Other countries have to convert their currencies into dollars to buy oil)
For nearly 200 years the Sterling was the world’s reserve currency and look at how the British empire has contracted since they lost their status… I think that the US is in a VERY precarious position with regard to maintaining that status and if and when we lose it, shit’s gonna change quickly and NOT to our liking. The fact that we are the world’s reserve currency is the very thing that enables the FED to keep printing money without an immediate consequence. But our fiscal irresponsibility is being noticed and will not be tolerated internationally for very long. Lot’s of implications here…
[quote]angry chicken wrote:
You guys are missing the fact that the dollar is the world’s reserve currency and the economic benefits that having that status gives us. It would be very foolish for the US to adopt another currency of have multiple currencies that would FURTHER weaken the dollar.
Unless you like gas prices like they have in Europe… (Other countries have to convert their currencies into dollars to buy oil)
For nearly 200 years the Sterling was the world’s reserve currency and look at how the British empire has contracted since they lost their status… I think that the US is in a VERY precarious position with regard to maintaining that status and if and when we lose it, shit’s gonna change quickly and NOT to our liking. The fact that we are the world’s reserve currency is the very thing that enables the FED to keep printing money without an immediate consequence. But our fiscal irresponsibility is being noticed and will not be tolerated internationally for very long. Lot’s of implications here…
The Federal Reserve note is done. You can’t triple base money supply in a 3 year period and expect it to live.
If you look at oil prices and food prices through Silver and Gold you will see that we have deflation. This is what happens when a currency dies, inflation in the currency but deflation in hard money. Check out Weimar, those who had Gold and Silver during there period of runaway inflation and even to the build up of it experienced a great increase in wealth.
University of Texas Endowment orders $1 billion dollars worth of physical gold, stores in NY Vault. Upped their holdings by 500 million since last year.