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

Wed Oct 26 06:29:27 CEST 2011

Googled it-It’s all over the place-Thanks

From: Devin Balkind 
Sent: Tuesday, October 25, 2011 8:13 PM
To: P2P Foundation mailing list 
Subject: Re: [P2P-F] is ending the fed a bad idea?

Occupying forces, tea party groups and Paulites will rally together to end the fed on November 22nd.

On Tue, Oct 25, 2011 at 10:11 PM, Natalie Golovin <10natalie at cox.net> wrote:

  Given that the Tea Party & OWS agree on the FED, it initially made sense to
  me they could combine for the limited purpose of exerting maximum political
  pressure-starting with demanding a full audit. Yves Smith disagrees, and
  told me in an email OWS would never engage in a marriage of convenience with
  the Nativists they abhor. The pols & bankers of opposite ideologies managed
  to field a winning team-will the other (opposites) remain divided and
  powerless? Unless we welcome war/anarchy-why not proceed with one issue-see
  how that plays out for the benefit of all citizens (wealth distribution) and
  go from there. I respect Yves so much-I'm giving up hope.

  -----Original Message-----
  From: Kevin Carson
  Sent: Tuesday, October 25, 2011 6:20 PM
  To: P2P Foundation mailing list
  Subject: Re: [P2P-F] is ending the fed a bad idea?

  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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-- 
Devin Balkind
Director, Sarapis Foundation 
devin at sarapisfoundation.org
@devinbalkind

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