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Article posted Jul 10 2013, 2:36 AM Category: Economy Source: Jeffrey Tucker Print

Money Can and Should Be Private Property

Jeffrey Tucker

I was daydreaming over the weekend. The subject: notable intellectual epiphanies Iíve experienced in the course of my life.

These are moments when someone reveals something to you that shakes you up. It runs contrary to everything you ever thought possible. You resist it at first, but canít come up with a proof to the contrary. Finally, you embrace it, even with some discomfort. As the insight settles in, the world seems like a different place. You never shake off an epiphany, and you donít really want to. It haunts you forever.

Bitcoin is one of those. Well, not directly. But had it not been for another epiphany, I would have paid no attention to the gaggle of geeks and their squawking about some new Internet money.

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Comments 1 - 5 of 5 Add Comment Page 1 of 1
Nickel's 2bits

Posted: Jul 11 2013, 2:06 AM

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678 This article shows a fundamental misunderstanding of the nature of money.

Money is only worth what someone else will give you for it. That requires trust. For example, if I'm buying a bag of wheat from you, you will only take money that you can exchange...for something of value to you.

(Some people like to have a lot of money under the mattress...but if it isn't worth anything why would they bother?)

Money you cannot exchange is just metal. Yes, I said metal. Take a look at the gold prices recently: All that gold people bought to ensure their wealth? Well, they're nearly a third less wealthy now than they were on December 1 of '12--and someone in here was predicting they'll be half as wealthy, soon.

Money is only worth what people TRUST IT TO BE WORTH. Gold is worth less now, because people don't trust it to be worth more. Plastic, paper, silver or gold: It all comes back to trust.

The problem with private money, the problem that caused it to be taken over by governments, was that it wasn't trustworthy. If I took YOUR BRAND of money from you, what were the chances I'd be able to give it to someone else...for something of value to me? In some cases, very slim.

His complaint that "money isn't stable", is nonsense. Money never is stable, whether issued privately or publicly. It can't be stable, because its so-called "worth" always comes back to that issue of trust.

Money is a tool. I have a bag of potatoes and I want a bag of wheat? I can trade them directly, if I can find someone who wants a bag of wheat and who has a bag of potatoes. But it's easier for me--much easier--if I can just give the guy who has money and wants a bag of potatoes, the potatoes in exchange for money, then I go and give the money to someone who has the wheat I want. Money acts as an intermediary, but in itself it doesn't have any value: Its value is in what it can be exchanged for.

All the different private monies actually restricted economic growth, because it restricted the rate of exchange. The people on either side of the fence couldn't do business because neither would trust the others' money.

Economies run better on money everyone can implicitly trust. For all the complaints and problems, the government-issued US $ is still the most stable and trusted money in the world.
L.S.

Posted: Jul 11 2013, 3:16 AM

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"...nature of money." - Nickel's 2bits.

Money is supposed to hold the place for 'work value' and 'goods value' - it's that simple. If their is no work, nor, goods, being produced - money has no value.The goal for government, (all money belongs to them, they print up the stuff), is to keep people believing, that their monopoly (literally) money has value.
Nickel's 2bits

Posted: Jul 11 2013, 11:54 AM

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678 @L.S. Thank you for your support. I talked about trust, remember? Your phrase "keep people believing" is correctly worded "keep people trusting". Without that trust, money quickly becomes worthless...no matter who issues it. If we didn't trust it to have value, who would take it in payment for anything?
Anonymous

Posted: Jul 12 2013, 2:35 AM

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174240 "If we didn't trust it to have value, [money] who would take it payment for anything?" - Nickel's 2bits

Doublethink presented after I'd read that question. I'm not sure in which direction, I'm supposed to respond?

Do I play fake-believe world, and agree? Or, do I take off the mask and disagree? I'm only asking these questions for the reason that, if you are a 'team player' I don't want you to suffer a penalty, and, if you aren't a team player - you'll likely not want to see what I do. That having been said.... money is finite. You can't eat it, he'll, you can't even burn it to keep warm; toilet paper-value, is all I can think up....
Forgive me here, if I seem to come across as rude, that's not my intent. I've tried to "plug back in" (so to speak), I've even spoken w/ Marion Knox - the "re-programmer;" countless packets lost, in my case.

However, if you want to believe in this system of things, that believing in an ideal - makes that ideal "real," then, I don't want to take that away from you. There are lots of really-really-really smart people on this site, that will tell you, ideas can become finite, and, I wouldn't disagree w/ them. I simply disagree with the ideals, that they believe into existence - that includes the money system.
Anonymous

Posted: Jul 12 2013, 2:37 AM

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174240 Sorry, I forgot to post: Regards,
L.S.
Comments 1 - 5 of 5 Page 1 of 1


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