So What is RP's Ideal Monetary System?Submitted by Ralph Waldo on Mon, 01/26/2009 - 05:26
Since the various parts have been discussed in detail, what is RP's ideal Monetary System? I'll take a shot and see if I understand it.
1. Eliminate the FED
2. Congress strictly abides by the constitution, coins gold and silver and regulates the value through the Treasury Department.
(Competing currencies are also legally allowed).
4. Private banks borrow from the Treasury with the daily market demand determining the natural interest rate.
5. Private banks lend money without the fractional reserve system.
Is this close?