Commodity backed currency

"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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wrote what I wanted to write when I said that. Below is what I wrote earlier. Please, let me know if you have questions. I'm not very good at explaining things so it's probably not very clear.

In my view, the total money supply should represent the total ownership of the economy as a system. In my opinion, this is the only way anyone can expect money to be a store of value because only a system can retain its value while goods perish.

But, there are three ways to quantify an economy so that we can properly divide and assign the ownerships using this measure (money).

One is to attempt to quantify by measuring everything in the economy. I can think of a classic fiat money in this type. Second is to sample one or two products of the economy to assess the size of the economy (or to quantify the economy), for example, a bi-metal standard. Third is to assess the size by measuring the ability of people (to borrow), in other words, a debt based money system and this is what we have, in my opinion. In fact, I think the guys who came up with this debt based money system are brilliant. But, of course, it doesn't mean I like the system.

One more thing that I want to point out. Since I believe that the total money supply should represent the total ownership of the economy, those who have the issuing power of money essentially own the entire economy, in my opinon.

We must get back into the real world with this. Hemp? Hemp money? Im sure the rock-a-Ofella's and Red shields would love to give up there gold and silver for hemp. Sometimes you must fight fire with fire. Sure in an imaginary land where the media pushed Hemp chains and Hemp wheels and hemp jewelery we would all be clamoring for hemp. Yet we live in a society that places such a high value on said things. Some by investing in said High things one could then assume that your investments could be used as money. Exchange these wheels for that chain. Exchange me this chain for some food. It happens more often than you think. But Hemp? What are you smoking? The almighty dollar's you own now need to be exchanged for real money now. Go ahead and buy up all the hemp you want. You wont get any silver from me for it. A commodity based economy can happen but not with hemp.

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A currency is essentially a storage of value, of labor done. Therefore a currency MUST be derived from labor. Fiat digits entered into a computer fail this qualification. Commodities require initial work to be done to create the currency, they are originally create from labor. One could have a gold mine or oil well in their back yard, but still it would require Labor to produce such.

Another quality of sound currency is that it is non consumable. Physical consumption of the currency (eating it or burning it) would obviously be deflationary, as well as result in constant inflationary-deflationary cycles in times of extreme surplus/shortage. And can you imagine the shortages of a needed commodity if the banks had to HOLD the commodity in reserves?

Yet another quality is that it should be portable/campact. You wouldn't want to have to have a wagon to carry your currency when you go grocery shopping.

When one considers which commodity would be good as a currency backing, remember, there IS a reason that Gold and Silver have survived as currency for thousands of years.

I think I'm for curtain against such a plan. For one thing whatever a currency is bound to that thing now becomes dependent on it as well. Remember the fiat dollar only works as long as the world deals it's oil in dollars. So if you have a silver or gold standard, whatever you use that thing can no longer be dealt with in any other currency. A paper receipt for gold or silver is suppose to be redeemable for gold or silver in return. I think the bread basket idea makes all thing under the umbrella subject to manipulation and would rather take my chances with at least gold and silver backing competitive currency.

The Hemp idea came about because if it were an energy producing crop it would be much like the dollar we have today accept that if the Marijuana Tax Act were repealed anyone can grow it. If you have a system were anyone can contribute to the overall energy needs of your region then you'd have a self sustaining system. If you have solar panels on the roof of your home and when you're consuming less energy than you're creating and feeding back into the system in return for energy credits. Everyone's overall energy cost would come down and energy dependency from outside systems no longer poses a threat your lives with enslavement.

Much the same thing could be done for Hemp. Farmers that grow hemp would turn it in to have it made into fuel and what not. Settle their debts in hemp credits which they can in turn trade on the open market.

So currently in my model I have four competing currencies gold, silver, solar,and hemp.

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These "powers that be" are not afraid of changing the money system to other coin; they are afraid that WE WILL change the value we place on the money system.

Fortune Favors the Bold

there is a commodity backing to the global fiat currency system- oil. Since all countries must purchase oil in dollars it links the USD as the global standard, which is measured against oil. The problem with this is that unlike gold, oil does not have a consistent value. Also, inflation of the dollar is not reigned in by oil, since the inflation requires the cost of oil to rise, and also for foreign countries to hold more dollars and monetize our debt.

Or as Einstein (the liar) put it - E=MC2

But since C is the speed of light and light is matter held into place perfectly by space (the 9, the non-decaying source of the electron) then let C=81. Since 0 does not exist (only in the human reality) then consolidate 8+1 = 9. Since all matter is inherently itself and M represents matter, let M be 1/1 or E = 1 x 9.

E=9.

Let us wheel (a wheel is a vortex with a 9 at the center), and deal (a good deal is a +9, a bad deal is a -9) in 9's.

"Walls are stronger than the men that defend them."

Ghengis Khan

seashells?? is there a demand for seashells? I would'nt want seashells!
also any commodity could be manipulated and they are! GOLD and SILVER have been money from the beginning of time and they will continue to be! that is what the paper currency needs to be backed by!

as for me and my home, we shall worship the LORD

It all falls back onto our nature as humans and as animals. Put an ounce of rock in front of a chimp and a ounce of gold right next to it then see what happens. Commodities only work in a highly civilized society. I do not think we have come that far. Thats almost on the lines with no money just the exchange of knowledge as a monetary policy. Thats why they are called precious. Not just metals. I do not advocate evolution. Just used an ape for their intellect. I could have said a raccoon. Same product.

one cannot go back to the Bretton Woods system also and you have to remember there is only so much gold in the world. I think one should maybe think in terms of a basket of commodities, e.g. gold, silver, platinum, diamonds etc etc. Dr. Paul has suggested competing currencies would be a start to stabilize the dollar. The dollar can - should still have wiggle room, e.g. to go up and down, but there would be a limit it how much it can go up or down.