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People cannot create fiat currencies out of thin air. When done it's a crime (currency forgery).
by vladd 3y ago
People cannot create fiat currencies out of thin air. When done it's a crime (currency forgery).
- Marsymars 3y agoThat doesn't sound right. e.g. https://en.wikipedia.org/wiki/Canadian_Tire_money https://en.wikipedia.org/wiki/Canadian_Tire_money
- alephnerd 3y agoHave you ever been to a Canadian Tires? CTM is used the same way you'd use Airline Miles or Credit Card Points.
- Marsymars 3y agoYes, I’m familiar with how it’s used. And its usage seems pretty clearly at odds with “People cannot create fiat currencies out of thin air without it being a crime”. (I could have used any number of other examples - WoW gold, Disney Dollars, etc.)
- carlosjobim 3y agoIt's a crime if you or I do it. It's a blessing of quantitative easing when the rulers - our lords and saviors - do it.
- wolverine876 3y agoThe essential point is that they are not ruler or lords or saviors. We hired them to work for us, and democracies turn out to work better than any other form of government in history (and it's not close). We are the rulers, lords, and the only hope for our own salvation. You'd better get to work.
- carlosjobim 3y agoI didn't hire or vote for any central banker, and neither did you. We were born into the fiat system, the rules already written and specifically made to exploit us. And I completely agree with your second paragraph.
- wolverine876 3y agoI did vote for my president, who hired the central bankers, and senators, who confirmed them. They also built the entire structure of the current fiat system over time.
- pixl97 3y agoYea, turns out the rule of law works rather well, and when it doesn't work well nothing is going to stop the henchmen from beating you to death with a hammer anyway. What makes a government a government is their monopoly on violence, what makes a good government good is only having to minimally exercise their monopoly.
- carlosjobim 3y agoYes, it works well for transferring enormous amounts of wealth into a few hands. As seen ever since the introduction of fiat money, for thousands of years of history.
- pixl97 3y agoHeh, I'm sure you're going to call the libertarian police department next [0]https://www.newyorker.com/humor/daily-shouts/l-p-d-libertarian-police-department https://www.newyorker.com/humor/daily-shouts/l-p-d-libertari...
- misnome 3y agoVs the very poor peasants of the people who run the mining companies or control the software? Haven’t you just swapped one set of sovereigns for another?
- carlosjobim 3y agoExcept that anybody can mine, just like anybody could mine gold or trap squirrels. To make fiat currency emissions you need to be born into the right family.
- mrkeen 3y agoThat's precisely what fiat currencies are. Currencies which can be created out of thin air. That's what 'fiat' means - "Let there be". Fiat currencies are 'fiat' in stark comparison to wealth which can't be created out of thin air, e.g. gold or cryptographically-protected numbers.