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Then what about banking & finance pre central bank era are you nostalgic for? Because if the current system favors the bankers, the previous system sure as hel

• recursivedoubts 8mo ago
  Bankers have been a problem as long as there have been banks with fractionally reserved deposits. The Fed just stabilized the appropriation of surplus value by the banking system through the issuance of credit. There is nothing independent about it: it will preserve the large banks come hell or high water, and soon enough we'll get both. I would prefer a social credit system (not the Chinese kind, the other kind) where the money supply is managed for the public good via a citizens dividend tied to the productive capacity of the economy, coupled with making gold buying/selling tax free as a savings (and monetary disciplinary) mechanism. I have the advantage that this system will never be tried, and therefore I can never be proved wrong.
  • selridge 8mo ago
    "There is nothing independent about it" Ok. We'll see how that shakes out in a year or so. Most folks in the west have never lived in a country where a dictator controls the money supply. It's REAL easy to shit talk the US or even european central banks are when you have no idea what the alternative is.
    • recursivedoubts 8mo ago
      The idea that trump controls the money supply, or anything else, is silly. He's doing what he's told.