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I miss the good old days when monetary cranks would always come right out and talk about the Rothschilds and 'international bankers' so the average reader knew
by Steko 13y ago
I miss the good old days when monetary cranks would always come right out and talk about the Rothschilds and 'international bankers' so the average reader knew they were bonkers.
Fiat money won everywhere because it outcompeted the alternatives. Fractional reserve banking too.
- patrickg_zill 13y agoWhat part of having a gun pointed at your head, is "outcompeting"?
- gpvos 13y agoSo that means they followed the path of least resistance when they introduced it, instead of thinking it through. (Or they did think it through and it was the Rothschilds after all.) In biological evolution, the competition winner is often a more complex organism. Fiat money is more complex than the gold standard, and apparently won. But in the case of the economy, we should keep things simple enough that a large chunk of the population can still understand it. Otherwise, a small number of very specialized people will have such an information advantage that they can, and will be economically forced to, exploit all the others. I'm not saying that fiat money and fractional reserve banking are a problem, but they need to be regulated rather strongly to prevent problems.