[P2P-F] is ending the fed a bad idea?

[Michel Bauwens]

Kevin,

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 ...

I notice that your comments align well with MMT principles ... (spending
money into circulation)

Michel

On Wed, Oct 26, 2011 at 8:20 AM, Kevin Carson <
free.market.anticapitalist at gmail.com> wrote:

> On Sun, Oct 23, 2011 at 1:16 PM, Michel Bauwens
> <michel at p2pfoundation.net> wrote:
> > I would love to publish a debate about this position:
> >
> > see:
> >
> http://www.alternet.org/story/152810/four_things_occupy_wall_street_should_know_about_the_federal_reserve
> ?
> >
>
> This is not so much a left-wing argument as a managerialist-liberal
> one.  There seem to be a lot of people who assume that the only
> alternatives out there are vanilla-flavored managerial liberalism and
> "right wing."  And anyone who makes decentralist noises or has
> problems with large institutions or bureaucracy is a "right-winger."
> It's the left-wing counterpart of the talk radio idiot who hears a
> Paulista talking about non-intervention and thinks it's a "librull."
>
> And it makes some utterly unsupported assumptions -- for example, that
> everyone calling for the abolition of the Fed is a right-winger or a
> hard-currency goldbug.
>
> In fact the anti-Fed movement is a house with many mansions, all over
> the political spectrum.  I'm a left-winger more friendly to Greco's
> barter currencies than to the gold standard, but I'm all for
> abolishing the Fed.
>
> It's certainly true, as Blumgart says, that central banks control the
> money supply.  But the Fed is a bank-owned cartel that controls the
> money supply by lending it into existence at interest.  Even if I
> believed in the need for a central government control of the money
> supply, it would make just as much sense to meet the need for more
> currency by spending it into existence along the lines of Lincoln's
> Greenback policy, or depositing it into existence in people's checking
> accounts as the Social Credit people want to do.
>
> I'd like to see something with Bitcoin's decentralized, encrypted p2p
> architecture, but organized on the principles of Greco's mutual
> credit-clearing network, as a subplatform of Freenet, that could be
> adopted on a scalable basis by the people in any locality who wanted
> to organize a local currency under cover of a darknet.  But to the
> extent that such systems advance credit by allowing members to run
> negative balances, they fall afoul of bank licensing laws.  We need to
> eliminate the state's money monopoly and let a thousand flowers bloom.
>
> --
> 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
>
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