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Message Subject Get rid of the money system, then get rid of goverrments
Poster Handle Levi Philos
Post Content
Also worth a search: Antal Fekete on the "Real Bills Doctrine"

It is my position (not shared by Fekete) that the "real bills" end up circulating as the real medium of exchange and the gold held in deposits are actually functioning as performance bonds.

The failure of LETS systems to flourish and spread is due to four factors:

1) Lack of a model that provides for professional full-time administration, and:
2) Lack of good commercially enforceable contracts, and:
3) Lack of a system of performance bonds, and:
4) Even though LETS pretends to be a mutual credit system, proponents of LETS have failed to understand and implement the Mandrake Mechanism that allows the hypothecation of promises to create and deliver value in the future.
 
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