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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
bytom229 ( 1640685 ) writes:
The only medium of exchange that will work is one that is controlled by the government, and audited by the people. So far we haven't had this. We've had various delicate systems controlled by private interests that all go through an ebb and flow of success and failure and I see no reason bitcoin will be any different.
Fixing the monetary issues of today isn't complicated. It doesn't require knee jerk completely polar opposite ideas like bitcoin. It only requires regulation and reform.
1) The central bank
byOmnifarious ( 11933 ) writes:
Under this system virtually all "new money" loans would come from the central bank. The central bank, being an arm of the federal government, could then control the growth or decline of the economy using a variety of tools: amount of loans, interest rates, federal spending in social programs, tax rates, etc.
This is an absolutely awful situation. Essentially a government run organization is now responsible for decided which things people want to do are worthy of extending credit for. You've suddenly killed any kind of creative or disruptive debt-based investment right there.
bytom229 ( 1640685 ) writes:
Not true. Nobody said all loans have to come from the government.. just all new money loans. If a brokering organisation with a good relationship with the central bank decides to take a risk on you... that's their decision. They just have to have the money before they lend it to you.
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byElectricity Likes Me ( 1098643 ) writes:
They do have the money. They have $X from their depositors.
In fact it's quite likely they can guarantee that they'll $X from their depositors for at least 24 hours (i.e. like those high-savings accounts you can get). Fractional reserve banking is what let's you put money into a bank and take it out pretty much whenever you want - because the bank can show by it's obligations that it's still solvent.
In the absence of fractional reserve banking, when the bank lends your money out, those funds disappear from y
bytom229 ( 1640685 ) writes:
And who says the banks should be entitled to lending out your deposits? Especially if they are doing it in a volatile manner.
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