Monetary Policy Is Monetary Piracy
Posted by freedomforall 1 day, 21 hours ago to Books
Excerpt:
"Legal tender laws—since they constitute invasions of private property—should also be repealed. As Thomas Paine wrote,
As to the assumed authority of any assembly in making paper money, or paper of any kind, a legal tender, or in other language, a compulsive payment, it is a most presumptuous attempt at arbitrary power. There can be no such power in a republican government: the people have no freedom, and property no security where this practice can be acted. . .
For the same reason, banking should lose the legal privileges that protect the practice of fractional reserve lending. What is needed is freedom—freedom to conduct our monetary and banking affairs regulated only by private property rights and economic law. As I have argued elsewhere, the existence of the state precludes these conditions.
The heart of the book is in the title: the monetary and banking system we have is fundamentally an act of theft. "
"Legal tender laws—since they constitute invasions of private property—should also be repealed. As Thomas Paine wrote,
As to the assumed authority of any assembly in making paper money, or paper of any kind, a legal tender, or in other language, a compulsive payment, it is a most presumptuous attempt at arbitrary power. There can be no such power in a republican government: the people have no freedom, and property no security where this practice can be acted. . .
For the same reason, banking should lose the legal privileges that protect the practice of fractional reserve lending. What is needed is freedom—freedom to conduct our monetary and banking affairs regulated only by private property rights and economic law. As I have argued elsewhere, the existence of the state precludes these conditions.
The heart of the book is in the title: the monetary and banking system we have is fundamentally an act of theft. "
