An excerpt from a 2001 U.S. Constitution lecture by the 2004 Libertarian Presidental nominee Michael Badnarik covering central banking, the Federal Reserve and money.
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An excerpt from a 2001 U.S. Constitution lecture by the 2004 Libertarian Presidental nominee Michael Badnarik covering central banking, the Federal Reserve and money.
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Can anyone tell me the alternative to central banking, fractional reserves and a fiat money system? I'm sold on the fact that the current system is terrible but whats the alternative and what are the pros and cons of this alternative?
something that actually has value. precious metals like gold/silver/platinum. those options are virtually inflation proof because they are so rare and you can never make more of them, you can only dig it up.
and those r soooo easily monopolized due to scarcity. a much better alternative is use money as credit. theres nothin wrong w/ using money as credit but not debt. American colonial scrips were far mor successful & efficient than any metal system employed in colonial america. it was based not on metals & such but on the credit of the union of colonies which really is all u need for monetary system. A monopoly on precious metals guarantees domination through use of inflation&deflation
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those options are virtually inflation proof because they are so rare and you can never make more of them, you can only dig it up.
A monopoly on precious metals guarantees domination through use of inflation&deflation