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Becky Okay, just finished it...didn't understand a lot of it but I think I understand Atlas Shrugged better!
How can money in the US be so screwed up and no one does anything about it?
I am not sure I agree with the short solution at the end of the book either...just change everything back to gold, Overnight and we will be okay?
Did anyone else read the book yet?


Duncan Berry Yes, and I thought it was a minor masterpiece. A devastating critique of our monetary policy and banking laws.


Furbjr I though the history and the rebuke given to the Fed by Rothbard was good, but the prescriptive action Rothbard proposes doesn't sit well with me. The gold standard when adopted as the ONLY standard caused a great contraction in the economy. I forget where this is talked about, but I think it might have been the Lincoln - Douglas Debates.

I think that there should be standards adopted by the people themselves, not by a central authority. For some that might be gold, for more people that might be silver (traditional commodity money), or it might even be something new like a cryptography based currency like bitcoin.

I read this in February as part of http://freedombookclub.com


Duncan Berry You are in august company, Furbjr.

The very same argument was put forth by none other than Nobel Laureate F. A. Hayek in his 1976 The Denationalization of Money, a PDF of which is linked here:

http://mises.org/books/denationalisat...

If I am not mistaken, the central point that would link both Rothbard's critique and Hayek's and your antidote is the RE-definition of the dollar as a specific unit of weight of either gold or silver, or both.

The purpose of a fixed weight and measure approach to money as a commodity is that it functions as an empirical brake on the temptation of government to inflate by increasing the number of currency units in circulation. As it is now, the Fed either prints more, adds zeros to what it prints or — which is even less expensive — lowers the discount rate and provides more virtual money (i.e., "funny money") in the form of bonds and other government-back securities.

The chief merit of gold (or silver) is the fact that curbs the natural expansionary tendencies of the state to seek inexpensive pathways to growth and influence. By mandating that the government "coin" money and guarantee the integrity of its "weights and measures," as the Constitution does, we would theoretically only have to be concerned with the honor of those people who certify the metallic content of everything issued by the government mint — and private mints.

If we could dissolve the government monopoly on the issuance of money (and currency) as you suggest, I think we would be well on the way to a far more sound monetary policy and a more robust private economy.

But that's just me!


message 5: by M. (new) - rated it 5 stars

M. Coley Becky,

Rothbard does a tremendous job in The Case Against the Fed. You might also want to read What Has Government Done to Our Money? by Rothbard.

I have written a book titled Know Stealing that also deals with the issues covered in these two works, but my case goes back farther and defines the problem in a slightly different way, but reaches similar conclusions. There are excerpts and reviews at the following site:

http://www.knowstealing.com

The kindle edition can be downloaded today (May 3) for free.


Furbjr Duncan wrote: "You are in august company, Furbjr.

The very same argument was put forth by none other than Nobel Laureate F. A. Hayek in his 1976 The Denationalization of Money, a PDF of which is linked here:

ht..."


Duncan: thanks for your awesome response to my post in this thread. I see that you are living in Yarmouthport, MA. I grew up in Dennis, right next door (lived there f0r 20 years).

To your point of disolving the government monopoly on the issuance of money, I advocate the use of alternative currencies, such as bitcoin, and barter currencies like Shire Silver, because I don't think that the government will ever give up the power of counterfeiting. Eventually government issued currency that is not pegged to a specific weight of commodity will become worthless, so it would be good if a counter-economic system were in place, and that at least a few thousand people could demonstrate efficacy in the facilitation of trade, so that trade can continue uninterrupted when the collapse(s) occur.


Furbjr M. wrote: "Becky,

Rothbard does a tremendous job in The Case Against the Fed. You might also want to read What Has Government Done to Our Money? by Rothbard.

I have written a book titled Know Stealing that ..."


M.: Your book sounds really interesting. I'll pick it up, but probably won't read it right away. I'm a little burnt on this topic right now. I'll also suggest it to the people in my book club, to see if they are interested.


Duncan Berry Furbjr wrote: "Duncan wrote: "You are in august company, Furbjr.

The very same argument was put forth by none other than Nobel Laureate F. A. Hayek in his 1976 The Denationalization of Money, a PDF of which is l..."


Nice to meet another "Cape Coddah." And I'm with you all the way on the decentralization theme. It's going to happen anyway, right?!


message 9: by M. (new) - rated it 5 stars

M. Coley Thanks Furbjr.


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