Jarhyn
Wizard
- Joined
- Mar 29, 2010
- Messages
- 15,556
- Gender
- Androgyne; they/them
- Basic Beliefs
- Natural Philosophy, Game Theoretic Ethicist
I can't help but recognize that the issue here is that Swammerdami is pointing out that not only the government can shit out money from an unbounded pool.
So can banks.
The only difference is that banks have an ostensible responsibility to "eventually" return the money they shit into the universe, though functionally they don't because their loans-to-deposits ratio is allowed to be skewed.
In fact the majority of the money supply comes from banks doing this rather than governments.
I am not sure that I think this is an acceptable position insofar as I think that the only entity that ought be allowed to do this is the government, because this otherwise deprives SOME private citizens of the power to create money, while giving it to others.
This means that those who have this get their leverage multiplied and then increased with interest where those who don't have this power have their leverage reduced to a mere fraction and then are parasitized for interest.
the correct location for money to enter the economy would be as an individual stipend as UBI, and the a secondary flow on the basis of government contract, while pushing all lending and debt to nontransferable postal banking, allowing the government to replace the private interest in the fractional reserve system.
So can banks.
The only difference is that banks have an ostensible responsibility to "eventually" return the money they shit into the universe, though functionally they don't because their loans-to-deposits ratio is allowed to be skewed.
In fact the majority of the money supply comes from banks doing this rather than governments.
I am not sure that I think this is an acceptable position insofar as I think that the only entity that ought be allowed to do this is the government, because this otherwise deprives SOME private citizens of the power to create money, while giving it to others.
This means that those who have this get their leverage multiplied and then increased with interest where those who don't have this power have their leverage reduced to a mere fraction and then are parasitized for interest.
the correct location for money to enter the economy would be as an individual stipend as UBI, and the a secondary flow on the basis of government contract, while pushing all lending and debt to nontransferable postal banking, allowing the government to replace the private interest in the fractional reserve system.