On Tue, Oct 25, 2011 at 8:59 PM, Michel Bauwens <[email protected]> wrote:
can we really say there is a monopoly now, with all the local currencies in existence, bitcoin, the private creation of money by banks, commercial currencies such as airmiles etc ...
Well, first of all I'd distinguish between a legal monopoly and an effectively enforceable monopoly. It's a bit like copyright law in that regard. But at least in theory, any entity that advances funds is a bank, and if it doesn't meet the licensing standards it's functioning in violation of the banking laws.
I notice that your comments align well with MMT principles ... (spending money into circulation)
I don't really favor such things as Greenbacks and SocCred. I just think if we're going to have centrally created fiat money at all, it's no more illegitimate to spend it into existence than to lend it into existence -- and as fiat money systems go, a lot less oppressive in practical terms. -- Kevin Carson Research Associate, Center for a Stateless Society http://c4ss.org Homebrew Industrial Revolution: A Low-Overhead Manifesto http://homebrewindustrialrevolution.wordpress.com Desktop Regulatory State: The Countervailing Power of Super-Empowered Individuals http://desktopregulatorystate.wordpress.com Organization Theory: A Libertarian Perspective http://mutualist.blogspot.com/2005/12/studies-in-anarchist-theory-of.html