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Very Hot Topic (More than 25 Replies) Currency is a Non-Excludable Good (Read 795 times)
SkyChief
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Re: Currency is a Non-Excludable Good
Reply #10 - Aug 11th, 2019 at 4:10pm
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Jacob wrote on Aug 11th, 2019 at 3:59pm:
But the same goes for the gold standard.

If I had 50 dollar notes exchangeable for gold, how can I prove I owned them if the house burns down?
You can't.

If you have only paper notes, they will burn along with the rest of house.  That money is lost. . . that's why I recommended Physical Gold instead of paper "notes".

Jacob wrote on Aug 11th, 2019 at 3:59pm:
What if none of "my gold" is held in a vault separated from the rest of the gold?

I don't understand what you mean.   Embarrassed
  
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Jacob
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Re: Currency is a Non-Excludable Good
Reply #11 - Aug 11th, 2019 at 4:13pm
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I retracted that on page one
  
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The Opposition
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Re: Currency is a Non-Excludable Good
Reply #12 - Aug 11th, 2019 at 4:19pm
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I am not in favour of any standard, because it would require force.

Anyone who has sufficient clout to be able to print money and have it accepted, should of course be allowed to do so.

Fiat money does do great harm to the people who use it, because as Skychief said, it ends in inevitable collapse.

Perhaps then, they should consider using something else.

Let the free market handle it.
  

This moral relativism of yours is exactly what lets government take this freedom, then that freedom, until we have lost them all.
-SnarkySack
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SkyChief
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Re: Currency is a Non-Excludable Good
Reply #13 - Aug 11th, 2019 at 4:24pm
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Jacob wrote on Aug 11th, 2019 at 1:12pm:
While a gold standard does answer the problems of inflation, it doesn't answer to the fact that money itself has to be more accessible than everyone owning their own vault and security system to protect literal hunks of metal.

The Constitution says money shall be coined with gold and silver.

(Article I, Section 8): “Congress shall have Power…to coin Money, regulate the Value thereof, and of foreign Coin.”

(Section 10), “no state…shall make any thing but Gold and Silver Coin a Tender in Payment of Debts.”

Nowhere in the Constitution does it say that government (or the Central Bank) has the power to issue fiat currency!

If Congress followed the constitution, then instead of worthless Federal Reserve Notes in your wallet, you'd have valuable gold and silver coins which could never be inflated.

How many you have in your pocket would depend on how wealthy you are.   Wink

It worked just fine for hundreds of years until government stopped coining gold and silver!   Grin
  
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Jacob
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Re: Currency is a Non-Excludable Good
Reply #14 - Aug 11th, 2019 at 4:40pm
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Got me there. The Founders must know something I don't
  
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SkyChief
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Re: Currency is a Non-Excludable Good
Reply #15 - Aug 11th, 2019 at 4:51pm
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Jacob wrote on Aug 11th, 2019 at 4:40pm:
Got me there. The Founders must know something I don't
They were very wise men - most of them libertarians, who favored a limited government, and individual liberties.

Some were Federalists, who wanted a strong government and powerful executive branch.

George Washington was a Federalist.

Thomas Jefferson, Sam Adams, James Monroe were anti-federalist (libertarian). 

They were concerned that a powerful national government proposed by the Federalists was a threat to the Rights of individuals and that the president would become a king.
  
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Jacob
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Re: Currency is a Non-Excludable Good
Reply #16 - Aug 11th, 2019 at 4:55pm
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Alexander Hamilton was a federalist, as I understand.

Read How Capitalism Saved America and got that conclusion
  
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yamcha
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Re: Currency is a Non-Excludable Good
Reply #17 - Aug 11th, 2019 at 7:25pm
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Jacob, this is for you:


Understand What fractional reserve banking is.  Only 1 in 3000 do.
  
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The Opposition
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Re: Currency is a Non-Excludable Good
Reply #18 - Aug 11th, 2019 at 7:36pm
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I guess I'm the lucky 1/3000. Banks essentially get to create money.

The government gives $10 to the bank. The bank may now lend out $100. $90 just poofed into existence.

The bank charges interest on all those loans. This means that even though there is only $100 in circulation, the bank is owed (let's say) $110.

Regular people can't poof up money, so this guarantees the bank will be able to seize real assets.

I do not find any aggression in this.
  

This moral relativism of yours is exactly what lets government take this freedom, then that freedom, until we have lost them all.
-SnarkySack
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yamcha
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Re: Currency is a Non-Excludable Good
Reply #19 - Aug 11th, 2019 at 8:16pm
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The Opposition wrote on Aug 11th, 2019 at 7:36pm:
I guess I'm the lucky 1/3000. Banks essentially get to create money.

The government gives $10 to the bank. The bank may now lend out $100. $90 just poofed into existence.

The bank charges interest on all those loans. This means that even though there is only $100 in circulation, the bank is owed (let's say) $110.

Regular people can't poof up money, so this guarantees the bank will be able to seize real assets.

I do not find any aggression in this.


Yes, you do understand it fine. Basically, some guy sets up a safe house for you to bring your gold and he issues you a receipt that you pay him back with or without interest and you can use this receipt as currency.  Since he knows that the chances of everyone collecting their gold all at one time is let's say 5%, he will print out 20x more receipts than he has gold.  (Printing money we don't have) All is good and well until something catastrophic happens like war and everyone comes at once to demand their gold.  That is when we kill the fukking Jew. 

Yeah, no aggression and but some fraud upfront and possibly a lot of aggression and violence later. 

Yes, you have entered the 2999 club now.
  
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