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I do want a for-profit company to run a global currency. I would rather there be hundreds of global currencies, with me free to choose which one I would rather
by lacker 7y ago
I do want a for-profit company to run a global currency. I would rather there be hundreds of global currencies, with me free to choose which one I would rather use, if any.
- capableweb 7y agoIf a for-profit company is running the currency, the users of the currency are in a loosing position. Remember, the for-profit company wants profit, so good luck fighting with them about the currency. "hundreds of global currencies" sounds like a good idea to me too, as long as they are out of the hands of for-profit companies.
- kebman 7y agoFunny. The USA seems to have the complete opposite view to yours! :D The Federal Reserve is just about as close to a private company as any, running your entire economy. Certainly it's a for profit venture. But then that's profits funneled away from public coffers, and not to it. Sure, the Fed has a pretty clear mandate from the Congress, deputizing them into a certain public role, but other than that, they receive little to no ‘advice’ on how to do things, and stand free to make private profit for a small cartel of privately owned banks. The reason for this non-public setup is so that Congress won't simply print more money at will, which would be far worse.
- qaq 7y agoYou do realize that FED transfers it's profits to US Treasury to the tune of 100 billion dollars per year?
- erikpukinskis 7y agoCorrect, the fed funnels money away from savings accounts to the Treasury, exporters, and banks.
- kebman 7y agoBut unlike just about all public agencies, stock holders get to keep a fair amount too. Not to mention that a great deal of tax money goes towards servicing interest on loans. On top of that; well, let's not mince words: "Quantitative easing" is essentially theft.
- capableweb 7y agoI agree with you, just wanted to let you know that "running your entire economy" is not accurate as I don't live there. We would all be a little better by not assuming things about people :)
- kebman 7y agoThe context is that the Fed serves the USA, and I don't live "there" either. So "your (...) economy" is of course referring to the American economy.
- grey-area 7y agoIf a for-profit company is running the currency, the users of the currency are in a loosing position True, but exactly the same applies to a state running the currency, with even more evidence of malfeasance and manipulation. State currency loses significant value every year by design, and the management of it is really opaque. I’d rather a cooperative mutually owned currency to either corporate or state control.
- lmm 7y agoIf you're imagining a mutual organisation of millions of people who are theoretically on equal standing and have a say in governance as far as possible, wouldn't that look rather like a state? What's the practical distinction you're drawing between a cooperative mutual organisation and a state?
- grey-area 7y agoYou don't get to choose which state you belong to as chattel.
- capableweb 7y agoIn general I guess you don't exactly get to choose willy-nilly which state you want to belong to, but you can make a choice to trying to get out of your current one, at least usually.
- grey-area 7y agoNo you don’t, and that would be the difference. Our system is still remarkably feudal - obligations are assigned at birth and citizenship is an obligation, not a choice. Of course if you’re rich or privileged there are many options.