ABOUT FUNNY MONEY
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I will happy to dialogue with, and to learn from, anyone who thinks that complementary community currency (CCC) is just another form of "funny money". If you can convince me that it is, I will be glad to laugh with you.
Now about some really funny money.
REALLY FUNNY FIAT MONEY
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For a real and sardonic laugh, check out the story, nature and
function of fiat money.
How many really know the story of how fiat money came, and continues to come, into being? And that it is created "out of thin air..."? as economist Paul Samuelson (MIT)--the first economist to win a Nobel Prize, in 1969--points out. [See Page 331 of the Canadian edition of his book, ECONOMICS. Then, over the next number of pages he gives a detailed example of how this works. He makes the point that the deposit is created by the bank and the public. Things get interesting when the bank decides that it does not have to keep 100 per cent
reserves.]
If anyone can convince me that funny fiat money has any real and
sustainable value, I am all ears.
BANKING CAN BE VALUABLE AND HONEST
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Don't get me wrong. I am not against having a transparent and honest banking system. No modern society could exist without it.I am a firm believer that honest banking and the creation of real and honest credit, based on real and dividend-producing value, is possible.
But the problem, as I see it, is debt-based fiat money, with the
following note on its paper notes: "This is legal tender".
By the way, I remember when the the note read, "The Bank of Canada will pay the bearer". Why was this promise removed for all bank notes?
QUESTIONS?
Does anyone know who gave banks the approval to make this change? And why?
When and why did this happen?
Was there any public consultation?
When a bank gives you a loan, does it loan you its money?
Or do they use depositors money?
What is meant by "the multiple expansion of deposits"?
What is monopoly banking? Chain banking?
What is fractional-reserve banking?
What role did the old goldsmiths and jewelers play in creating
fractional-reserve banking?
What is the Bank of Canada?
Is it the bank of all Canadians?
Why is that one can't open an account in the B of C?
Why is the B of C not a private enterprise like the U.S. Federal Reserve System?
The above are but a few of the funny questions about the funny fiat system.
