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Why not? Freedom of choice is always beneficial. There are many potentially great advantages and the worst that can happen is ignorance, that is – nothing.
Then there is the issue of the future of today’s monetary system. I have my personal thoughts on that but I want to stress that there is no need to agree with me on this to support the creation of a gold franc. There is, for example, the moral issue of the fractional reserve system, which means some people create money “out of thin air,” and the general public pays via inflation. Then there is the “pretense of knowledge” that Hayek talked about: there is simply no way the authorities can know all they need to know to make decisions for the whole economy.
Last but not least, there is another question I haven’t been able to answer: if the monetary authorities want positive inflation, this means that the money supply must grow faster than goods and services – and this monetary growth is, in today’s system, all backed by an equivalent amount of debt. But whom can you impose an ever increasing amount of debt onto? Isn’t that an insane idea? As far as the road to change, I like what Hans Sennholz said in a 1984 speech at the Mises Institute: “Only in freedom, only through a parallel standard, can there ever be a just monetary reform.” Full story...
Don't miss:
Why not? Freedom of choice is always beneficial. There are many potentially great advantages and the worst that can happen is ignorance, that is – nothing.
Then there is the issue of the future of today’s monetary system. I have my personal thoughts on that but I want to stress that there is no need to agree with me on this to support the creation of a gold franc. There is, for example, the moral issue of the fractional reserve system, which means some people create money “out of thin air,” and the general public pays via inflation. Then there is the “pretense of knowledge” that Hayek talked about: there is simply no way the authorities can know all they need to know to make decisions for the whole economy.
Last but not least, there is another question I haven’t been able to answer: if the monetary authorities want positive inflation, this means that the money supply must grow faster than goods and services – and this monetary growth is, in today’s system, all backed by an equivalent amount of debt. But whom can you impose an ever increasing amount of debt onto? Isn’t that an insane idea? As far as the road to change, I like what Hans Sennholz said in a 1984 speech at the Mises Institute: “Only in freedom, only through a parallel standard, can there ever be a just monetary reform.” Full story...
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