Liberty Forged

the State has no money of its own, so it has no power of its own. ` Nock

>Retail Bailout? – Patrick Byrne: How do we get rid of the Federal Reserve? .. “von Mises”

Posted by Jesse on December 31, 2008

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One Response to “>Retail Bailout? – Patrick Byrne: How do we get rid of the Federal Reserve? .. “von Mises””

  1. jeliwickham said

    although i don’t have a full understanding of the intricate details of money mechanics, banking, stock market and exactly how new or old money is being moved around, one thing i do understand however, is that regardless of any fed strings or interest attached or not, a lot of new money out of thin air has been printed up and sent into the economy, and it just keeps getting pumped in. Since the monetary unit has no backing whatsoever and is consequently a worthless piece of paper, it has no self correcting mechanism; no store of value; no inherent way to gage or to measure it or what it’s worth. In short the monetary unit provides no basis for stable pricing. And i think this is true even if they were to stop printing in and to keep it in limited supply. A one thousand dollar bill weighs just as much as a one dollar bill. Both just as intrinsically worthless. Gold on the other hand or silver are units of weight and so they can act as reliable stabilizing units for measuring price. But since the market is so addicted to paper currency i feel that a severe collapse or meltdown is not a silly prediction, but a very viable possibility that we should all take very seriously and begin to plan on how we might survive in a temporary environment without a cash basis or monetary credit basis. After wacthing this video however, it reminds me of how many people are in denial of such a meldown or collapse of the dollar or even the likelihood of such an event. If and when the *hit hits the fan, because of the denial, i think we will see a separation of parties and communities into two general categories — Those who remain loyal to or feel hopelessly dependent upon the state no matter how large or violent it’s apparatus, and those who become rebels and seek there own separate or alternate means of survival. I have a feeling those numbers of individuals who choose to be further enslaved to the state will far exeed the number of rebels in opposition to the establishment, but is ther not also a chance that if there are enough hopeless lost feeling people who no longer trust the establishment or system, the rebels may come to power during this meltdown and become the new ruling class or leadership, in which case i think we would see at least in the long run a dramatic reduction in state size and a consequent dramatic reduction in violence; real production could return to the marketplace, not market volatility, coercion, lies, deceit, fraud, monetary perversion, debt slavory, economic instability. One thing i have left out here so far is returning to price stability. I do believe that although a gold or silver backed paper currency would invite abuse all over again, a gold and silver currency in the form of coin and coin alone could act as sound money once again. But the key to this recovery is free market not violent coercion. And so the question remains, — in the event and or in the aftermath of an economic meltdown of great magnitude worldwide, do we turn to our constitution or to an anarchical stateless society? Do american return to commodity money, or perhaps a resource based economy. It’s a new idea, never been tried. It’s worth taking a look at. If you look at history, monetary systems always seem to get abused with the application of the state as an element in that society. Boy have i written a long reply. I basically want to say that i agree with patrick byrne and i wish that news casters would not shoot down his solutions so easily. Such is the nature however of an ill informed pre filtered public media. –johnny

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