@ this point in time a gold standard is pretty unpractical if we could have one, how would you set it up?
an update to my previous statement showing additional reasons to know the Fed is is privately owned and controlled. The Fed created and lent out... without telling anybody at the time... 7.7 trillion dollars and fought to keep that info secret for a long time. http://abcnews.go.com/blogs/business/2011/11/fed-gave-banks-trillions-in-bailout-bloomberg-reports/ "Bloomberg Markets said it went over 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. âSaved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse,â Bloomberg reported. Fed Chairman Ben Bernanke had argued back in 2008 when the crisis hit that revealing borrower details would create a stigma that would have led to more banks collapsing. And the Fed fought to keep the details of the loans, which totaled $7.77 trillion, secret long after."
All transactions are promises to deliver value. If a computer specification defined monetary transactions as "promises", it would place strong encouragement for all people to make good on their promises. Including bankers.
The Fed is an elaborate moneymaking scheme. A central bank owned by private interests, that's insane if you think about it even for a few seconds.
As long as Americans have weapons nobody is putting microchips in us. I will die fighting for my liberty in that case as well as many others. You people that live in the city might think so but think about rural MN. Everyone has multiple weapons and tight communities. No gov't can take our weapons or implant chips without tons of spilled blood. If the gov't wants to kill those who stand up to it then at least we won't be around to be enslaved the rest of our lives. So you think the FED created bitcoin? I don't really believe the FED has the intentions of the Devil but is rather trying to take the path of least resistance and pain so that it may still exist in control of the nations purse. No body wants to be the one to inflict pain and say you can't buy shit on credit anymore at the expense of the rest of the world. Eventually the free market will get the final word and force the pain upon us either way.
We don't know the creator of bitcoin but we do know the creator of litecoin. He is also one of the heads of coinbase.com . Name is Charles something. Dude sounds like he is a champion of liberty not some evil FED scheme. The FED will lose all control if bitcoin is widely adopted because they can't control the supply of it, only the people can. You can outlaw it all you want but the people remain in control. That is why I think bitcoin will be the gamechanger when it comes to CB's
Back bitcoin with gold, in fact the UK has intentions to carry this out. http://www.zerohedge.com/news/2013-...ing-plans-issue-gold-backed-physical-bitcoins
I'd support that for sure, but the biggest issue is actually following through and implementing such a thing.
Round Table discussion of global macro topics. Today includes a 2x former Federal Reserve employee, who was involved in QE I, but now believe ZIRP has gone to far. Great interview . Must watch https://www.youtube.com/watch?v=ZbT7NtwE9Sc Just posted today.
In my opinion, central bankers are "currency providers". Nothing more. Unfortunately, they print the cash wantonly right now. Hopefully that will change. Promise Language is a monetary transaction specification that would push them into delivering on their promise to provide something of value.