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Message Subject Get rid of the money system, then get rid of goverrments
Poster Handle Levi Philos
Post Content
Centralized power and centralized money form a symbiotic pair; neither can exist without the other.

Money is a system of communicating ownership of real things by proxy.

The idea that only one system is possible is part of the problem.

Hayek pointed out in his book THE DENATIONALIZATION OF MONEY that competition in money formats could itself be a stabilizing factor. Ronald Coase pointed out in his prize in economics named after Alfred Nobel that people will use the system of least extractive cost.

What Hayek failed to point out is with a single monetary system you can pass regulatory laws and hire people to watch and regulate financial institutions, but with competition in monetary formats corruption becomes part of the overhead costs. In a competitive environment financial institutions are forced to police themselves to keep overhead down or they lose their customer base.

Banking will be forced in time into an agency relationship to all producers of value.

Nothing I have written prohibits usage of precious metal coins in direct exchange. However, other methods that involve tokens of little or no intrinsic value are also possible.
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