81–90 of 92 posts
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How can this be possible when the Wikipedia page has pictures of them..?
There are also pictures of Bigfoot and the "moon landing", doesn't mean they exist.
While not exactly an economist / finance type I would have thought the federal and state governments would have shut this down as it removes a certain level of currency control no? Can anyone explain the legalities around this?
I believe there is still a tax on private bank notes along with some federal regulations that make it extremely unattractive for banks to issue their own currency. State governments are prohibited by the constitution from issuing their own currency. Otherwise private entities are free to issue whatever currency they like. Nothing requires it to be pegged to the US dollar as far as I'm aware. You're effectively tradin…
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There are also pictures of Bigfoot and the "moon landing", doesn't mean they exist.
The moon landings also have videos of them. Also of the astronauts moon driving, which is pretty cool.
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How can this be possible when the Wikipedia page has pictures of them..?
There are also pictures of Bigfoot and the "moon landing", doesn't mean they exist.
Not that I though a lot about this before, but, I don't know why, until now, in my head, the set of people that don't believe in moon landing intersected totally with the set that believe in Bigfoot.
It seems I was wrong. Live and learn.
Greetings from Berkshire County! BerkShares don't actually exist, as far as I can tell. I occasionally run across news stories about them, but I've never seen one and have never met anyone who's ever seen one (and I've asked around, because it's weird seeing news stories about things in your hometown that as far as you can tell don't actually exist.)
If Berkshire County wanted BerkShares to be used they have a very 'easy' solution available: they should accept BerkShares and only BerkShares for the payment of taxes and others liabilities with the county.
Then, as the only BerkShares issuer, they would be able to mobilize any resource that they needed in the county.
Of course, that it's not without its problems, because in order to acquire resource from outside the county they would need 'foreign money'.
While not exactly an economist / finance type I would have thought the federal and state governments would have shut this down as it removes a certain level of currency control no? Can anyone explain the legalities around this?
The funny money here is stilled pegged to the US dollar, so the Fed can still exercise monetary control over it. It's really just a form of gift certificate (or scrip) from my reading of it. Anyways, there's a history of using non-USD money in the US: see company towns that only dealt in company scrip, Disney Dollars, etc. No matter what you're making money in, the government expects to be paid, and it only accepts U…
It doesn't matter if it is pegged or not to the US dollar. Nothing is going to out-compete the US dollar in USA territory while the federal government taxes have to be pay in dollars. The federal government can create demand for dollars by the simple act of taxing.
Greetings from Berkshire County! BerkShares don't actually exist, as far as I can tell. I occasionally run across news stories about them, but I've never seen one and have never met anyone who's ever seen one (and I've asked around, because it's weird seeing news stories about things in your hometown that as far as you can tell don't actually exist.)
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> "This is not technically money in that it is not backed by a government." Being "backed by a government" is not a necessary condition for something to be money. From wikipedia: "Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context . ... Money is historically an emergent market phenomenon establish…
> Even though most contemporary money systems are fiat, that doesn't mean that all money has to be. If you want to avoid deflation you need a supply of money that grow at least as much as total wealth (otherwise the relative value of money is increasing => deflation). That's why gold-based currency are now considered a bad idea (and crypto currencies also, see [1] for illustrations about the deflationnist situation i…
Not necessarily desired. Deflation gets a bad rap, but on the positive side it does encourage sensible economic behavior such as saving and avoid of wasteful spending.
> "need a supply of money that grow at least as much as total wealth...That's why gold-based currency are now considered a bad idea (and crypto..."
Well there is no requirement to limit the money supply to one currency...