Hi Patrick,<div><br></div><div>is there any chance that you are asking questions to answers you perhaps already found ? ;)</div><div>... to incite us to think ? :)</div><div>... or to find out what we come up with ?</div><div>
<br></div><div>you ask : </div><div><meta http-equiv="content-type" content="text/html; charset=utf-8"><i><meta http-equiv="content-type" content="text/html; charset=utf-8"><span class="Apple-style-span" style="border-collapse: collapse; color: rgb(80, 0, 80); font-family: arial, sans-serif; font-size: 13px; font-style: normal; ">> So governments had the authority to issue currency for themselves,<br>
> but then gave it away to private corporations?</span></i></div><div><br></div><div>My current short answer :</div><div><br></div><div>There apparently have been different periods in the recent US history what concerns control over monetary creation,<div>
including times where central private banking was a big issue in political campaigns.</div><div>( if I remember properly, as seen on this video - <a href="http://video.google.com/videoplay?docid=-515319560256183936#">the money masters</a> - )</div>
<div><br></div><div>Charters to a central bank have not always been renewed.</div><div><br></div><div>for example :</div><div><br></div><div><a href="http://en.wikipedia.org/wiki/First_Bank_of_the_United_States">http://en.wikipedia.org/wiki/First_Bank_of_the_United_States</a></div>
<meta http-equiv="content-type" content="text/html; charset=utf-8"><div><br></div><div><a href="http://en.wikipedia.org/wiki/Second_Bank_of_the_United_States">http://en.wikipedia.org/wiki/Second_Bank_of_the_United_States</a></div>
<div><br></div><div>There is a big dependency of politicians in Governments towards money, </div><div>so when money is centrally controlled by ( officially semi-public ) private banks,</div><div>I di question : whom has control over whom ?</div>
<div><br></div><div><meta http-equiv="content-type" content="text/html; charset=utf-8"><span class="Apple-style-span" style="border-collapse: collapse; color: rgb(80, 0, 80); font-family: arial, sans-serif; font-size: 13px; ">> I've heard people say "It is to control inflation" as though those<br>
> private corporations have more self-control than governments.</span></div><div><font class="Apple-style-span" color="#500050" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br>
</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; ">some economists say</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; ">interest leads to inflation...</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; ">around 5min30</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><meta http-equiv="content-type" content="text/html; charset=utf-8"><a href="http://www.youtube.com/watch?v=QuBy3BzCXwg">http://www.youtube.com/watch?v=QuBy3BzCXwg</a></span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><a href="http://www.youtube.com/watch?v=QuBy3BzCXwg"></a>-----</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; ">What concerns me, is that in addition to this,</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; ">there seem to be at least two parallel economies :</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><br>
</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; ">- the real economy : in which people try to survive and purchase goods for survival,</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; ">potentially investing in some needed infrastructure.</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse; "><br>
</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">- the speculative economy : in which investors try to maximize profits by creating speculative bubble economies, likely to be disconnected from the needs of people.</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">When the speculative economy accelerates the bust of the real economy,</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">or vampirizes it by sucking up money in circulation in the real economy,</span></font></div><div>
<font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">my perception is that it hurts, really badly.</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br>
</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">The current financial and monetary system may facilitate such speculative economy,</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">as it requires exponential monetary growth.</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br>
</span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">I imagine that such risk could also appear with other monetary architectures / any artificially scarce currencies ? ... Any markets allowing unlimited speculation ?</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">But I do not believe all p2p currencies are fundamentally flawed... and anyway, I believe its worth a try... currency monopolies are, from my point of view, a big risk.</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;">Diversification can enable us to test out a variety of architectures, and choose the most suitable currency characteristics adapted to the contexts we may want to use them...</span></font></div>
<div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br></span></font></div><div><font class="Apple-style-span" face="arial, sans-serif"><span class="Apple-style-span" style="border-collapse: collapse;"><br>
</span></font></div><div><br><div class="gmail_quote">On Thu, Feb 17, 2011 at 7:56 PM, Patrick Anderson <span dir="ltr"><<a href="mailto:agnucius@gmail.com">agnucius@gmail.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex;">
<div class="im">Kevin Carson wrote:<br>
> The government, at least to the extent that bank licensing and legal<br>
> tender laws are enforceable.<br>
<br>
</div>So governments had the authority to issue currency for themselves,<br>
but then gave it away to private corporations?<br>
<br>
How funny.<br>
<br>
I wonder why they did this. It must be for the best, right?<br>
<br>
I've heard people say "It is to control inflation" as though those<br>
private corporations have more self-control than governments.<br>
<br>
If this logic is true, does that mean all the P2P currencies are<br>
fundamentally flawed?<br>
<br>
If this logic is false, does that mean our governments and the<br>
corporations that operate those governments are lying to us?<br>
<div><div></div><div class="h5"><br>
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