Re: OT: Economics and other non-Debian ramblings
- From: Curt Howland <Howland@xxxxxxxxx>
- Date: Wed, 7 Mar 2007 08:47:28 -0500
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Paul Johnson wrote:
Laissez-faire economics is an impossible pipe dream and Germany
proved it. Taken to it's natural end, you get Germany's pre-WWII
out-of-control rapid inflation where soon it takes millions of
dollars just to make a basic grocery run.
Joe wrote:
So... in how many countries does the government not have a
monopoly on printing money? Where would people have got the
wheelbarrows full of millions of Marks if the government hadn't
put them into circulation?
Paul Johnson wrote:
All of them that don't have their currency backed by a commodity.
Which is every country where the government has a monopoly on the
printing of fiat currency. Maybe you haven't heard, NONE are hard
currencies any more. There's too much profit to be made by printing
money.
Your error is in not realizing that it is _government_ which can
create fiat currency, not individuals. When banks have created "money
from nothing", they have gone bankrupt. Quickly they learned not to
do that, because without legal tender laws, people will reject paper
that is not backed by a tangable commodity.
Only a government can enforce a legal tender law.
Money hasn't been a tangible concept in the US since funds stopped
being backed by gold.
And that was done....how? By an act of _government_.
That is the antithesis of "laissez-faire", which means "without
government interference".
Interest and fudged numbers accidentally
creates money in the banking system all the time.
It is not accidental. It's called "fractional reserve banking" and is
a very well thrashed out subject. Here's a video on the subject so
you can learn something about what you are posting:
Money, Banking and the Federal Reserve
http://mises.org:88/Fed
Curt-
- --
September 11th, 2001
The proudest day for gun control and central
planning advocates in American history
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