Wednesday, April 20, 2016

Monetary Reform: Fiat vs. Market
Gary North essay differentiates between fiat money & free market money .. "Fiat money is the money issued by a self-proclaimed divine state. It rests on the premise of divine right: no higher appeal. It is the court of final appeal. In short, it is divine. A free market money system is an operational system to which people can appeal to because it is not statist money. People use gold coins or silver coins to buy what they want. Or they use legal claims to such coins. The state is not in the 'money business.' No nation-state ever allows this. Every nation-state wants to be the highest court of appeal, especially in monetary affairs. Every nation-state claims legal sovereignty over money." .. North goes on to discuss the gold standard, which is closely tied to monetary liberty & freedom .. "There was been a worldwide break in the payments system in 1914: from gold coins to iat money. To restore monetary liberty, there must be a vast monetary reform that is the product of human action, not human design. Anyone who comes with a monetary reform plan engineered by a national government is operating under a delusion: the doctrine of the nation-state's legal sovereignty over money."
LINK HERE to the essay

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