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Message
1
Posted on 2/13/14 at 12:46 pm to SpidermanTUba
quote:Yeah, that was my point - still paper currency.
Remind me again, what was used as currency in this country pre-1913?
Fiat currency.
In the form of National Bank Notes.
Same system just not centralized.
I'm uncomfortable with an independent agency (Federal Reserve) having autonomy over us. I'm not real excited about a monetary system that relies on the barrel of a gun for its worth.
In a free society, it seems like there should be a better way.
Posted on 2/13/14 at 12:50 pm to Dalymaple
quote:I approve of this message.
Nothing is wrong with a fiat currency it actually economizes the use of a commodity, you can gain interest from banks issuing the currency etc. The problem comes into play when you when have a monopoly issuing the currency as opposed to competing firms.
Posted on 2/13/14 at 1:01 pm to TX Tiger
quote:
You base that one what, how incredibly well it's functioning now?
You'd prefer 1880?
Posted on 2/13/14 at 1:01 pm to TX Tiger
quote:
I'm uncomfortable with an independent agency (Federal Reserve) having autonomy over us.
You'd prefer the money supply be politicized MORE than it already is?
Posted on 2/13/14 at 1:10 pm to LSUnKaty
quote:What is preventing you from starting a commodity based currency? Have a go at it.
If fiat money is so superior and you're opposed to commodity based currency for technical reasons why not just allow both? Then the market can decide which is more secure and which it prefers.
Posted on 2/13/14 at 1:14 pm to LSUnKaty
quote:Just about any currency in existence or any currency you can create as long as you don't call it the "dollar" or make it look so similar to the US dollar that someone might mistake it for USD, which would be considered counterfeiting.
Enlighten me, what alternative currencies are legal to use in this country?
Are you under the impression it's against the law in the U.S. to use currencies other than the US dollar here? It's not.
Posted on 2/13/14 at 1:28 pm to goldennugget
I can't believe Wiki hasn't showed up in this thread yet.
Posted on 2/13/14 at 1:37 pm to LSURussian
quote:Nothing, but I imagine the US Government can make it very difficult.
What is preventing you from starting a commodity based currency?
I must say that your post did enlighten me, I was not fully aware of Legal Tender Laws prior. Thanks.
Posted on 2/13/14 at 1:44 pm to Tigah in the ATL
Posted on 2/13/14 at 1:45 pm to BugAC
quote:
quote:
So 90% of economists are economic illiterates?
$17.3 Trillion in US Debt
Pretty much
Wow. You proved them all wrong. You're so smart.
Posted on 2/13/14 at 1:46 pm to LSURussian
Posted on 2/13/14 at 2:21 pm to Mr. Misanthrope
I'm trying to figure out why you posted those links in response to my post. Was there something in them that you believe contradicts what I posted earlier?
Posted on 2/13/14 at 2:24 pm to LSUnKaty
quote:Historically the only time the Feds have gotten involved in any non-counterfeiting currency creation is when the new currency makes it easy to evade taxes or to launder money, which are also illegal using the US dollar.
What is preventing you from starting a commodity based currency?
Nothing, but I imagine the US Government can make it very difficult.
quote:You're welcome.
I must say that your post did enlighten me, I was not fully aware of Legal Tender Laws prior. Thanks.
Most people think 'legal tender' means the US dollar is the only legal currency in the U.S. It has nothing to do with being legal or illegal for other currencies.
This post was edited on 2/13/14 at 2:26 pm
Posted on 2/13/14 at 2:25 pm to TX Tiger
quote:
Remind me again, what was used as currency in this country pre-1913?
This:
The 1870-1914 Gold Standard
This post was edited on 2/13/14 at 2:27 pm
Posted on 2/13/14 at 2:27 pm to Porky
Did you even read your own link? You want to return to a system where each bank issues its own currency? Seriously?
Posted on 2/13/14 at 2:33 pm to LSURussian
quote:
Did you even read your own link? You want to return to a system where each bank issues its own currency? Seriously?
Where did I say I wanted the exact same thing? ...or anything? I just answered the question.
This post was edited on 2/13/14 at 2:34 pm
Posted on 2/13/14 at 2:35 pm to Porky
quote:You're right, you didn't. I assumed you linked an article about the "most perfect" currency system ever because you were in favor of it. My bad.
Where did I say I wanted the exact same thing?
Posted on 2/13/14 at 2:40 pm to LSURussian
I'm not going to pretend to have the answers. I just like to check out history and explore options which may or may not be better options than the system we presently have.
This post was edited on 2/13/14 at 3:21 pm
Posted on 2/13/14 at 3:20 pm to LSURussian
I've always found it interesting that for many years in America, taxes could be paid with hemp. Even though it's a quite stable yet mostly illegal commodity, the founding fathers found it to be a useful medium of exchange. They obviously weren't as uptight as some of our politicians today for some reason.
And yes, I know it was because the plant was used by our government for many things besides smoking, which wasn't the motive.
And yes, I know it was because the plant was used by our government for many things besides smoking, which wasn't the motive.
This post was edited on 2/13/14 at 3:28 pm
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