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> > Paul Johnson wrote: > >> Laissez-faire economics is an impossible pipe dream and Germany > >> proved it. Taken to it's natural end, you get Germany's pre-WWII > >> out-of-control rapid inflation where soon it takes millions of > >> dollars just to make a basic grocery run. > Joe wrote: > > So... in how many countries does the government not have a > > monopoly on printing money? Where would people have got the > > wheelbarrows full of millions of Marks if the government hadn't > > put them into circulation? Paul Johnson wrote: > All of them that don't have their currency backed by a commodity. Which is every country where the government has a monopoly on the printing of fiat currency. Maybe you haven't heard, NONE are hard currencies any more. There's too much profit to be made by printing money. Your error is in not realizing that it is _government_ which can create fiat currency, not individuals. When banks have created "money from nothing", they have gone bankrupt. Quickly they learned not to do that, because without legal tender laws, people will reject paper that is not backed by a tangable commodity. Only a government can enforce a legal tender law. > Money hasn't been a tangible concept in the US since funds stopped > being backed by gold. And that was done....how? By an act of _government_. That is the antithesis of "laissez-faire", which means "without government interference". > Interest and fudged numbers accidentally > creates money in the banking system all the time. It is not accidental. It's called "fractional reserve banking" and is a very well thrashed out subject. Here's a video on the subject so you can learn something about what you are posting: Money, Banking and the Federal Reserve http://mises.org:88/Fed Curt- - -- September 11th, 2001 The proudest day for gun control and central planning advocates in American history -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.6 (GNU/Linux) iQEVAwUBRe7CcC9Y35yItIgBAQIhDAf+NKcaqDDbBQ5jgXsEqEzYh1Egc+vGa0IU DjhQJNrNSaDkIb/dTzkdJ5wXam/82HDOjKXlMcgKG9IWCPY4W74XkzLZE4a62Xjn 4GN3GQD+wTbSF6yTEGuAP4CFrlBekc9USMQRiI818QWdzoQhE7tQAbdK0Qp0kSTV MhEOOeVilo83Q3P7YdOpVLVCTxY0jVsMhHpU7fnoHdUmDHSbfbtH4X7pCFTxOZ/f L3HSH6cIsgFoGtcPvvLk3w2dwRSu/if9vNeaR1z0Qor5GVr9LxH0Ip9Q1/i8p/Ez xFHRmuAGOSBEtKa1tCNOxt7P7gXcVDVcp7JXBPCla3d8C7tnU6fRPg== =BZ3Y -----END PGP SIGNATURE----- -- To UNSUBSCRIBE, email to [EMAIL PROTECTED] with a subject of "unsubscribe". Trouble? Contact [EMAIL PROTECTED]
