Comments on: The End of Money: Take Power Back From the Money and Banking Monopoly http://beyondmoney.net/2009/07/28/the-end-of-money-take-power-back-from-the-money-and-banking-monopoly/ Devoted to the liberation of money and credit, and the restoration of the commons Sat, 11 Feb 2012 19:54:37 +0000 hourly 1 http://wordpress.com/ By: Warren Raftshol http://beyondmoney.net/2009/07/28/the-end-of-money-take-power-back-from-the-money-and-banking-monopoly/#comment-3711 Tue, 30 Mar 2010 01:14:52 +0000 http://beyondmoney.net/?p=409#comment-3711 A monopoly on legal tender is usually assumed for Greenbacks.

Suppose, however, there was no legal tender law, Also, suppose that the govt funded itself solely by printing money and spending it into circulation. All state employees were paid in state scrip, and all contractors as well. Would the scrip have any value?

I believe it would. In a depressed economy, state spending would be a significant portion of the economy. So long as the state printing press was used for real output, there would be no inflationary fear.

It would also be very handy. If the state got to be too large and obtrusive. the people would only have to discount the scrip to rein the govt in.

]]> By: Jubilee Year http://beyondmoney.net/2009/07/28/the-end-of-money-take-power-back-from-the-money-and-banking-monopoly/#comment-2310 Fri, 31 Jul 2009 16:27:41 +0000 http://beyondmoney.net/?p=409#comment-2310 Nice article. I like your critique of the Greenbackers. I hadn’t thought of it before, but of course it is obvious that the problem of centralization of power would remain, not to mention deficit spending/inflation, call it the legal tender abuse paradigm. Monetary solutions (such as the Greenbackers) assume “our people” are in power, but the beauty of your solution is that it devolves power.

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