It would seem that using the printing press on currency always leads to trouble ( inflation, assault on savings ect ) , can you ever justify printing money?
Dustin S. Jussila: It would seem that using the printing press on currency always leads to trouble ( inflation, assault on savings ect ) , can you ever justify printing money?
No.
Abstract liberty, like other mere abstractions, is not to be found.
- Edmund Burke
have you understood that those who condone sound banking , commodity banking, gold dollars, dont have anything against the use of paper notes per se ? (think: receipts)
from what you wrote it seems that you have not.
Where there is no property there is no justice; a proposition as certain as any demonstration in Euclid
Fools! not to see that what they madly desire would be a calamity to them as no hands but their own could bring
nirgrahamUK: have you understood that those who condone sound banking , commodity banking, gold dollars, dont have anything against the use of paper notes per se ? (think: receipts) from what you wrote it seems that you have not.
And receipts are almost as good as currency without being as good. Still restrained to a backwards monetary system that can't increase to prevent secondary shocks to the economy or adjust to MD.
existence is elsewhere
unjustified hyperbole.
and gold receipts, are currency, so hardly less good than currency
ivanfoofoo:But there is qualitative difference between issuing fiduciary media without the necessary reserve backing commodity and producing more of this commodity.
NOTHING has inherent value.
At most, I think only 5% of the adult population would need to stop cooperating to have real change.
nirgrahamUK: unjustified hyperbole. and gold receipts, are currency, so hardly less good than currency
Well then, if it's currency just go and exchange your gold receipt at your local Seven Eleven and quit complaining.
now what good did that strawman do anyone spidey?
Juan:By the way, I suppose I'm free to print as many notes of the Rochester Bank as I wish, in order to satisfy my (and others') "demand for money". Amoralist 'libertarians' surely won't object to such use of my ink, my paper and my printing press.
If they make it easy to copy, then they probably will not stay in the currency making business for long.
Wilmot of Rochester:Well then, if it's currency just go and exchange your gold receipt at your local Seven Eleven and quit complaining.
you quit complaining.
and wtf?!?
Juan:I don't know what you mean by 'laxly printed'
What, do you think it is really easy to make counterfit U.S. dollar bills or something?
nirgrahamUK: now what good did that strawman do anyone spidey?
I obviously misunderstood what you were getting at. I had no intention of setting up a strawman, if that's even what I did.
February 17 - 1600 - Giordano Bruno is burnt alive by the catholic church. Aquinas : "much more reason is there for heretics, as soon as they are convicted of heresy, to be not only excommunicated but even put to death."
sorry, i could have been clearer, i didnt think anyone was likely to post between the post i was referring to and mine.
Spideynw: ivanfoofoo::But there is qualitative difference between issuing fiduciary media without the necessary reserve backing commodity and producing more of this commodity. NOTHING has inherent value.
ivanfoofoo::But there is qualitative difference between issuing fiduciary media without the necessary reserve backing commodity and producing more of this commodity.
Epic post is epic. :P
Kudos to LadyAttis for verifying this. XD
Juan:If they make it easy to copy, then they probably will not stay in the currency making business for long. Anything easy to manufacture can be easily copied unlike things such as gold of course.
Gold is not copied. It is mined. Wood is not copied either, it is grown and harvested.
Stamped gold coins can be copied. Stamped paper can be copied.
But at any rate, why is it OK for the bank to counterfeit its bank notes, but it's not OK for Smith to do it ?
I never said there was anything wrong with it, necessarily. So, why would a bank issue notes not backed by something that is not as easily produced and is much more valuable? I never said a bank would do this. But if one wanted to take the risk of having its currency devalued from someone else copying it, then so be it.
Why is it OK for the bank to inflate and it's not OK for other people ?
I never said there was anything necessarily wrong with it. But a bank that did this would probably not stay in business long.