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You mean banks used to print their own bank notes.Businesses used to mint their own currencies in the US, as did states.
A "free currency" automatically resolves to the gold standard. I'm all in favor or it. A number of people have tried to create gold backed currencies, and the federal government shut them down and arrested them.
And it would never become a reality for good reason: it’s reactionary idiocy.By the way, I am not naive enough to believe this would ever be a reality.
If a free currency economy ever gained traction, it would be stamped out mercilessly by the ruling class. It is a threat to everyone that profits off government, including the government itself.
Can't pay your taxes with monopoly money so the need for US currency will always be around. It's trusted, everyone uses it, everyone will continue to use it and some form of 'free currency' just won't be able to compete. Either within our country and also the value of the dollar internationally.
However if you want to trade bottle caps with your friends then nobody is stopping you.
Federal reserve notes are monopoly money. Before legal tender laws people paid their taxes with private bank notes. You claim is certifiably false.
No it's not false. Today federal and state governments are not going to accept a frickin' bank note, let alone 'free currency' to pay your taxes with.
It actually could be more expansive to have multiple currencies as somewhere down the line someone has to be paid to trade in your bottle caps for cash.
Most Americans (let's call them the normals) see no need for an additional currency so in fact it would turn into nothing more than another bitcoin racket where you're going to have a hard time finding someone to accept it.
Today federal and state governments are not going to accept a frickin' bank note, let alone 'free currency' to pay your taxes with.
It actually could be more expansive to have multiple currencies as somewhere down the line someone has to be paid to trade in your bottle caps for cash.
Most Americans (let's call them the normals) see no need for an additional currency so in fact it would turn into nothing more than another bitcoin racket where you're going to have a hard time finding someone to accept it.
A "free currency" automatically resolves to the gold standard. I'm all in favor or it. A number of people have tried to create gold backed currencies, and the federal government shut them down and arrested them.
Not necessarily, but true in most cases.
A bank or committee could back their money on another currency. I view resource standards as the safest bet.
There needs to be many currencies to truly protect the market, as Hayek advocated for. Eventually they work themselves out.
And it would never become a reality for good reason: it’s reactionary idiocy.By the way, I am not naive enough to believe this would ever be a reality.
If a free currency economy ever gained traction, it would be stamped out mercilessly by the ruling class. It is a threat to everyone that profits off government, including the government itself.
Can't pay your taxes with monopoly money so the need for US currency will always be around.
Only because the state monopolizes exchange, establishes legal tender, and regulates banking.
All currency has market value. It is only a matter of exchange, which traders do on a daily basis over forex by the way.
You are under the spell of the ruling class.
It's trusted, everyone uses it, everyone will continue to use it and some form of 'free currency' just won't be able to compete.
That is relative.
Local private currencies were successful in many areas. Why do you think the world is not subjected under one universal currency? Why did the Euro fail in Spain, Portugal, and Greece?
Private currency has its fair share of success stories, and it goes without saying since it is just another medium of exchange. First during the age of free banking, and now with the bitcoin.
However if you want to trade bottle caps with your friends then nobody is stopping you.
False.
Banking is regulated by the state, and so is what constitutes legal tender.
BTW. that's not a reason at all. It's an ad hominem argument - a logical fallacy. Of course, if it wasn't for logical fallacies, what arguments would you have?And it would never become a reality for good reason: it’s reactionary idiocy.By the way, I am not naive enough to believe this would ever be a reality.
If a free currency economy ever gained traction, it would be stamped out mercilessly by the ruling class. It is a threat to everyone that profits off government, including the government itself.
Which would you rather have, a gold backed currency or some fantasy currency like bitcoin backed by nothing? Everyone with a brain would choose the former. Hence, it will drive any other kind of currency out of the market. That's how most of the world ended up with gold backed currencies in the 19th century.
If you want many currencies, simply legalize private currencies. They will soon appear in abundance.
A "free currency" automatically resolves to the gold standard. I'm all in favor or it. A number of people have tried to create gold backed currencies, and the federal government shut them down and arrested them.
Not necessarily, but true in most cases.
A bank or committee could back their money on another currency. I view resource standards as the safest bet.
There needs to be many currencies to truly protect the market, as Hayek advocated for. Eventually they work themselves out.
Which would you rather have, a gold backed currency or some fantasy currency like bitcoin backed by nothing? Everyone with a brain would choose the former. Hence, it will drive any other kind of currency out of the market. That's how most of the world ended up with gold backed currencies in the 19th century.
If you want many currencies, simply legalize private currencies. They will soon appear in abundance.
Like I said, resource standards are the safer bet.
Having a single currency backed by gold is incredibly dangerous though. You need diversity in currency to prevent stabilizing force, which means you need to have multiple currencies backed by a variety of different things. I prefer common metals, but also there are some FIAT schemes which are pretty intelligent and market determinant.
What would be the point of backing a currency with another currency that isn't backed by anything.
Gold is the only thing that makes sense. There's a reason gold has been used for money for thousands of years. The process of natural selection in the market made it the de facto currency of the world.
If they were gold backed notes, then they would become the prefered currency of the world.U.S. federal currency is the staple of the world economy. Imagine what would happen if the peoples republik of California decided to print their own notes? If you want to complain about currency why not address the freaking Euro that Europe is stuck with and G.B. decided to abandon?
Can't pay your taxes with monopoly money so the need for US currency will always be around. It's trusted, everyone uses it, everyone will continue to use it and some form of 'free currency' just won't be able to compete. Either within our country and also the value of the dollar internationally.
However if you want to trade bottle caps with your friends then nobody is stopping you.
Federal reserve notes are monopoly money. Before legal tender laws people paid their taxes with private bank notes. You claim is certifiably false.
No it's not false. Today federal and state governments are not going to accept a frickin' bank note, let alone 'free currency' to pay your taxes with.
It actually could be more expansive to have multiple currencies as somewhere down the line someone has to be paid to trade in your bottle caps for cash.
Most Americans (let's call them the normals) see no need for an additional currency so in fact it would turn into nothing more than another bitcoin racket where you're going to have a hard time finding someone to accept it.
You are a complete economic ignoramus. The government will accept whatever the voters tell them to accept. If legal tender laws are repealed, government will have no other option.
Multiple currencies are no more expensive than single currencies, just as having multiple credit cards is no more expensive than having a single credit card. Allowing the government to have a monopoly on bank notes is what gives the government the ability to loot everyone blind. That's precisely why statist bootlickers like you oppose private currencies.
The fact that most Americans don't see the advantage of having private currencies is the result of being dumbed down by brainwashing in government schools.
What would be the point of backing a currency with another currency that isn't backed by anything.
You have it mixed up.
You back a currency based on another currency which is backed by a resource standard.
Gold is the only thing that makes sense. There's a reason gold has been used for money for thousands of years. The process of natural selection in the market made it the de facto currency of the world.
Also silver, copper, bronze, gemstones, spices, ect.
You have to find ways to diversify the currencies in the market, or else you risk stabilizing force (which is what we have now).
What would be the point of backing a currency with another currency that isn't backed by anything.
You have it mixed up.
You back a currency based on another currency which is backed by a resource standard.
Gold is the only thing that makes sense. There's a reason gold has been used for money for thousands of years. The process of natural selection in the market made it the de facto currency of the world.
Also silver, copper, bronze, gemstones, spices, ect.
You have to find ways to diversify the currencies in the market, or else you risk stabilizing force (which is what we have now).
What the hell is a "resource standard?" Are you talking about using commodities to back currencies? The ultimate commodity is gold, and gold backed currencies will drive all other currencies out of the market. Just look at how the price of copper or oil fluctuates over the year. Do you really believe anyone would prefer that to gold?
Who said anything about a single currency? We would have multiple currencies, but they would all be backed by gold.
Imagine it working the way visa or mastercard work. Multiple banks issue visa or master card, but merchants all take them, no matter who issues them, so long as they have that Visa or Mastercard logo on them. Gold backed currencies could work the same way.
Can't pay your taxes with monopoly money so the need for US currency will always be around. It's trusted, everyone uses it, everyone will continue to use it and some form of 'free currency' just won't be able to compete. Either within our country and also the value of the dollar internationally.
However if you want to trade bottle caps with your friends then nobody is stopping you.
Federal reserve notes are monopoly money. Before legal tender laws people paid their taxes with private bank notes. You claim is certifiably false.
No it's not false. Today federal and state governments are not going to accept a frickin' bank note, let alone 'free currency' to pay your taxes with.
It actually could be more expansive to have multiple currencies as somewhere down the line someone has to be paid to trade in your bottle caps for cash.
Most Americans (let's call them the normals) see no need for an additional currency so in fact it would turn into nothing more than another bitcoin racket where you're going to have a hard time finding someone to accept it.
You are a complete economic ignoramus. The government will accept whatever the voters tell them to accept. If legal tender laws are repealed, government will have no other option.
Thanks for agreeing with me, the federal government will only accept money to pay your taxes with. Good luck getting voters to change that.
Multiple currencies are no more expensive than single currencies, just as having multiple credit cards is no more expensive than having a single credit card. Allowing the government to have a monopoly on bank notes is what gives the government the ability to loot everyone blind. That's precisely why statist bootlickers like you oppose private currencies.
Currency and credit cards isn't exactly an apples to apples comparison. However if you are saying there is no cost to using a credit card in a transaction than you aren't thinking it through. The merchant usually pays around 2% of every transaction. If the purchase is in a foreign currency than the card company will often times charge the card holder an additional fee to convert the transaction into US dollars. It costs money.
The fact that most Americans don't see the advantage of having private currencies is the result of being dumbed down by brainwashing in government schools.
Not really, the need isn't there. Nobody is getting screwed by using the dollar unless you just happen to feel like not paying taxes.
