some thought about digital currency of the future

[falkenberg]

I could go on, but the point here is that the government is picking winners and losers all of the time, and doing that through fiscal policies that are allocating money to some individuals as a matter of law and arbitrary whim that has little or nothing at all to do with fiscal capacity or any other metric other than access to those in positions of political power and who gave the most in terms of political campaign donations in the past.

I understand this very well, RHorning. I live in Russia where we have an extremely high level of corruption and sometimes the economical laws for free market just do not work because there is no space for them. Still I believe that if there are many corrupters in, i.e. police (we call it "militia" and this is exactly our case), it does not mean the police is not needed at all and must be abolished. I believe that as a model the economical model we use right now is good enough for the time being. But the model is a model, the life is life and they differ.

Thanks for your posts, was very interesting.

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1714166719

[Red]

A woot! To RHorning for his last post.

I'm not a fan of bad banking either. Those that are bad at their jobs should be fired. Those that scam should be tried and locked up.

I think mortgage brokers, realtors, and even some title companies should be investigated as "scam artists" for their activity during the housing price boom. All of these people convinced ordinary folk (maybe gullible ordinary folk) that obviously overpriced properties were affordable sound investments.

I also think that any bankers that gave out mortgagees during the housing boom should share more than a preponderance of the responsibility for these stupid loans. They are the people holding themselves out as experts on the subject.

Banks should never be allowed to get too big to fail. And if they practice banking they should fail.

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PS: that should say if they practice BAD banking.

[falkenberg]

Banks should never be allowed to get too big to fail. And if they practice banking they should fail.

Agree. A bank shall be responsible for it's activity, otherwise guiltless people will pay for it's mistakes.

[Anonymous]

Gold is useless as money today because the government only accepts federal reserve notes as payment for taxes.This creates the demand for them.If the government removed taxes people would realise the notes are actually worthless and use something else. Federal reserve notes keep the men with guns away from you which means it is a protection racket.Try paying your tax with gold and see what happens.

I dont really blame the banks for the protection racket as they are profit seeking entities and are doing what is in their nature to do.Without the power of government guns backing the fake money up and forcing people to participate in the system out of fear things would be different.