Comment: Crossing topics

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Crossing topics

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There are 29 licensed banks, mutual associations and credit unions in Costa Rica, of which four were established as national, publicly-owned banks in 1949. They have remained open and in public hands ever since - in spite of enormous pressure by the I.M.F. [International Monetary Fund] and the U.S. to privatize them along with other public assets. The Costa Ricans have resisted that pressure - because the value of a public banking option has become abundantly clear to everyone in this country.
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http://www.dailypaul.com/305201/public-banking-in-costa-rica...

That is not a new story.

Here:
http://www.lietaer.com/2010/03/the-worgl-experiment/

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In 1932, in the midst of the Great Depression, the small town of Wörgl in Austria successfully experimented with its own local currency (in the form of a stamp scrip). Based on the thinking of Silvio Gesell, an early 20th-century economist, and designed to stimulate the local economy, the new currency helped put the population back to work, and inspired many other communities to want to follow its example, until the experiment was abruptly terminated by Austria’s Central Bank in 1933.
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Here:
http://www.nytimes.com/2012/10/25/us/liberty-dollar-creator-...

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His name is Bernard von NotHaus, and he is a professed “monetary architect” and a maker of custom coins found guilty last spring of counterfeiting charges for minting and distributing a form of private money called the Liberty Dollar.
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Here:
http://stakeventures.com/articles/2008/07/22/the-man-finally...

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It is with sadness I today read Douglas Jackson’s blog post outlining the final blow to e-gold by the US government.
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Here:
http://www.amazon.com/Reclaiming-American-Revolution-Kentuck...

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"But Hamilton wanted to go farther than debt assumption. He believed a funded national debt would assist in establishing public credit. By funding national debt, Hamilton envisioned the Congress setting aside a portion of tax revenues to pay each year's interest without an annual appropriation. Redemption of the principal would be left to the government's discretion. At the time Hamilton gave his Report on Public Credit, the national debt was $80 million. Though such a large figure shocked many Republicans who saw debt as a menace to be avoided, Hamilton perceived debt's benefits. "In countries in which the national debt is properly funded, and the object of established confidence," explained Hamilton, "it assumes most of the purposes of money." Federal stock would be issued in exchange for state and national debt certificates, with interest on the stock running about 4.5 percent. To Republicans the debt proposals were heresy. The farmers and planters of the South, who were predominantly Republican, owed enormous sums to British creditors and thus had firsthand knowledge of the misery wrought by debt. Debt, as Hamilton himself noted, must be paid or credit is ruined. High levels of taxation, Republicans prognosticated, would be necessary just to pay the interest on the perpetual debt. Believing that this tax burden would fall on the yeoman farmers and eventually rise to European levels, Republicans opposed Hamilton's debt program.

"To help pay the interest on the debt, Hamilton convinced the Congress to pass an excise on whiskey. In Federalist N. 12, Hamilton noted that because "[t]he genius of the people will ill brook the inquisitive and peremptory spirit of excise law," such taxes would be little used by the national government. In power, the Secretary of the Treasury soon changed his mind and the tax on the production of whiskey rankled Americans living on the frontier. Cash was scarce in the West and the Frontiersmen used whiskey as an item of barter."
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National Debt Fraud and Extortion does not work when competition does work, so the competition of home grown money (whiskey) had to be crushed: thanks for all the help Al and George?

Here:
http://praxeology.net/BT-SSA.htm

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"First in the importance of its evil influence they considered the money monopoly, which consists of the privilege given by the government to certain individuals, or to individuals holding certain kinds of property, of issuing the circulating medium, a privilege which is now enforced in this country by a national tax of ten per cent., upon all other persons who attempt to furnish a circulating medium, and by State laws making it a criminal offense to issue notes as currency. It is claimed that the holders of this privilege control the rate of interest, the rate of rent of houses and buildings, and the prices of goods, – the first directly, and the second and third indirectly. For, say Proudhon and Warren, if the business of banking were made free to all, more and more persons would enter into it until the competition should become sharp enough to reduce the price of lending money to the labor cost, which statistics show to be less than three-fourths of one per cent. In that case the thousands of people who are now deterred from going into business by the ruinously high rates which they must pay for capital with which to start and carry on business will find their difficulties removed. If they have property which they do not desire to convert into money by sale, a bank will take it as collateral for a loan of a certain proportion of its market value at less than one per cent. discount. If they have no property, but are industrious, honest, and capable, they will generally be able to get their individual notes endorsed by a sufficient number of known and solvent parties; and on such business paper they will be able to get a loan at a bank on similarly favorable terms. Thus interest will fall at a blow. The banks will really not be lending capital at all, but will be doing business on the capital of their customers, the business consisting in an exchange of the known and widely available credits of the banks for the unknown and unavailable, but equality good, credits of the customers and a charge therefor of less than one per cent., not as interest for the use of capital, but as pay for the labor of running the banks. This facility of acquiring capital will give an unheard of impetus to business, and consequently create an unprecedented demand for labor, – a demand which will always be in excess of the supply, directly to the contrary of the present condition of the labor market. Then will be seen an exemplification of the words of Richard Cobden that, when two laborers are after one employer, wages fall, but when two employers are after one laborer, wages rise. Labor will then be in a position to dictate its wages, and will thus secure its natural wage, its entire product. Thus the same blow that strikes interest down will send wages up. But this is not all. Down will go profits also. For merchants, instead of buying at high prices on credit, will borrow money of the banks at less than one per cent., buy at low prices for cash, and correspondingly reduce the prices of their goods to their customers. And with the rest will go house-rent. For no one who can borrow capital at one per cent. with which to build a house of his own will consent to pay rent to a landlord at a higher rate than that. Such is the vast claim made by Proudhon and Warren as to the results of the simple abolition of the money monopoly."
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Neither Public or Private competition can be allowed by the Private or Public Money Monopolists in any significant form, because competition affords the money consumers a higher QUALITY option.

The choices made by all the consumers in Liberty constitutes the FORCE that brings down any Monopoly of any kind.

Joe