**poll**

Brian K. Yoder byoder at netcom.com
Mon Feb 20 01:24:21 EST 1995


In article <3hondn$a1b at lace.Colorado.EDU> buckley at refuge.Colorado.EDU (Charles Buckley) writes:
>In article <3hfv39$99n at cuboulder.colorado.edu>,
>Frank Crary <fcrary at benji.Colorado.EDU> wrote:
>>>>	1. Print the money,

>>>Why?  Have they not demonstrated their inability to do that effectively?
>>>Private banking would be able to do it just as easily and reliably.  

>>Perhaps, but then we'd have several national currencies and a 
>>complete mess with the exchange rates. The important part
>>of this federal power isn't so much the actual printing of
>>money but the "regulate the Value thereof" part. 

>  When paper money was first introduced into the US, it was printed
>by private banks. The amount of forgeries were staggering. It was 
>estimated that up to 1/3 of all currency in the US was counterfeit
>(source: The hacker Crackdown. Bruce Sterling). 

Actually, I have some copies of currency at that time, and the crude 
nature of printing technology at the time had a lot more to do with
the counterfeit rate at the time than the fact that it was private banks.
Do you seriously think that governments are soehow better able to 
produce uncounterfeitable items than private banks?  Get real.

>Also, there would
>have to be strict oversight to ensure that the level of currency on 
>the market stayed below a certain level, otherwise inflation (and
>deflation of currency value) would occur.

Strict oversight?  By whom?  Why?  What short of absolute insanity (or
government regulations) could cause a bank to print more demand certificates
for its gold than there's gold to pay it back with?  Of course someone 
could try to pull a scam where they essentially drained all the money out of
the bank and fled, but laws against fraud and oversight by a board of 
directors would be far more effective and far more sensible than unleasing
an army of pointless clueless useless bureaucrats on the banking system.

--Brian

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