The Secret of Oz

[Fiat Currency]

Re: The Secret of Oz

It really doesn't matter, right?

Well, I guess I'm saying that it does matter.

At the end of the day, the best we can hope for is a benevolent controller of the currency - whether public or private. Why is a third-party actor any less corruptible than an elected government?

I don't think I was saying I favour one party over the other ... and - yes - that is perhaps the best we can hope for. I trust/rate bankers equally with government

What I am saying ... is that fiat currency has, and can work as a medium of exchange, but Globally it is now getting "iffy" on "unit of account", and people are waking up to the fact that it gets a grade of F now on "store of value". While I don't profess to know the future, I am assigning an "ever-higher" probability that one of these functions is going to "fracture" and that the $USD will lose its World Reserve Currency status.

We need a real physical unit of measure to replace at least one of those monetary functions, as fiat currency bound by National borders will not cut it going forward. I linked to an author who has similar thoughts.

There are many countries that represent a lot of currencies and a very large Global population, who are going to have a say in how their resources and people's labour are traded as things heat up.

Personally I think we should welcome the coming fiat currency battle. This will be our one and only historical opportunity to restore sanity to money/wealth/currency/honest trade/accounting perhaps for the next 100-200 years or more.

I favour the unit of measure route - as it creates the same physical anchor that all good units of measure have (litre, metre, newton etc.) This is the discipline that is missing in the current Global Fiat Currency environment. Whether this is simply a gold gram, or a basket including other physical goods like energy, wheat, silver, copper etc. will not much matter.

If we can create such an anchor without allowing an unelected/unaccountable BIS, IMF or some such group to take control - then I think mankind creates the opportunity to level the playing field.

Agree or disagree - that's OK. In the end, I think that all those people with all those countries and currencies will be the deciding element. Peace be with you.

Earth.gif

[Rajiv]

Re: The Secret of Oz

What I am saying ... is that fiat currency has, and can work as a medium of exchange, but Globally it is now getting "iffy" on "unit of account", and people are waking up to the fact that it gets a grade of F now on "store of value". While I don't profess to know the future, I am assigning an "ever-higher" probability that one of these functions is going to "fracture" and that the $USD will lose its World Reserve Currency status.

A seed of an idea is forming that could be a potential solution -- it is combining MMT with Silvio Gesell's "accelerated money" -- maybe the Government created Fiat can be the store of value, if it can only be used to pay tax obligations, and not as a medium of exchange. The medium of exchange would be bank issued "accelerated money" -- which can be exchanged at the bank for the "personalized" tax money, which can then be used by you and you alone to pay your tax obligation. It can be freely exchanged back to the accelerated money at the bank for a small fee. You can always use the accelerated money to buy hard assets.

See - Silvio Gesell’s Theory And Accelerated Money Experiments
and
An Experiment in Wörgl

[shiny!]

Re: The Secret of Oz

Bill Still's vision, Freedom's Vision, will work best if we not only put the power of creating money back in the hands of the Federal government, but also reduce the influence of corporate and special interests on our politicians. The best way to do that is to shrink the Federal government massively, strictly limiting it's duties to what the Constitution authorizes it to do. As I said in another thread, 80-90% of the things the Federal gov't currently controls should be placed under the control of the 50 states and local municipalities.

Doing this will accomplish two things:

1. Washington politicians will have very little power. Corporate and special-interest lobbies will no longer see the point of pouring millions of dollars into their campaigns, and will find it much more difficult to peddle their influence over 50 states and thousands of municipalities.

2. The Federal tax burden will be greatly reduced. Most of the taxes will be paid at the State and Local levels where there can be more transparency and much greater efficiency.

Money supply will be under the control of the government (with no debt), government will once again be back in control of We the People, and people will once again be in control of their own lives, for better or worse.

It won't be a Utopia, but Utopia is never an option.

[LargoWinch]

Re: The Secret of Oz

Bill Still's vision, Freedom's Vision, will work best if we not only put the power of creating money back in the hands of the Federal government, but also reduce the influence of corporate and special interests on our politicians. The best way to do that is to shrink the Federal government massively, strictly limiting it's duties to what the Constitution authorizes it to do. As I said in another thread, 80-90% of the things the Federal gov't currently controls should be placed under the control of the 50 states and local municipalities.

Doing this will accomplish two things:

1. Washington politicians will have very little power. Corporate and special-interest lobbies will no longer see the point of pouring millions of dollars into their campaigns, and will find it much more difficult to peddle their influence over 50 states and thousands of municipalities.

2. The Federal tax burden will be greatly reduced. Most of the taxes will be paid at the State and Local levels where there can be more transparency and much greater efficiency.

Money supply will be under the control of the government (with no debt), government will once again be back in control of We the People, and people will once again be in control of their own lives, for better or worse.

It won't be a Utopia, but Utopia is never an option.

Nice post shiny!, I agree entirely.

[shiny!]

Re: The Secret of Oz

Putting money creation/supply back in the hands of the Federal government will be much easier to accomplish than reducing the size and scope of the Federal gov't. I can forsee a time when the politicians will find it beneficial (to avoid lynchings by the angry mobs) to end the Fed.

But how do we get Washington to give up it's own power and largely shut itself down? It doesn't matter which party gets elected, they're both beholden to Corporate and Financial interests, and all want to keep and extend their power. I don't see a way to accomplish this.

[LargoWinch]

Re: The Secret of Oz

But how do we get Washington to give up it's own power and largely shut itself down? It doesn't matter which party gets elected, they're both beholden to Corporate and Financial interests, and all want to keep and extend their power. I don't see a way to accomplish this.

It is not so much Washington as it is the banksters/FED who need to be convinced.

No small task indeed.

[ThePythonicCow]

Re: The Secret of Oz

But how do we get Washington to give up it's own power and largely shut itself down? It doesn't matter which party gets elected, they're both beholden to Corporate and Financial interests, and all want to keep and extend their power. I don't see a way to accomplish this.

We ordinary Americans might have allies in strange places, such as other regions of the world: Russia, China, India, Europe, Japan, Brazil, the Middle East, South America, Korea, ...

The overreach of the American Imperialists may be their Achilles tendon.

[ThePythonicCow]

Re: The Secret of Oz

It is not so much Washington as it is the banksters/FED who need to be convinced.

Washington and the Banksters are but the front and hind hooves of the same beast.

[ThePythonicCow]

Re: The Secret of Oz

We ordinary Americans might have allies in strange places, such as other regions of the world: Russia, China, India, Europe, Japan, Brazil, the Middle East, South America, Korea, ...

The overreach of the American Imperialists may be their Achilles tendon.

Damon Vrabel has a quite different take on this, as reported in the iTulip post dvrabel: Banking Cartel Pt 2. He writes:

The ultimate rulers are the most senior private capital pools in the world

The United States Military-Industrial-Intelligence-FIRE-Academia-Media-Political complex has just been a powerful agent of these rulers.

Whatever happens with China, the IMF/BIS, major wars, oil, Russia, and so forth will almost certainly be dominated by the ongoing efforts of these rulers to extend and embed further their control.

I suspect that Damon is right here and that my previous post to which I am here responding is wrong.