Posted on 05/13/2015 10:49:15 AM PDT by grumpygresh
A proposed new law in Denmark could be the first step towards an economic revolution that sees physical currencies and normal bank accounts abolished and gives governments futuristic new tools to fight the cycle of “boom and bust”....
But if notes and coins were abolished and the only way to hold money was through a government-controlled bank, there would be no escape.
(Excerpt) Read more at telegraph.co.uk ...
Virtual currency gives government control over the monetary system. This will be a disaster as most government programs are. My debit card has been compromised 2 times in one year. The bank replaced the thousands stolen but it took a month to clear it up. Thank God we had another account in another bank or we wouldn’t have been able to pay the bills on time.
Could be 5, though.
Before it goes global, that is.
Get to know a good hacker.
Why not a chip in the back of your hand or in your forehead? When you cannot see your money, all liberty is lost and the government owns you.
I've been saying for a long time that the legal field should require an engineering degree before you can get a JD. :)
Which is why, as you say, they have been gleefully shorting the feedbacks to ground. And adding feedforwards...which will accelerate the system collapse.
They are holding interests rates near zero in an effort to halt one of their feed forwards, but they will not be able to keep it up forever.
We really have to change the nature of the Idiocracy. Currently we have famous Mad Monkey flying the airplane.
It's in the process of going down.
Just because we need to do so, doesn't mean we will be able to do so. In fact, I see our chances of doing this becoming more and more precarious with each passing year.
There need to be far higher qualifications for getting your fingers on the throttle.
There used to be. You had to get past the more sensible portion of the country to get elected. Now you only have to manage slightly more than half of the stupidest portion of the population, and the Liberal ran media takes care of that.
My thinking is that if the media weapon is not taken away from the liberals, we will never level off before the crash. The Media control the stupid, and now the stupid control the elections.
These are clearly the very end times.
From Encyclopedia Britannica-
Gresham’s law, observation in economics that “bad money drives out good.”
Yup
Nuthin’ more to say. We know where this goes.
They don’t.
such garbage....the barter system will take over and cut the government out of the picture....has today, you are a car mechanic, and I am a carpenter, we exchange services/labor, after hours, ....
You got Gresham’s Law backwards.
I saw, but the effect is the same. People save the good money and spend the bad money.
Or good money flees, while bad money stays.
A multi-metallic standard, where the value of the USD derives its value from a basket of *precious metals*, much like how the People’s Yen in Red China derives its value from a basket of fiat paper currencies?
(Tip: The words people in the Far East use to call their currencies are cognates of each other. It’s an artifact of former/ongoing Chinese regional dominance through the ages.)
sarc
Washington? on the $20? You sure that’s legit?
/sarc
Of course that’s real...it’s a BIG $20 note. When DID King Jackson get on the $20?
(The Obama of the 1820s; they had similar leadership styles, where Jackson often ruled by fiat. But Obama’s 2^64 times worse)
It’s not a bad idea. Possibly can have the attraction of counter cyclical price swings in one metal.
The currency basis has to be scarce and valuable as well as durable, and also - most importantly - fungible.
You know all that.
But one element of value is value added. If a material is high value added, something only an advanced society can make, then it’s a good basis as well. Think this is the role jewelry played in previous ages.
But I suggest a modern fungible material to add to the basket: foundry silicon. It only needs sand as the base input, but does not become usable until significant value has been added in creating it. Once created it’s quite fungible, in high demand, and stores well.
Just a thought and illustration. The bimetallism debates of the 19th century ended with the adoption of the current slavery model: the thing that backs our money now is the ability of the people who call themselves “the government” to confiscate our labor and wealth. In other words, we are the fungible commodity that has been used for collateral.
When you see a U.S. bond backed by the “full faith and credit of the United States government” what they mean is they have the guns and the willingness to go confiscate money from the captive group known as “the citizens”.
The English aristocracy had a similar gig called “feudalism”. Marx prettied it up and called it “the dictatorship of the Proletariat”.
But it’s all the same thing: organized gangsterism.
America was a fabulous economic success story from 1787 to about 1920. Getting the government leeches off of everyone’s backs was the most economically liberating thing that ever happened.
But, like Vampires, they came back. They couldn’t let the little people get away scot free. Nope, gotta get the yoke on them again: paper money, income taxes, endless debt with high interest to benefit the few who sit on top of the banks, and make sure they own the guys in the government.
Same old game that they been running in Europe for goin’ on 20 centuries now.
bump for later
Re: Si as a precious metal
Entirely plausible indeed. It may make rejected <99.9% pure Si a viable instrument of trade.
Normally, for semiconductor manufacture, bulk Si has to be 99.9999+% pure to be used.
This is because they want to add the impurities, if any, DURING the fabrication of the IC itself. (Semiconductor doping)
If the Si boule does not meet their standards, they usually throw it out, or recycle it.
In a new USD, this reject Si could instead be stored as Ft Knox, backing the value of same.
Most CC are controlled outside the borders by numerous individuals. About all the Feds can do is try to control the entry and exit points (e.g. exchanges). They could also infiltrate some of the derivative products that are being venture funded. There was certainly an unusually large infusion of capital into marginal ventures like block chain API services that made no sense. The block chain itself cannot be "infiltrated" but an API to the block chain cannot be trusted.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.