In response to:

Let's Give the Fed Some Competition

Clovis_Sangrail Wrote: Apr 04, 2012 12:12 PM
It seems to that Stossel is advocating that, instead of a single private corporation setting monetary policy, he wants LOTS of private corporations setting monetary policy! No thanks, I think one private corporation screws things up enough,
Kruelhunter Wrote: Apr 04, 2012 6:26 PM
Kind of like asking government to fix the problems it causes, hun?
Kruelhunter Wrote: Apr 04, 2012 6:25 PM
So your faith in your elected representatives is such that you believe that congress ought to determine monetary policy. You make much of the fact that the FRB is a private organizetion byt you stop short of the realization the it is also a government sanctioned monopoly like the USPS or Amtrak. Or public schools. Think about it.

Personally, I prefer the direct control offered by my ability to boycott private organizations that I do not trust. There is no such option with government, they've got us by the short and curlies and they know it.
Joseph64 Wrote: Apr 04, 2012 12:28 PM
Except that those private corporations have to compete with one another in the marketplace for acceptance and that means that they have make their currency a better value for the people than everyone else's or else nobody will accept it and it will disappear. Competition drives innovation and value, monopolies stifle it and that applies to currencies just like everything else.
Paulus Textor Wrote: Apr 04, 2012 12:26 PM
Clovis, you don't have it quite right. Stossel does not advocate ANYONE "setting monetary policy," any more than he advocates anyone setting "Pork belly policy" or "Light Sweet Crude" policy.

He advocates--and I agree with him--that any private mint should be free to mint coins, so long as those coins meet legal definitions of weight and measure (as described in the Constitution).

I personally don't care if the one-ounce, .90 silver coin offered to me bears the mint mark of the US government, or the French government, or the private ABC bank. The value of the coin lies, not in the honesty and integrity of government and banking officials, but in the natural fact that silver is a precious metal.
DB07 Wrote: Apr 04, 2012 12:19 PM
You're missing the point. The point is that when there is a monopoly you have NO alternatives. How many examples can you give where this is a good thing?
Origanalist Again Wrote: Apr 04, 2012 12:19 PM
That makes sense, one corporation screws it up so lets stick with it.

Pssst. Want to buy some Stossels? They’re my own currency with my face on them.

Why should you trust them?

Because I promise to redeem them for gold. And I’m reliable. I have money in the bank and a job that brings in more than I spend.

By contrast, the politicians who back American currency run an unsustainable deficit.

The Federal Reserve prints so much money that since it opened its doors in 1914, the dollar has lost more than 90 percent of its value.

OK, I won’t really sell Stossels. Americans get jailed for offering alternative currencies. The government insists...