4 ms·

> Yes, it would solve one type of problem. But nobody wants your solution because it’s an unreasonable trade off for everyone to solve an extremely rare edge ca

> Yes, it would solve one type of problem. But nobody wants your solution because it’s an unreasonable trade off for everyone to solve an extremely rare edge case. Can you explain why this is bad? People lived with hard-ish money systems for extremely long periods of time. > The concepts of assets and liabilities are well understood in the business world. Banks aren’t “lying” and fractional reserve banking does not mean that banks are creating fake dollars. Liabilities have always been part of the equation. I mean, it's really about how you define words. Most people believe that they have money in the bank. When in reality, they have unsecured debt to the bank. Although to be fair, for most people that debt is backstopped by FDIC/NCUA. But, of course, that unsecured debt is often referred to as money, so I can't really blame them too much.

twblalock 4y ago
> Can you explain why this is bad? People lived with hard-ish money systems for extremely long periods of time. The problems those systems caused are the reason we created the Fed and soft money. Hard money ruined many lives, caused many panics, and is an intellectually bankrupt idea that only cranks are still devoted to.
- gberger 4y ago
  Do you mind explaining why? I'm not familiar with hard vs soft money.
  - theptip 4y ago
    It’s a pretty involved topic. “ The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes” gives a good narrative that exemplifies some of the problems.
karpierz 4y ago
> Can you explain why this is bad? People lived with hard-ish money systems for extremely long periods of time. Fractional reserve banking has been the dominant form of banking for the last 300 years, and has roots well beyond that.
wpietri 4y ago
> People lived with hard-ish money systems for extremely long periods of time. True, but most of human history was also pretty awful. If subsistence agriculture is your idea of a good time, nobody's going to stop you. But it's definitely not what most people want.
- nordsieck 4y ago
  > True, but most of human history was also pretty awful. If subsistence agriculture is your idea of a good time, nobody's going to stop you. But it's definitely not what most people want. I can't tell - are you arguing that soft money is a necessary precondition to industrialization?
  - wpietri 4y ago
    I'm saying that your argument is bunk. People also lived without effective dental care for long periods of time. People lived without all sorts of things. If you want to show that something is unimportant, you have to do more than wave vaguely at recorded history as if it were all pretty great.

twblalock 4y ago

> Can you explain why this is bad? People lived with hard-ish money systems for extremely long periods of time. The problems those systems caused are the reason we created the Fed and soft money. Hard money ruined many lives, caused many panics, and is an intellectually bankrupt idea that only cranks are still devoted to.

gberger 4y ago
Do you mind explaining why? I'm not familiar with hard vs soft money.
- theptip 4y ago
  It’s a pretty involved topic. “ The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes” gives a good narrative that exemplifies some of the problems.

karpierz 4y ago

> Can you explain why this is bad? People lived with hard-ish money systems for extremely long periods of time. Fractional reserve banking has been the dominant form of banking for the last 300 years, and has roots well beyond that.

wpietri 4y ago

> People lived with hard-ish money systems for extremely long periods of time. True, but most of human history was also pretty awful. If subsistence agriculture is your idea of a good time, nobody's going to stop you. But it's definitely not what most people want.

nordsieck 4y ago
> True, but most of human history was also pretty awful. If subsistence agriculture is your idea of a good time, nobody's going to stop you. But it's definitely not what most people want. I can't tell - are you arguing that soft money is a necessary precondition to industrialization?
- wpietri 4y ago
  I'm saying that your argument is bunk. People also lived without effective dental care for long periods of time. People lived without all sorts of things. If you want to show that something is unimportant, you have to do more than wave vaguely at recorded history as if it were all pretty great.