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To: neolib who wrote (107156)	2/29/2008 9:33:04 AM
From: Hawkmoon	Read Replies (1) \| Respond to of 306849

Hence my comment before about stability risks. I'd call a system based on free market debt notes a Libertarian monetary system, while one based on a central Government's control of currency and liquidity a Socialist monetary system, and I'd further guess that the Socialist system is better than the Libertarian system. Just to use terms that are designed to punch buttons, but do in fact have some basis in fact. My old political economic professor would call it "private market" and "public market" failure. He was big on trying to use fancy terms like "externalities", etc.. to determine where the private market best provided an economic good, and where the public market was forced to step in to fill the gap when private market failure occurred. I think that pretty much sums up the Fed... Oh, and btw, since gold was price-fixed to match a specific quantity of currency under a gold standard, it's could probably be called one of the ultimate socialist monetary policies. Maybe that's why I find the idea of returning to the gold standard so repugnant. It smacks of socialism. Hawk