Thus said Richard Esplin on Sat, 18 Jan 2014 20:15:07 -0700: > Here is one example episode that contrasts bank issued currency (their > term) with counterfeits, and concludes that the only difference > between them is who goes to jail when the note cannot be redeemed.
Can we even relate to these previous banking periods in American history? What does it mean to have a note that cannot be redeemed in today's money system? Do bank runs still exist? One will say that FDIC prevents bank runs, but does it? Is it an ulimited source of funding? At what cost does it prevent them? These are the kinds of questions I have when I see people discussing historical money systems and coming to conclusions that what we have today is better than what existed then. Having neither experienced wildcat banking, nor having read any journals of those who did, how can anything we say about them be nothing more than mere speculation? We can look at the facts (as far as we know that they have been represented truthfully) and try to analyze them. What is the magnitude of people who were affected by wildcat banking? Are there statistics that compare the wildcat bank failures to the failure of the Federal Reserve that resulted in the Great Depression? Do we imagine that without a banking cartel that we would return to wildcat banking? Does anyone ever worry about being able to find affordable shoes? Is that because we have a shoe cartel? Andy -- TAI64 timestamp: 4000000052db6294 /* PLUG: http://plug.org, #utah on irc.freenode.net Unsubscribe: http://plug.org/mailman/options/plug Don't fear the penguin. */
