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If you think fractional reserve banking is “lying” how are you okay with fiat money at all? If you were consistent you’d be a true goldbug.
by ffggffggj 4y ago
If you think fractional reserve banking is “lying” how are you okay with fiat money at all? If you were consistent you’d be a true goldbug.
- ticviking 4y agoIt is a fact that the IRS requires me to pay taxes in federal reserve notes. That makes them real enough.
- Bud 4y ago[dead]
- recursivedoubts 4y agoNope. I was a gold bug once, but I don't think it's a good way to manage the total money supply: it can't grow as fast as the economy (labor productivity) does. I view money is a public social tool, and so it should be owned by all of us. Hence I am in favor of a citizens dividend for growing the money supply. I do think you should be able to trade fiat into gold and vice versa tax free, so gold can be used for savings, which it is very good at. In fairness, nobody agrees with me on this stuff, including myself at times!