jpete wrote:Northern Maine wrote:Tell us then what works and is tried and true....Libertarianism? As I have questioned in the past...where has it worked in a developed country?
How do you deny the history of the world?
From the thaler to the Spanish "piece of eight" which was legal US tender until the late 1800's.
https://en.wikipedia.org/wiki/Spanish_dollarThe Spanish silver dollar had been the world's outstanding coin since the early 16th century, and was spread partially by dint of the vast silver output of the Spanish colonies in Latin America. More important, however, was that the Spanish dollar, from the 16th to the 19th century, was relatively the most stable and least debased coin in the Western world.
HOLY CRAP! A unit of money that held it's value for THREE CENTURIES!? The Federal Reserve Note has collapsed since 1971. Forty years and it's junk.
Yep, keep fighting the blatantly obvious and arguing for what clearly doesn't work.
Here's a challenge, show us a fiat currency that has lasted more than century.
So coinage or legal tender is the crux of Libertarianism? A fiat currency is much more elastic than a gold or silver backed monetary system. For a fiat currency to work, it needs the trust of everybody using it as would be the same for gold and silver. Those that trust it's use today in the U.S. is far more than those that don't! If you don't trust it...don't use it and see where that will lead you! Rome’s history of inflation and money debasement actually began with Cesar’s successor Augustus, whereby his method was at least not a prima facie fraud. He simply ordered the mines to overproduce silver in an attempt to finance the empire that had grown greatly under Cesar and himself. When this overproduction began to have inflationary effects, Augustus wisely decided to cut back on the issuance of coins. This was the last time that a Roman emperor attempted to honestly correct a monetary policy blunder, aside from a brief flashing up of monetary rectitude under Aurelius some 280 years later. Under Augustus’ successors, things began to deteriorate fast. Claudius , Caligula and Nero embarked on enormous spending sprees that depleted Rome’s treasury. It was Nero who first came up with the idea to actually debase coins by reducing their silver content in AD 64 , and it all went downhill from there. It is also important to note that although we are being subjected to a hidden tax, most citizens actually are quite happy with things as they are. Nearly everyone involved appears to be happy, the robbers as well as the robbed. In other words any monetary system can be debunked in one way or another!