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

[Kevin Carson]

On Tue, Oct 25, 2011 at 8:59 PM, Michel Bauwens
<michel at p2pfoundation.net> 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
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