Can someone explain to me...

[quote name='gareman']because he caters to people's love of rugged individualism that has been pumped into American's heads, and he uses pseudo-intellectualism to back up these beliefs.

See: Rand, Ayn[/QUOTE]

The pseudo-intellectualism here is in your post. Like I said, there are good reasons to disagree with Ron Paul. Why can't you come up with one?
 
[quote name='rickonker'] If you don't like a currency anymore, you should be free to stop using it and switch to something else.[/quote]
This doesn't sound like a logistical nightmare at all.
 
Ron Paul, the small government, fiscal conservative who wants to march law enforcement up into a woman's uterus.

I smell something around this guy and it ain't roses.
 
[quote name='cochesecochese']This doesn't sound like a logistical nightmare at all.[/QUOTE]
Are you serious? Do you not get that people already do this to some extent, despite the restrictions placed on it?
 
[quote name='camoor']Ron Paul, the small government, fiscal conservative who wants to march law enforcement up into a woman's uterus.

I smell something around this guy and it ain't roses.[/QUOTE]
See, here's a good reason...sort of.
 
[quote name='rickonker']Are you serious? Do you not get that people already do this to some extent, despite the restrictions placed on it?[/quote]
The whole 'talking down' thing doesn't work unless you bolster your own arguments with some substance, you know.

A bit of bartering or local currencies being used is rather different than a system that would allow any currency to be used in real time. Every till, of every business, would require a reserve of every kind of legal currency in circulation. Everyone whose hands touch money in a business would have to be aware of the various exchange rates amongst currencies. At all times.

So let's hear your proposal for a system that would allow multiple currencies to circulate.
 
[quote name='cochesecochese']The whole 'talking down' thing doesn't work unless you bolster your own arguments with some substance, you know.[/quote]

I'm sorry you thought I was talking down to you. Since what I was talking about already happens today in a limited form, I just didn't understand your objection at all.

A bit of bartering or local currencies being used is rather different than a system that would allow any currency to be used in real time. Every till, of every business, would require a reserve of every kind of legal currency in circulation. Everyone whose hands touch money in a business would have to be aware of the various exchange rates amongst currencies. At all times.

So let's hear your proposal for a system that would allow multiple currencies to circulate.
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Don't take this the wrong way, but all it takes is a little imagination, and maybe not even that in this case.

First of all, I never said every business has to accept any currency! If Joe's General Store only wants to accept US dollars, there's nothing wrong with that.

Second, even if every business wanted to accept multiple currencies, the problem has already been solved. The credit card industry already works like this. Let's go through your list:

1. "allow any currency to be used in real time" - This is already handled transparently when you use a credit card from one country in another country.

2. "Every till, of every business, would require a reserve of every kind of legal currency in circulation." - Again, in this case, the business just has to accept credit cards.

3. "Everyone whose hands touch money in a business would have to be aware of the various exchange rates amongst currencies. At all times." - No, because, again, this is handled transparently through credit card transactions. The business sets a price in the currency of their choice, and the customer is charged accordingly.



If anyone reading is about to complain that every business shouldn't have to accept credit cards, let me remind you again that I'm not saying they would. They can accept as few or as many currencies as they want.

Also, the main point of this isn't really for small transactions, but for the purpose of savings. If you have $100,000 in savings, and you want to switch to another currency, it's already easy to do. In fact, removing the restrictions on such activity would reduce the logistical overhead.
 
[quote name='cochesecochese']The whole 'talking down' thing doesn't work unless you bolster your own arguments with some substance, you know.

A bit of bartering or local currencies being used is rather different than a system that would allow any currency to be used in real time. Every till, of every business, would require a reserve of every kind of legal currency in circulation. Everyone whose hands touch money in a business would have to be aware of the various exchange rates amongst currencies. At all times.

So let's hear your proposal for a system that would allow multiple currencies to circulate.[/quote]

No they wouldn't. They wouldn't "HAVE TO" do anything! That's the beauty of competition. Freedom of choice.. If they choose not to use any currency, nobody could force them to. The currency that is most highly demanded and used by the public (for the reasons I discussed earlier) which naturally become dominant and widely accepted. Merchants who refuse to accept it for whatever reason would lose business to those who do. Natural selection baby...The strong survive and the idiots who refuse to respond to the needs of the people disappear. It's a beautiful thing.
 
[quote name='Capitalizt']The currency that is most highly demanded and used by the public (for the reasons I discussed earlier) which naturally become dominant and widely accepted.[/quote]
You mean like the US Dollar is now?
Merchants who refuse to accept it for whatever reason would lose business to those who do.
Click to expand...
You mean like merchants do now?
Natural selection baby...The strong survive and the idiots who refuse to respond to the needs of the people disappear. It's a beautiful thing.
Click to expand...
Strong != virtuous.

This isn't about money in real terms. Shit, I have 5 currencies within arm's reach right now. This is about wanting to remove government from the currency business.

You would need to regulate these new currencies, otherwise you'd have a million Madoff imitators overnight. You'd need a way to prove your capital requirements backing the money (which could be so easily faked its retarded). You'd need anti-counterfeiting measures, and an educated populace that would otherwise accept fake bills. You'd probably require police support of some sort to enforce violations in action. You'd have to insure and it would be off the charts for premiums. You'd need at least one big player to use it, which would expose them to liabilities in currency fluctuation as well as capital flight.

And why would an entity expose themselves to this risk? For what gain exactly? Why would they do this instead of shuffle bonds or fuck around with margins?

We all want Tricky Dick Fun Bills.

Also, the main point of this isn't really for small transactions, but for the purpose of savings. If you have $100,000 in savings, and you want to switch to another currency, it's already easy to do. In fact, removing the restrictions on such activity would reduce the logistical overhead.
Click to expand...
Why on earth would you choose a private currency instead of the basket the currency is based on? So you can pay points (or do they do this for free? lulz) to insert a middleman for the express purpose of charging you?
 
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Just legalize competition speed...That's all we're asking. Legalize it. If the buck is so virtuous, it will stay dominant. And I don't see why you're so concerned about counterfeiting given that the fed is basically doing this today.. Chances are under a free banking system private mints would band together to form agencies to establish standards and to audit and rate the soundness of various products. We already have many private agencies that do this in other areas of the economy..

Anyway, the truth is that right now we have NO IDEA what would happen if a free market were allowed in currencies. We can't know what would happen because it has never been tried in a modern economy. Just legalize competition..allow alternatives to develop, and let the people decide. There may be scams and losses in the beginning just as with any industry, but those will naturally fade over time as knowledge spreads and people learn which products are trustworthy. If a private alternative to the dollar ever did develop, it would be in the self interest of the issuers to run a tight financial ship and to make sure the value of their money is not compromised. The fed has no incentive to do so because they have an absolute monopoly, and monpolies are never good for consumers.
 
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[quote name='Capitalizt']Just legalize competition speed...That's all we're asking. Legalize it. If the buck is so virtuous, it will stay dominant. And I don't see why you're so concerned about counterfeiting given that the fed is basically doing this today.. Chances are under a free banking system private mints would band together to form agencies to establish standards and to audit and rate the soundness of various products. We already have many private agencies that do this in other areas of the economy..

Anyway, the truth is that right now we have NO IDEA what would happen if a free market were allowed in currencies. We can't know what would happen because it has never been tried in a modern economy. Just legalize competition..allow alternatives to develop, and let the people decide. There may be scams and losses in the beginning just as with any industry, but those will naturally fade over time as knowledge spreads and people learn which products are trustworthy. If a private alternative to the dollar ever did develop, it would be in the self interest of the issuers to run a tight financial ship and to make sure the value of their money is not compromised. The fed has no incentive to do so because they have an absolute monopoly, and monpolies are never good for consumers.[/QUOTE]
Fair enough.
 
[quote name='speedracer']Why on earth would you choose a private currency instead of the basket the currency is based on? So you can pay points (or do they do this for free? lulz) to insert a middleman for the express purpose of charging you?[/QUOTE]

I think you misunderstood. Just because a currency is private doesn't mean it's based on a basket of other currencies.
 
[quote name='rickonker']
Also, the main point of this isn't really for small transactions, but for the purpose of savings. If you have $100,000 in savings, and you want to switch to another currency, it's already easy to do. In fact, removing the restrictions on such activity would reduce the logistical overhead.[/quote]
Ok, ok, uncle, uncle. You got me there.
 
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