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Message Subject Get rid of the money system, then get rid of goverrments
Poster Handle Levi Philos
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I reached a personal conclusion some time in the past that Mises (and others) were correct that the money concept arises out of credit.

But rejected the idea that only gold can be the "backing" for that credit.

IMO, all credit arises from the people, and the correct role of the banker is an agency where the agent becomes responsible for specific performance of contract. (fulfillment of all contracts between the people)

To assure that contracts are filled, we must recognize a natural law expressed most simply as "shit happens." To assure the fillment of contracts a combination of performance bonds supplied by the players and insurance fees paid by all money users must exist.

At inception of contracts the signatory to the promise to create and deliver value in the future must post a performance bond in the form of a deposit of precious metals. Like any bond, this only needs to be a small percentage of the value of the promise. When a contract fails the agent liquidates the bond selling at open auction and recovering some medium of exchange and furthermore liquidating any residual value in the promise thus recovering more medium of exchange.

Any medium of exchange remaining in circulation that represents the collateralization of the promise (that failed) is removed from all money users by the application of demurrage. This insurance fee is extracted from all circulating medium and from accounts of record.

Thus, price structures can be stabilized.

The demurrage fee also pays for full time professional administration; the agency needs to be run as a not-for-profit with an open books policy.

The reference standard for value could be based on a Borsodi algorithm, but my preference is a unit of human time - the hour - and the total medium of exchange in circulation should be controlled as so many units per capita or some population demographic.
 
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