Privatizing our money supply is the way to go. Here's one idea, let the $ be a unit of currency. Let banks issue currency denoted by the $ in whichever commodity/thing they wish. Let's say one bank issues a $1 note. This $1 note is a promise by the bank that one can redeem $1 worth of whatever commodity they choose to have their currency backed by.Originally posted by: 3chordcharlie
The case against central banking is as strong as the one against democracy. But as easy as it is to criticize, a position needs to offer an alternative, and so far, I see none.
Ending central banks requires at a minimum, a viable alternative with either automatic or interventionary control of any defaltion, and excessive inflation to become an actual position.
The gold standard fails spectacularly, and the history of private banks is terrible. In fact, it's half the reason for central banking existing at all (with seniorage being the other half).
This will create standardization in the marketplace where all businesses won't have any problems using any currency or doing any math, but they will obviously only accept currencies that are dependable. Basically just decentralizing our current institution, backing our currency by items of value that the market decides, and allowing it to compete. The marketplace will decide the best currency to use and any bank failures won't destroy the entire US economy. Sound like a reasonable idea?