Sunday, 18 November 2012

Blind people are in control of the banking system

Without deposit insurance it is possible for a fiat currency to act as a form of sound money... in so far as it is possible for it not to be inflated. There can be sound money if there is no deposit insurance. There can't be sound money if there is deposit insurance. Those who are critical of the banking system and seek to reform it are advocates of sound money. People who defend the (present) banking system are opposed to sound money. If sound money is normal and sensible (which is consistent with money being a store of value) then to be opposed to bank reform (or blind to the problems of banking) is to be not sensible but insane. Opponents of bank reform fall into one of two categories... those who see that banks 'print money' and do not object to this (a difficult position to defend) and secondly those who do not see this. People who are blind to bank inflation waste the time of those who see it. Truthful people do not waste the time of other people. It is insane to deny what is true even if we are blind and cannot see it. (Being 'blind' is not an excuse.) Even blind people are insane and should defer to (or at least not obstruct) those who can see.

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