Credit as a Public Utility.

Gang,

As most of you know, I am a libertarian leaning, free market advocating, gold hording Economic crack fiend.

Not surprisingly, I spend a lot of time on the Mises.Org site... expanding my mind with Austrian Economics.

However!

Your friend Gyokko is first and foremost a Truthseeker who ain't never scared to examine all sides of important issues... and monetary policy is no exception.

To that end, I would like to bring your attention to Mr. Richard Cook and his series of videos entitled Credit as a Public Utility.







Please take some time to watch the series, as it provides a lot of scrumptious food for thought.

My take:

Mr. Cook represents the "Liberal" solution to our debt based economic monetary system (which requires complete, total and utter abolishment like yesterday!).

This faction believes that government has a significant role to play in wresting control of the Money Power from the current private sector banking cartel to elected government representatives (aka Politicians), that government issued paper money can break the back of our current system of taxation and debt, and that our economy is productive enough to issue a dividend to every American citizen.

Shockingly, I disagree with some of Mr. Cook's interpretations of monetary history, as well as some of his ultimate solutions.

For example, his dismissals of historical monies such as gold and silver are shortsighted, and his faith in government is misplaced. He assumes that government would be filled with Statesmen who would resist the urge to lavish newly created government fiat dollars on destructive pet projects, such as feminism.

His implied preference for government issued greenbacks as legal tender is an idea I would oppose. If the country were to seriously reform the monetary system, I would much prefer a regime of competing currencies be established. The People should decide if greenbacks, gold, silver, or some other method of payment becomes the People's money in the 21st Century; not government officials who are mere Agents for the Citizenry.

However, I think that most of what he is proposing meshes well with the Austrian worldview (abolishing the Federal Reserve, outlawing fractional reserve banking, etc), as well as my own personal outlook that the Universe is one of abundance versus a hellhole of Malthusian scarcity.

If we as a nation were to do the right things, prosperity would be a foregone conclusion. If we as a nation designed and implemented the correct systems, genuine wealth creation would take care of itself. As the nation's technology and efficiency goes parabolic, humanity should be experiencing lower prices, increasing purchasing power, greater leisure and much less work.

But, before I get carried away...

Please watch the video. In these days and times, we as a people have a choice to make, and I believe that we need a variety of proposals to consider.

We can either:

1) Continue on with failed Keynesian policies of borrowing, spending, debt, inflation, socialism, communism, feminism, corporatism, and warfare or...

2) We can radically overhaul our economic system, take the best ideas from a multitude of Economic Schools, test them out in the real world, accept the best, and reject the rest.

I don't know about you, but I recommend that we go with Door Number Two!.

Our future prosperity depends on making the right choices, while we still can.

Gyokko.