Principles In Liberty 44

The Thoughts of E. C. ReigalPart 2

Download
Recorded on 9/9/2009

E.C. Reigel - Chapter 3

00:45 Issuer of money is the first and last link.
01:20 Requirements: Limitation of issuance and Competition. Without these prerequisites, we don't have money.
01:55 State issuance of money is the same as counterfiet except its worse than normal counterfiet.
02:38 Government issue of fiat currency does NOT increase the money supply it merely inflates the existing money/wealth.
03:10 Only money in the market effects prices. Money in the bank doesn't appear till traded.
03:40 Government thus induces savings to defer the day of reconing.
04:05 Obama is doing just this.
05:15 Mock money issues taxes invisibly and disturbs true exchange.
05:49 Democracy Defeated:
06:00 This process is invisible theft which ends up being blamed on business.
08:00 Fleeing admition of the original sin causes government to flee to expedient tyrany to escape its responsibility for ecconomic woes.
09:30 WIthout the ability to inflate money, the government would be forced to immediately pay for its expenses and the electorate would be alerted to its waste.
09:35 How the money power is used to force the people into wars.
11:04 Monitary power is man's sovreign power.
11:33 Constitutional history regarding the money power. The power to borrow is the power to create money.
13:10 The power to coin money has been misinterpreted as the power to make money. Not abused till the Civil War.
15:00 Money starts in banks.
15:30 Why government can't issue honest money - it doesn't sell a voluntary "service".
17:00 How government appears to create money rather than tax it.
18:26 The monetary Union of Peoples:
19:00 The state is the bad guy, not the good guy. But this comes about from the general ignorance of money.
20:20 Interstate wars are more the result of nations trying to prevent the natural unification of economies.
20:50 Counterfiet issues destabilize national money systems making unification more difficult.
22:00 Once a natural money system is universally adopted, world peace follows naturally.
22:30 We only need the absence of government interference to implement such a system.
23:50 End of chapter 3; My comments
24:18 Case in point: Norfed
24:58 An option I thought of: Honey