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Unread 15 May 2007, 10:39   #10
Nodrog
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Re: 'Base interest rate' and capitalism

Quote:
Originally Posted by milo
Apparently the laws are severely restrictive. In scotland and NI private banks issue currency but they don't control it, its issued only with the agreement of the Bank of England. I agree with the idea of 'free banking' and would wish that to be re-introduced. Anyone who lost 'value' to shoddy people would only have themselves to blame.
I dont think the laws are 'severely restrictive' - your link doesnt support this claim anyway. Free banking technically exists in that people are free to use other currencies like egold/liberty dollar/whatever - there arent any laws in place similar to the disgusting prohibitions on trading gold that existed in various countries in the mid-20th century. The problem is that a currency is only useful if a lot of people use it - if only a few thousand people are willing to trade in liberty dollars then its pretty much useless. And because the vast majority of people have no real knowledge of the modern banking system and dont understand what a complete sham it is, they have no reason to find fault in government-supported fiat currency. Like most things, its primarily a problem caused by lack of relevant education (and obvious state-schools built around government-mandated curricula are never going to have an incentive to teach this sort of thing).

Last edited by Nodrog; 15 May 2007 at 10:45.
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