"Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation."
by:
Lew Rockwell
[Llewellyn H. Rockwell, Jr.] (1944- ) Chairman of the Ludwig von Mises Institute
Source:
Banks on the Dole, THE FREE MARKET, November 1995.
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Reader comments about this quote:
oops, if this were to occur, Mr. Obamunist Goodwrench, the assassin, with his puppeteers, czars and stars wouldn't have all the tools needed to finish their lawful, financial and moral destruction of We The People.
 -- Mike, Norwalk     
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     -- jim k, Austin,Tx      
    What BS. Maybe when we "loan" money to our friends we should tell them keep it in a drawer and don't spend it until you pay it back to me. I stood behind a lady at a bank counter years ago who was demanding to see the same dollar bills that she had deposited days or weeks earlier. Such a bank could not lend you money either unless you had a full reserve to pay them upon demand, there goes the mortage and the car loan down the drain.
     -- Waffler, Smith     
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    Lew and his "bunch" really have their problems with economic reality IMO. Gold would be his choice (as the world is contemplating now to their confusion as our fiat monsters ruin even their own Fed games). Sure, runs on small banks and calling in the loans like the old days at worst, or maybe just "loaned out" of availability so boom areas would suffer, but gold would appreciate, unattended and unearned (immoral and not honoring the work ethic...if you have one). Great plan for anarchic, selfish, types who would each own their own bank ! I gotta get out there and dig for gold; after all, "money" shouldn't grow on trees right?, well maybe the trunk, ya know paper fiat has a future if we'll ;just re-read history like the 1764 act that forbade colonial script causing the depression that CAUSED our revolution, or the Continental, which got us through the revolution, only to be ruined by British counterfeiters, even though Franklin tried his best...too bad he didn't clue in his friend Jefferson as to his fiat junket secrets, as the guy died in total debt, which I find strange and tragic for such a pair of our most revered men. A GNP based fiat with both Federal and States inputs (with some powers of nullification) to keep the GNP basket fair being used to monitor M1 at least. Sounds a bit complicated, but the mechanisms are already in place for the most part, and after all, it's the next most important thing any government should do, right?
     -- Tom LaMar, Keeseville, ny     
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    Our present course will see us in rags gathering firewood. Things have to change. Fiat currency is a waste of paper...especially when it can be inflated and deflated at will by a bunch of foreigners who own the (non) Federal (no) Reserve(s) Bank. Time for America to reinstate itself as a Sovereign Republic.
     -- J Carlton, Calgary     
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    Carlton, tell me who owns the Federal Reserves - please no platitudes of sound bytes. There are foreign entities that have a stake in the FR but in no way do they own the FR. Perhaps we should tell these foreign entities to take their money, take out their interest in our companies, stop investing in the US. Did you know that many of the products made in China are produced by American companies.
     -- RBESRQ     
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    We just take advantage of China's cheap labor market - O, yes, a Free Market is great for the capitalist's - what idiots are we to allow this and even worse vote for them - talk about self denial.
     -- RBESRQ     
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    Any and all commodities can be used to back our currency, Tom. Gold is controlled, no doubt, and the big banks managed to swindle most nations out of their gold supplies decades ago -- the gold in Fort Knox in fact does not belong to the US Treasury, it belongs to the private Federal Reserve. We will have to deal with the contractual concept of 'credit' in our future, we just need to put it in its proper place. The people should have at least 2 forms of currency: cash and credit. Cash would be metal coins and bearer certificates for these coins, as well as commodity certificates representing a breadbasket of commodities with real value. 'Credit' currency would be issued by the government and would be the only currency it would be allowed to use or collect from anyone else. The credit currency would be issued interest-free and managed by the US treasury. Credit currency would NOT be legal tender in that people could not be forced to accept it in lieu of cash. As with any 'IOU' (which is what a credit currency is) the seller would not have to accept it. The government could simply print up its own money interest-free and all those that used it would pay the inflation tax that comes with it instead of getting both inflation and unpayable debt for which we must keep paying billions and billions in interest every year to the banksters. With this system, no income taxes would be required! Inflation would be the tax and it would affect all currency holders equally. The government would print up all the money it needs and would use it to provide all the social services that we currently pay with newly printed money that we 'borrow' at interest. Look, if we allow a system to be created that grants to a small cartel the ability to print up all the nations' money and charge us interest for 'loaning' it to us, it will be inevitable that this cartel would become absolute lord and master of us all. And Waffler, you don't know what the hell you are talking about. The banks do in fact 'mint' currency whenever they make a 'loan' -- that 'money' did not exist until you borrowed it -- and 'unmint' it when it is paid back, it is effectively destroyed again (what happens to an IOU after it is paid back? It is destroyed). If you cannot handle this simple concept, you will forever be the dupe of the banking cartels which now lay claim to all of your property, your labors, even your very body. This is fascism/socialism.
     -- E Archer, NYC     
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    RBESRQ, Read "the Creature From Jekyll Island" Do your own research and you will find that it is more complete and more compelling. There, no platitudes at all. It doesn't surprise me at all that some people want to be told what to think without having to put in any effort of their own. Liberals!
     -- J Carlton, Calgary     
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    To E Archer; no insults here; just constructive criticism. for one; you are NOT reading my post correctly at all. I am NOT for the present situation/Fed, etc. or it's version of fiat dollars. My personal plan is what I present here. Please leave comments to that effect? I would appreciate real input, as nobody has been able to refute it's honest attempt yet as a new form of monetary policy...not that my ideas are complete, but basically it is sound IMO unless you prove it otherwise. ..and yes, the Fed must GO !
     -- Tom LaMar, Keeseville, ny     
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    No insults, Tom? How about calling people who demand lawful governance and sound economics as per the Law of the Land "anarchic" and "selfish"? You have offered no solution other than more of the same fiat, you have only bashed the gold bugs thus adding to the heap of disdain the lawful patriot must face from ignoramous's that cry for more and more taxation to make up for the funny money booms and busts that have cost Americans EVERY "DOLLAR" of their money supply -- imagine, robbing an ENTIRE NATION of every DOLLAR (real 'dollars' not phony notes) they have EVER saved!! AND every man, woman, and child in America owes over $100,000 'dollars' to the Fed with interest. Get smart, Tom, not be a smart alec.
     -- E Archer, NYC     
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    Mr. Archer; my version of a fiat monetary system is similar to one I have discussed with several noteables, including E Brown, Jere Hough. It is NOT a baseless script or continental or Fed type fiat, but is based on the GNP of the nation, except of course, there are no off-shore laws to prevent capital flight (surprise), but the chinese DO have such laws now and waited until the hook was in real deep. I hope they all drown in their shredded waste having decimated the middle classes here in every way imaginable. The notes would not be "phoney", as they would be declared "money" by the Federal and state governments...or are you against that for some reason...I know it's a new concept, perhaps even just mine, but there it is. the overtaxation we suffer is of course due to the immoral, but "legal' fed act of 1913 as you may know and it's companion 16th amendment...but it MUST be unconstitutional as L T McFadden said before he was "silenced" as banking committee chair way back. Why do you insist that real "money" must have intrinsic value in of itself...that's madness from the middle ages, before the industrial revolution when there were little goods for money to chase anyway...a whole discussion TBC if you wish.
     -- Tom LaMar, Keeseville, ny     
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