hokieneer17 (December 31, 1969 at 11:59 pm)

You're right. I believe having a currency based off of precious metal reserves, that the gov. also prints themselves, would also allow the government to operate a currency debt free, just as you were describing. Something has to back the currency and keep it's value in check to prevent hyperinflation, whether that's the rarity of precious metals, a collection of VALUABLE commodities or that's the good will & trust of a nation leaders, like the Greenbacks. I don't trust people with power.

fraMichigan (December 31, 1969 at 11:59 pm)

True, but i think one of the biggest things is if the government was making it themselves, they wouldnt have to pay interest to borrow their own money. and make illiminating the debt at least Possible.not that the people we elect these days to be able to do it right. if we gave them the right to print money who knows what sort of foolishness they'd start.

hokieneer17 (December 31, 1969 at 11:59 pm)

Well I don't trust the "democratized" system much more than the private cooperate system. Currency is just a commodity, or really an IOU for services or goods received, that over time, because it is accepted everywhere, becomes THE commodity to have. I wouldn't want anyone to have the power to artificially alter the amount of that commodity without actually trading value for it, regardless of how wise and just the adjuster is.

fraMichigan (December 31, 1969 at 11:59 pm)

Some say we'd be better off with a "democratized" banking system of elected banking officials. but even then people would have to be paying attention to what their doing. you know how that goes...

hokieneer17 (December 31, 1969 at 11:59 pm)

How is the Gold Standard not debt free? I can not only trade my legal tender for goods and services, but I can trade it for Gold which is universally accepted.I don't trust the government much more than private bankers, to issues and maintain a debt free currency without the corruption & tax of inflation. Therefore I disagree with this video's premise of a Gov. controlled central bank is the best monetary solution.

NoogLeader (December 31, 1969 at 11:59 pm)

They only way to make money that is worth anything is to issue money at the moment that an Item is produced, work done or some service provided.

MillionthUsername (December 31, 1969 at 11:59 pm)

I don't understand why he advocates gov't monopoly using fiat currency. And how is that even constitutional? "No state shall make any thing but gold and silver coin a legal tender." No emitting "bills of credit."He just gave the example of Lincoln funding his war out of nothing! It's unlimited power over everyone. So how is that a good thing?It's still a usurpation, just a different group. I guess he thinks politicians are more trustworthy than bankers! :-/

fraMichigan (December 31, 1969 at 11:59 pm)

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