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To: Land Shark who wrote (149832)	3/4/2009 4:35:44 PM
From: Valuepro	1 Recommendation Respond to of 313156

"It's "libertarian" deregulation policies that lead to the severe cycles and current banking crisis." Not so! Honest money does not lend itself to the kind of calamity we are now experiencing. Fiat money, and fractional reserve banking make for dishonest money, because under this system vast amounts of "money" can be created on paper by banks, securities firms, hedge funds, and commodities wharehouses to name a few. They are motivated to create this paper because it leverages their returns by many multiples. But any system that accepts such behavior will eventually "leverage" itself into bankruptcy (usually with a series booms and busts beforehand). We just happen to be living in the longest running such paper money experiment in history. ...and for the first time it is a global system. BTW, the longest lived and most stable monetary system was founded by Constantine the Great. It was gold based, and lasted 800 years. These were centuries of innovation, tolerance, and relative peace. The system only began to fail when monarchs and dictators discovered coin clipping, and modern banking - dishonest money. The result was the Dark Ages. Well, we've largely left the Dark Ages, but not that propensity toward dishonest money. In my Libertarian opinion then, dishonest money can lead us back into a New Dark Ages if we are not very, very careful.

To: Land Shark who wrote (149832)	3/4/2009 5:07:46 PM
From: Claude Cormier	9 Recommendations Respond to of 313156

“With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.” Friedrich A. Hayek (1899-1992) Austrian Economist, Author and 1974 Nobel Prize-Winner for Economics