private banks create credit on the basis of a
cushion of capital specified by the Bank of International Settlements in Basel,
and this credit created out of thin air is exchanged for interest-bearing
Treasury debt
Asia Times Online :: Asian news and current affairs - 0 views
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The only constraint on credit creation is now the capital cushion that banks must hold to cover defaults by borrowers and operating costs
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Tax has never in 800 years in the UK been collected and then spent
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The Core of MetaCurrency: Composable Abstractions for Wealth Building | The MetaCurrenc... - 0 views
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"What would it take to make currencies as powerful for building and sharing wealth, as language is for building and sharing meaning?"
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The answer to that question, I believe, lies in discovering/inventing a set of composable abstractions for wealth building
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Notice a pattern in each of these layers of composable abstractions: a set of fairly tight constraints allows the production of a huge number of "expressions."
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The End of Money and the Future of Civilization | Reality Sandwich - 3 views
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separation of money and the state
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Legal tender laws and banking regulations endow the banking cartel with the exclusive power to issue money (as debt), which we are forced to use (through legal tender laws)
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money evolved as a reaction to the inconveniences of barter.
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THE BITCOIN BUBBLE - Global Guerrillas - 0 views
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On the bitcoin issue. Governments will be trying to find a way to stop these alternate currencies or discredit them. Its a necessity to them as alternate currencies leave the nation state very vulnerable to "starve the monkey" attacks and lowers the cost of non cooperation for ordinary people. A first salvo by Charles Schumer http://www.techdirt.com/articles/20110605/22322814558/senator-schumer-says-bitcoin-is-money-laundering.shtml The currency monopoly is essentially the basis of the modern state and easy systems that allow opt out, either for smaller areas (Dakota Bits now backed by Gold or Troy Bucks or something ) can happen at a time when a government is bankrupt and basically disable that state. Now it rationally might not be in anyones rational best interest to do this (millions of hungry people can result in a apocalypse) that certainly won't stop anyone.
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