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Right, because there isn't numerous examples throughout history where debt-free fiat currency flourished. We have been conditioned by neoclassical economics and

by neeks 12y ago

Right, because there isn't numerous examples throughout history where debt-free fiat currency flourished. We have been conditioned by neoclassical economics and have refused to confront the pyramid scheme.

bayesianhorse 12y ago
Can you name one such debt-free currency? Preferably one that works in a modern economy? Don't forget: A lot of our risk-management and wealth today depends on derivatives and a well running financial market. To say that a completely different but unproven system works better is a very tough point to defend.
- neeks 12y ago
  Well let me preface with this: I'm not an economist and of course harbor my own bias(just like everybody else), but I'm educated enough to recognize when systems and people are being gamed. Why can't our government(or any government for that matter) print their own money and issue it to its people, which is then freed from the private central bank's interest? Instead, we allow the banking industry to self-regulate and it in turn does what's in its self-interest. I've heard historians and anti-neoclassic-economists refer back to the success of Tally Sticks(1100 - 1854), Colonial Script(1764 –– 1776), and Roman currency before they switched to a gold standard. But, I'm not an authority on this and sincerely would appreciate any literature that contradicts it. The only modern example would be cyprtocurrency, and the verdict is still out on that. Hell, even if more states and nations moved to North Dakota's banking approach we'd be better off. I don't have all the answers, but I know humans can do better and it starts with the average-person continually investing time to educate themselves about monetary policies and the history of currencies. The current monetary system has feed global wars, imperialism and possibly the worst financial inequality in mankind's history. Unless you're a banker or in the financial industry, I don't understand why you wouldn't want to try something new?
  - bayesianhorse 12y ago
    Obviously you are not an economist or historian (I'm neither). "Why can't our government print their own money?" pretty much gives away that you haven't put in any effort to learn how banking, money or a central bank works. All the examples you mention don't hold up. Not even in their own time, much less in a modern time where we need private finance. "Cryptocurrency" is a new kind of knee-jerk reaction to "everything perceived to be wrong with money". There's a reason why conspiracy nuts flock to cryptocurrencies in droves. Turns out that ordinary people get screwed over with bitcoins far more easily than with the "evil" fiat currencies. Also there is no reason why you can't have a sort of reserve-banking, or even monetary expansion in a bitcoin-based economy. They just don't do it yet, because Bitcoins at the present moment have negligible impact on the real economy (which might change).

by neeks 12y ago

bayesianhorse 12y ago

Can you name one such debt-free currency? Preferably one that works in a modern economy? Don't forget: A lot of our risk-management and wealth today depends on derivatives and a well running financial market. To say that a completely different but unproven system works better is a very tough point to defend.

neeks 12y ago
Well let me preface with this: I'm not an economist and of course harbor my own bias(just like everybody else), but I'm educated enough to recognize when systems and people are being gamed. Why can't our government(or any government for that matter) print their own money and issue it to its people, which is then freed from the private central bank's interest? Instead, we allow the banking industry to self-regulate and it in turn does what's in its self-interest. I've heard historians and anti-neoclassic-economists refer back to the success of Tally Sticks(1100 - 1854), Colonial Script(1764 –– 1776), and Roman currency before they switched to a gold standard. But, I'm not an authority on this and sincerely would appreciate any literature that contradicts it. The only modern example would be cyprtocurrency, and the verdict is still out on that. Hell, even if more states and nations moved to North Dakota's banking approach we'd be better off. I don't have all the answers, but I know humans can do better and it starts with the average-person continually investing time to educate themselves about monetary policies and the history of currencies. The current monetary system has feed global wars, imperialism and possibly the worst financial inequality in mankind's history. Unless you're a banker or in the financial industry, I don't understand why you wouldn't want to try something new?
- bayesianhorse 12y ago
  Obviously you are not an economist or historian (I'm neither). "Why can't our government print their own money?" pretty much gives away that you haven't put in any effort to learn how banking, money or a central bank works. All the examples you mention don't hold up. Not even in their own time, much less in a modern time where we need private finance. "Cryptocurrency" is a new kind of knee-jerk reaction to "everything perceived to be wrong with money". There's a reason why conspiracy nuts flock to cryptocurrencies in droves. Turns out that ordinary people get screwed over with bitcoins far more easily than with the "evil" fiat currencies. Also there is no reason why you can't have a sort of reserve-banking, or even monetary expansion in a bitcoin-based economy. They just don't do it yet, because Bitcoins at the present moment have negligible impact on the real economy (which might change).