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This is from Camdoc's newsletter.
RE: RON GILES POST,
I want to reply and tell you that I do not believe in much of what he said. I understand that he is a believer in gold as the only thing that should back currency. I appreciate that, and I acknowledge that many of you feel the same way.
I do not accept his statement that gold is good for backing currency, and assets are bad. I think that is hogwash, to use a different euphemism than he does. I acknowledge that, if the QFS system functions as he says it will, and I do not entirely believe that, then there will be a blockchain linkage of a particular bar of gold, or possibly a portion of a gram in a numbered bar of gold, for each dollar transacted, and that the transaction may be permanently and unchangeably recorded in a blockchain. That is an excellent system.
But I do not believe that you cannot do this with a bar of silver, or palladium or platinum, for that matter. Bill Still’s award winning documentary The Wizard of Oz showed that part of the problem with a gold only system was that in such a system, there is no currency for the PEOPLE to use, and this causes recessions and depressions.
Spiritual Economist Bernard Lietaer showed that an ideal economic system would have AN ECOLOGY OF CURRENCIES, used for many different purposes. He taught that MONEY IS AN AGREEMENT WITHIN A COMMUNITY TO USE SOMETHING AS A MEANS OF EXCHANGE. This something can be gold, a piece of paper, a cigarette, a huge stone circle, a circle of metal, a train of electronic pulses, airline miles, green stamps, literally anything. There is nothing wrong with backing a currency with oil, or silver, or wood, or kilowatts of energy, or hours of human labor. As long as those using the currency and backing the currency continue to agree and accept that which backs it.
Ron Giles pointed out that you cannot use unmined gold to back a currency—yet unmined gold is used to back bonds all the time. Why not currency? The problem that Zimbabwe had was that they did not have access to the gold, so they could not really back the currency with that gold.
I have learned that the biggest problem with our current money system is that our money is subject to interest, and this causes it to flow from the towns to the cities, from the cities to the capitals, and from the poor and middle class to the rich. I have learned that in the Great Depression, local currencies worked much better for trade than national currencies. One in Austria was calculated to be 14 times as effective for transactions and building the economy than the national currency, which then, by law, erased the more effective local currency.
- GURU HUNTER
- Posts : 18229
Join date : 2015-02-19
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