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wouldn't market forces raise reserve standards? We are assuming a commodity based currency, no? Banks that issue more fiduciary media than competing banks, will see actual resources leave the vaults when the other banks call them in on their notes. This will cause the FRB to become more and more leveraged and eventually there will be a run on the
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theory and then the history. take their view of history and then use theory to describe how that 'could not possibly be the case that A led to Z, only Y could have'
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I think most libertarians are very optomistic about how complex insurance and limited liability coverage would become in a free market. I think that we tend to focus on all the factors that it is possible to account for without really taking into account the cost of acquiring such information, as well as the benefits of simplicity that most consumers
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I work in the wireless industry at the retail level. We offer a package in which you pay a monthly fee and if your phone is lost, stolen, or damaged, you can pay a deductable and get it replaced. You have full control over wether or not the phone gets lost, stolen, or damaged, it would all be a result one way or another of your neglegance. I would not
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I was refering to Bob Murphy's plan which is sort of the reverse of most ancaps in that he thinks you would 'insure' yourself against COMITTING crime. That is certainly an example of limited liabiltiy coverage and not insurance qua insurance. But to your point, there are most certainly actions you can take to avoid crime happening to you
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I would call it by the name I refered to it in the post: limited liability coverage.
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those people are in a different pool. The point is that within the same pool you don't know WHICH one is going to get hit.
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I find it odd for Austrians to use the word 'insurance' to describe what these companies do. Because you can have a very meaningful effect on the outcome, this is most certainly not insurance qua insurance, meaning pooling resources amongst people with an equally likely chance of randomness happening, with no previous knowledge of who exactly
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dude in the video from the OP keeps saying fiat money, when half the time he is actually referring to fiduciary media, which of course can be and was a problem under the gold standard as well.
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you completely missed the analagy there. Seems like you were blinded by a hatred of Dawkins. I wasn't saying that Woods was an atheist (because he is very Catholic), I was comparing the manner in which he argues to Dawkins, who has been called "Darwin's Rottweiler" Tom Woods is like Ron Paul's Rottweiler.