Moron-fest:
There is a funny part where the Yahoo! host Aaron Task asks this former Fed economist (SCARY!) if his book is "science fiction" (almost spit my coffee out!). It's disturbing to think that there are supposedly serious people out there with degrees and jobs in central banking who devote this much thought and time to such nonsense.
4 comments:
What would happen to the thousands of nuclear warheads if there were no government? Sold for scrap?
http://barkerecon.blogspot.com/2011/11/gold-and-money.html
This is his big idea...
"Private fiat money"
Like that wasn't done already.
See this ...
http://www.amazon.com/Nation-Counterfeiters-Capitalists-Making-United/dp/0674026578
Laura,
I guess those would be auctioned off to the "private security" Cos. that would then compete to provide your security....
Adam,
Here is his wrap up there: "Money is a tool that is used to exchange goods and services, to store wealth, and to advance and pay off loans. Economies need money in order to function well. But just as government monopolies give us poor mail, train, and urban highway service, the government monopoly of money gives us low-tech currency, periodic money valuation crises, and a dysfunctional banking system. Competitive money supply would be better."
No mention of our "money's" primary function which is that it is issued to provision the govt... I think this is another guy that would lose it if you presented to him the "Chartalist view on State Money".
Resp,
The interesting thing about counterfeiting is that at that time it increased money in circulation, which was actually much needed given the pace of economic growth. Obviously, too much would lead to inflation, but very often the problem is undersupply rather than oversupply. In times of rapid growth, undersupply is more likely. Counterfeiting is then a boon. Even though some get a free ride, the economy as a whole does better.
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