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JosephTheLibertarian
08-10-2007, 08:59 AM
What do you think about a purely privatized monetary system?

Bradley in DC
08-10-2007, 09:05 AM
My dream come true. :D

No more central planning through central banking.

Richie
08-10-2007, 09:07 AM
My dream come true. :D

No more central planning through central banking.

+1

fsk
08-10-2007, 09:17 AM
I address this topic in my blog. It's called a "Social Credit Monetary System". http://fskrealityguide.blogspot.com/2007/07/social-credit-monetary-system.html

Basically, a bunch of people get together in private and use whatever they want as money. In my post, I recommend silver coins as the basic monetary unit, but anything with tangible value works. In a Social Credit Monetary System, everyone is their own bank.

The beauty of a Social Credit system is that you can get things started with as few as 5-10 people. People do work in their spare time and trade with each other.

However, if you are serious about using a private monetary system, you should not report your transactions to the government at all. According to the IRS, all barter transactions are reportable as taxable income, and income taxes must be paid in regular dollars. Even if you want to use a private monetary system, you would still need to use Federal Reserve Notes to pay income taxes.

The only way for a private monetary system to be viable is for people to do work and not report it to the government at all. If you pay income taxes in Federal Reserve Notes, you're just supporting the bad guys.

This is risky, since doing work without reporting it for taxation is "illegal". In practice, if you operate on a small scale and you trust your trading partners, you won't get caught. In the USA, the presumption still is that what you do in private is none of the government's business.

constituent
08-10-2007, 09:35 AM
hey... one step toward the total abolition of money...

i think mankind is headed in that direction anyway... might be another couple hundred years... but ... i think it's inevitable... technology in all industries and aspects of life are going to make it obsolete...

we'll see i guess, get back to you in 2222.

Wendi
08-10-2007, 09:59 AM
I think it would be much better to go back to CONGRESS coining money instead of the non-federal "federal" reserve. Those nuts that wrote the constitution might have had it right, ya know? ;-)

Bradley in DC
08-10-2007, 10:01 AM
I think it would be much better to go back to CONGRESS coining money instead of the non-federal "federal" reserve. Those nuts that wrote the constitution might have had it right, ya know? ;-)

That's just crazy talk, there. :rolleyes:

fsk
08-10-2007, 10:14 AM
I think that lobbying the government to return to a fair monetary system is pointless.

Why don't people form their own private monetary system? Who needs government?

Patriot
08-10-2007, 11:07 AM
This kind of thing has been tried before. It is "considered' illegal by the IRS. Usuall IRS goons harass and bully the participants into giving up.

fsk
08-10-2007, 11:24 AM
That's why you do it in private and don't tell anyone. You have to be very stealthy.

freelance
08-10-2007, 11:30 AM
That's just crazy talk, there. :rolleyes:

Yeah, I've heard that they lock people up for thinking like that.