3 ms·

I'm saying that a central authority with that kind of power is necessary and advantageous in a recession. And that they (central banks) are more accountable to

I'm saying that a central authority with that kind of power is necessary and advantageous in a recession. And that they (central banks) are more accountable to the people than e.g gold mining companies. And the propensity for libertarians to indulge in conspiracy theories is more than guilt by association.

maxharris 14y ago
Gold mining companies are accountable to reality: they can't extract gold that isn't there. Nor can they extract gold that isn't profitable to get at given the technological context. Money is supposed to be a representation of wealth, and private banking does that perfectly. In contrast, government banks are "accountable" only to the whims of politicians and a public that wants its cake ("reasonable" taxes) and to eat it too (immoral entitlement programs). That's one purpose that statist banking serves: to make up for the inherent, recurring government budget shortfall by printing boatloads of money, forcibly lowering the standard of living of anyone that saves, in order to "benefit" those that won't or can't.
- cmontanaro 14y ago
  The entire article deals with this. I'm not going to reiterate.
api 14y ago
It's also very advantageous for favoring politically well connected players in an economy and engaging in economic warfare. As far as conspiracy theories go, it depends on who you're talking about. It also depends on the conspiracy theory. Conspiracies do exist; the phrase "conspiracy theory" has of late been used as an effective tool to dismiss what used to be called investigative journalism or social criticism. Anyone advancing a criticism of the social order or putting forward the outrageous idea that powerful people might organize to maintain their power is a "conspiracy theorist." Obviously powerful people are rational, egoless, dispassionate technocrats and are only concerned with the public interest. All praise the great steersmen!

maxharris 14y ago

Gold mining companies are accountable to reality: they can't extract gold that isn't there. Nor can they extract gold that isn't profitable to get at given the technological context. Money is supposed to be a representation of wealth, and private banking does that perfectly. In contrast, government banks are "accountable" only to the whims of politicians and a public that wants its cake ("reasonable" taxes) and to eat it too (immoral entitlement programs). That's one purpose that statist banking serves: to make up for the inherent, recurring government budget shortfall by printing boatloads of money, forcibly lowering the standard of living of anyone that saves, in order to "benefit" those that won't or can't.

cmontanaro 14y ago
The entire article deals with this. I'm not going to reiterate.

api 14y ago

It's also very advantageous for favoring politically well connected players in an economy and engaging in economic warfare. As far as conspiracy theories go, it depends on who you're talking about. It also depends on the conspiracy theory. Conspiracies do exist; the phrase "conspiracy theory" has of late been used as an effective tool to dismiss what used to be called investigative journalism or social criticism. Anyone advancing a criticism of the social order or putting forward the outrageous idea that powerful people might organize to maintain their power is a "conspiracy theorist." Obviously powerful people are rational, egoless, dispassionate technocrats and are only concerned with the public interest. All praise the great steersmen!