Monetary Reform Proposals | Lucas M. Engelhardt

[@jonelgan2207]

Outstanding presentation. These ideas deserve much more attention.

[@JonathanSchattke]

As for banking: just have every bank send out a letter to depositors, explaining that they do NOT have a demand deposit account, but that they have a conditional demand account, where the money is actually loaned out and demands are conditional on the flow of money being liquid enough, but that in extremis the money is NOT available immediately (or at all, if all outstanding loans default). That is, make them acknowledge legally the fraud, and then actual 100% reserve bankers could enter the market as demand for their services appeared - or banks could start competing based on reserve fraction.

[@nthperson]

Certainly, the issuance of credit without prudent underwriting of risk sets up a society for a more severe cyclical contraction that might otherwise occur. That said, the fundamental driver of the cycle itself is speculation, of which there are various types: land, real estate, natural resources, equities and other financial instruments. The question then arises, is the cycle endogenous or caused by rent-seeking rewards built into our systems of land and taxation? The evidence is, I conclude, the latter. The solution is two-fold (as detailed by Henry George in his works): (1) lift the burden of taxation from earned income flows, from capital goods and from commerce; and (2) publicly capture income (actual or imputed) derived from the control of land and land-like assets, which are unearned to individuals or private entities. Do the above and the problems we experience with money issuance would be far less of a societal challenge.

[@JonathanSchattke]

The FED only needs to guarantee it's own created money in order to back it with it's gold stores. Also, I suppose, since the notes are technically TREASURY notes, the US Treasury is on the hook for the US Dollar physical notes, so they would be backed by the gold in Ft. Knox. The only preliminary would be transferring money as appropriate between the Treasury and Fed to make both claims worth the same.

[@maxhillebrand96]

Either that, or just use Bitcoin. And gold!

[@brandonvereyken3925]

A very nice presentation. Made a lot of things clear. Try hard to cover less ground and give a bit slower and fuller explanation. Remember, the TRUE target audience are not the people in the room who already know what those abbreviations mean, but people who find this on the internet, who may not even be "Austrian" yet. Also, from a grammatical standpoint, your annunciation could use a bit louder voice. DO NOT speed-speak. That's a flaw millennials have; and NEEEEVVVVEEEEERRRRR use the phrase "in a sense.....". That's sooooo cheating. If you have knowledge you want to convey, convey it. Don't work your way around it. In WHAT SENSE does this happen/does it apply/do you mean? In a sense what I mean is.............that in a sense nobody has any sense of what sense you are meaning, so in a sense I'm sensing that you are MAKING NO SENSE.