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 Central banking may be healthy for the state, but it's not quite so for the individual. In the article "Central Banking Is the Health of the State," the author writes - "Criticism is everywhere about central banking’s looming role in the world’s economic life. ...But when liberty-minded critiques occur, they come across now as rote, stale. It’s one of the major talking points sure to gather applause and nods – just whack the Fed and its influence. Easy. ...What is considerably more difficult is formulating a positive vision, a replacement." In my position statement "Eliminate the Federal Reserve" I state that we must replace the Fed with a new banking system run by and looking out for the financial security of all citizens, forbidding usurious interest on short-term loans, not issuing more money than what matches the GDP, nor allowing loans longer than six years. But just what would that banking system be like? Our lead article suggests something like Bitcoin. The related article "Do We Need a 'Fedcoin' Cryptocurrency?" it relates how St. Louis Fed Vice President David Andolfatto suggests adopting a "Fedcoin" that would use the Bitcoin blockchain technology, but only the Fed could create or destroy fedcoins. But this would simply perpetuate the vices of the Fed. That article suggests a better solution - "the world’s first stable digital currency, NuBits" that retain the peer-to-peer anonymous nature of Bitcoin, but do not fluctuate wildly in value like bitcoins are prone to do. Read the full article to get the whole story! And subscribe below to get our free weekly newsletter: |