Wednesday 26 June 2013

Why I struggle with Freefiat™

The trouble with any fiat currency system is, by definition, the holders of credits in the system are owed something later by someone — which, unavoidably, implies somewhere in the system a corresponding debt must be owed. If all will primarily hoard currency credits as savings, someone or another must be in an awful lot of debt.

Who will owe us?

It just doesn't really sound much different to today?

magic [maj-ik]

  1. the art of producing illusions as entertainment by the use of sleight of hand, deceptive devices, etc.; legerdemain; conjuring: to pull a rabbit out of a hat by magic.
  2. the art of producing a desired effect or result through the use of incantation or various other techniques that presumably assure human control of supernatural agencies or the forces of nature. Compare contagious magic, imitative magic, sympathetic magic.
  3. the use of this art: Magic, it was believed, could enable the magicians to spend money that someone else also believed they held at the same time.
  4. the effects produced: the illusion of great wealth.
  5. power or influence exerted through this art: global dictatorship.

Deficits don't matter!

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