The Creation of the Federal Reserve System (Part 4)

I don't need to resort to fallacies to make a point I don't have with an argument that does nothing to inspire confidence in one's sincerity.

A piece of paper with a signature on it may be of value to the market participants involved; as a medium of exchange, it constitutes a form of money.

Negotiable paper instruments and payment instructions are an example.

 

Maybe, would be, could be, should be.....blah blah blah. Your idea of allowing everyone to create their own money is simply silly. I'm sorry if I point out that stupidity.

You liberal/socialist take your delusion to a whole new level. Akphitroll has been exposed badly with his silly notion that banks create money out of nothing, danieltroll goes even further, let's forget about banks, we should all agree to the idea that everyone should be allowed to create our own money with blank sheets of paper. Thanks for the laugh man.

And yet you still have not answered my question, here it is again for 7th time...

Why do you think allowing everyone to create their own money is a better solution? Do you have any idea how that might affect US and global economy?

Please come back with substance to defend your "idea" or don't come back at all...

 

Your usual and routine, but special pleading has never been a good excuse for a rational argument, but I keep giving you the benefit of the doubt.

Consumer confidence can influence the subjective value of morals; in other words, it may require sufficient confidence in the sincerity of the market participants involved by their consumer preference and self-selection; if they choose to use Monopoly Money or not.

The market for derivatives is a self-evident truth.

 

I'm getting used to your nonsense now. As usual, besides your routine babbling, swinging and missing, you have no fact no stat and zero explanation as to why your solution is better. Better yet, you have no clue how that might affect US and global economy.

Given your understanding of economic and banking, you might be better off to go back to play with your sand box bud, these subjects are extremely complex for you to comprehend, it's fun to ridicule your silly notion but ultimately, it's a waste of time. Ciao!!

 

Read the OP in this thread. There's no such thing as a "private corporatist market". Corporatistm by definition involves big business pairing with government to pass laws which subvert the free market to eliminate competition from smaller businesses (or even other large businesses) in order to tip the playing field in favor of some businesses who have the most lobbying power. This is how government helps to create monopolies, which harms taxpayers. Government also is used to bailout big businesses at the expense of taxpayers as well as consumers. We have a government that forces fiat currency...the list goes on and on.

That is what we have in this country. The free market would not allow that becuase government would grant no special privileges nor would it save any failing businesses. The free market invovles protection of individual liberties as specified in the Constitution, which allows for the voluntary trade between individuals.

But you're missing the other half of the equation: Competition. There is a need for competition, and competition always exists in a free market. Competition coupled with profit motive are what causes the advancement of the individual, and thus the advancement of the economy. Corporatism artificially uses government to restrict competition and has devastating economic effects.

Who needs corporate welfare? The answer is that nobody does. If a business needs welfare or government assistance, then that business is destined to fail. It should not be propped up.

I agree strongly. But government has a pretty good stranglehold on the educational system in this country. Since there is no profit motive (by nature of government), nor any competition, the quality of public education is very poor. That is a contributing factor to the poverty rate becuase many young people are not getting the skills they need to succeeed. The only way for the quality of education to improve are to introduce profit motive and competition. I'm saying that education would be far superior if it were provided by the free market instead.

 

LOL, I could just picture it, some park bench bum creates his own money!

 

not to worry.....uncle ben loves inflation ya know

 

Thank you for ceding the point and the argument you didn't have regarding letters of credit and bills of credit being forms of money.

 

Have you read about Emperor Norton?

 

Oh sure. You have no idea how naive you are. But given the amount of your delusion, it's no longer a surprise.

Enjoying your Sun troll.

 

Emperor Norton created his own money and that form of wealth.

 

Good for him.

 

It was merely a point about letters or bills of credit being forms of money.

 

By the broadest definition of money, anything is a form of money. Your point is moot. Proven many times.

 

If you don't have a problem with the private sector making profit or having a private profit motive; why do you even need to distinguish between a private corporatist market and a private free market?

 

I just cant see how a private individual can just create money.

 

Repetetive. See post 480.

 

The dude pulls a page out of akphitroll's playbook, he is simply trolling now.

 

Technically they could under a free banking system. That is if there have the time or resources to do so, and there are absolutely no regulations barring such practices. The real question is why would a private individual devote time and energy to creating their own money? For most Americans, it would be a futile effort. I suppose a major banker with access to such facilities could create their own money, but once again, is it a truly worthwhile effort? During the free banking period in United States history, you never heard of an individual printing their own money.

 

It isn't very difficult if you consider the medium of exchange aspect of any formerly blank piece of paper; letters or bills of credit are business examples.

Raw gold and silver need not be coined to be used as money.

 

I am not sure how you reached your conclusion regarding the private sector and the public sector, in our form of federal government where economic discrimination is both legal and socially acceptable.

How does your point of view account for persons of wealth simply "purchasing" privileges and immunities from our elected representatives, such as a tax loophole large enough to drive a yacht through?

 

more class envy bull(*)(*)(*)(*) <<<<<yawn>>>>>

 

Sure...US weights and measures. Impossible to counterfeit wouldn't you agree? Doesn't that sound much easier than doing it the way they do it now with all of these fancy bills that counterfeiters always find a way to counterfeit? What they don't want you to have is actually money that they themselves can not counterfeit via the printing press and inflation. That is what they don't tell you.

See...the govt just as the people they term counterfeiters find it impossible to counterfeit gold as well. That is why it is not used as currency. It actually retains its intrinsic value whereas paper with ink...not so much.

Why not go back in time and grab some US gold eagles from way back when and while you are there grab some US dollars marked with the same dates. Bring them back in your time machine to modern day....and see which is worth more. It really is sad that people are clueless to this fact and not only that they actually argue as if they know what they are talking about. They have been born into this fiat society and it is all they know. When people start to talk about real money....they draw blank stares.

 

yup/.......like I said...the linear mentality....fiat currency is all they know and understand......its their comfort zone. They will learn soon enough!

 

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