Home > Miscellaneous Musings, Predictions > Free banking and full reserve banking

Free banking and full reserve banking

Discussion between Prof Selgin and myself (Karmaisking) here.

You decide the issue – is FRB fraud?

Some quotes:

I happen to think civilization goes in cycles and this is just one of many examples where the idiots have come to power and we are currently in some kind of “Planet of the Apes” movie where every bad idea in economics and law is infesting public policy around the world, not just in the US, but in the EU, in Asia (Japan especially) and in every other major economy of the world. Disaster awaits…

It is curious (even contradictory) that some 100 percenters allege the State is a corrupt, thieving psychotic organization bent on taking as much as it can from the productive, and then turning around and begging them to outlaw FRB. Like that’s ever gonna happen. That’s about as likely as the abolition of the central bank and the legalization of free banking. Umm… hold on, that’s what this blog advocates. They must be as delusional as the 100 percenters!

Historically, people simply fled. Once the malinvestment kicks in, there really is no solution other than de-population by any means necessary to get the surplus labor down.

After the French Revolution, many French went to the countryside or neighboring countries. Same after the fall of the Roman Empire. After the Bank of England was established, the American Revolution kicked in, allowing free settlers the chance to live in peace far away from monetary oppression.

As I said, I’ve done the analysis, and now, with no new virgin land to conquer and settle in, there is no solution. Everyone other than the 1% who control or have direct access to fiat money are completely and utterly screwed.

There will only be cycles of poverty, oppression and madness for the masses. Like in Russia/Soviet Union. All masked by reality TV and 24 hour sports.

As Jim Sinclair says: THERE IS NO SOLUTION.

Nevertheless, despite the fact that this is a completely and utterly pointless exercise and despite the fact we’ve already lost the battle and the war, it’s fun to fight amongst ourselves, isn’t it?

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