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So the current centralization push started around the 1500's led by the bank of England. Now according to you that should have been around the time wars ceased to exist. Yet since then we've fought the bloodiest wars in world history, especially WWI and WWII, both under central bank fiat currency.
It is important to keep in mind that "Specie" means both gold and silver.
A federal reserve note is only worth what the makers say it is worth. Fiat money represents debt, corruption, and the enslavement of the American people.
It is important to keep in mind that "Specie" means both gold and silver.
Since Biden took office only 2 years ago, the Federal Reserve Dollar is now worth only 87 cents.
2) If people/banks/institutions suspected the fed was issuing credit without associated gold reserves, they would rapidly begin withdrawing their reserves in a form of "bank run".
3) This would lead to banks depositing far smaller amounts of gold with the federal reserve in the first place, to lower their risk of a "bank run" at the fed. The fed would revert to a function of transaction clearing between large institutions. Basically, maintaining a ledger of which gold belongs to who, and in which regional vaults.
"Let us not crucify the United States on a Cross of Gold."
Would they? Why would they? Nobody flinched when run away spending ramped up on Carter's watch and continued through Reagan's watch.
What would that kind of bank run look like? Are you suggesting there would be a long line at the Wels Fargo bank at the entrance door, and people exiting the exit with their black bag of gold dust and arm full of bullion?
If you have a commodity based monetary system, it leads to deflation as "money" is removed from the system by people "saving" it.
Like I said, we can adjust our outlook to deal with living with deflation, but the math and mindset is easier with inflation.
Also, with a commodity backed monetary system the ability to charge interest is problematic.
When we had sound money, before inflation took hold by removing the gold standard, the average person could pay off a home mortgage on one income in 5-10 years. Inflation insures that most people will remain faithful slaves of the banksters.
inflation is a way out for a borrower.
If you have a commodity based system which by nature would have to be deflationary.
The amount of gold mined would not come close to the amount that would need to be "saved"..
Could you imagine what the deflationary effect would be if there was a modest 5% savings rate? Then factor in population growth??
Then there is the fallacy of being able to charge interest on a commodity based system.
Nope, fiat is far superior.
Misc is right, nobody thinks about the logistical math involved with a Gold based economy.
You would be paid in company script like I have said. And only the business owners and producers would actually be paid in Gold.
Charging interest on a commodity based system doesn't work. I will let you do the math for a single ounce of gold compounded at a 3% interest rate for say 2000 years.
There is a reason that all the Great religious books forbid charging interest.
Fiat does away with this as the system can be expanded.
Charging interest on a commodity based system doesn't work. I will let you do the math for a single ounce of gold compounded at a 3% interest rate for say 2000 years.
It's not that they lose their money. It's that they enslave everyone else.
Since there is no way for you to refute that charging interest on a commodity based system leads to anything but the systems collapse, I will consider this a win.
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