Thursday, January 11, 2024

Biden attempt at Digital Currency at odds with the founders desire for decentralized banking

Digital Currency is a pitiful attempt by OBiden to maximize and federalize your money. Fight it at every opportunity. 

The FED already has access to all your registered banking txns. 

 Our founders Jefferson, Jackson, Hamilton, and  Adams favored de-centralized banking. 

FED WAS CREATED on Jekyll Island 1918. By guess who??? 

 In late November, 1913, on a private island off the coast of Georgia, a few of the most powerful men in the United States and the world gathered to craft up the plan for a new Central Bank in the United States. 

This Central Bank would come to be called the “Federal Reserve” and would go on to be the most important central bank in the world for over a century. The Fed, till this day, is the world’s most powerful central bank. 

 However, the characterization of there being a “free-banking” system in the United States after Andrew Jackson refused to renew the Second Bank of the US’s charter, is a fiction. Banks in the United States are highly regulated and always have been. Lack of a central bank does not imply free, laissez faire banking systems. Scholars of monetary history, like George Selgin, point out other areas of the world which had less regulated financial and banking systems than the US and saw many less bank runs and insolvencies than the US did during the same time period.… 

 Read the book: “The Creature from Jekyll Island”. 

The Scottish banking system was equally crisis free for most of the 19th century. And what was special about the Canadian and Scottish banking systems? Simply, that they were among the least regulated banking systems of their epochs. Although each stood on the firm foundation of English common law, the two systems benefited by being free of the many foolish legal restrictions that rendered so many other nations’ banking systems, and the U.S. system in particular, less stable. Nor were the Scottish and Canadian cases unique. Other relatively free banking systems also had relatively good track-records. Those who really wish to understand the historical causes of banking instability should start by studying the ill-effects of misguided banking regulations, rather than by assuming that banking systems are inherently fragile.

 George Selgin in Warren Mosler and the Great American Banking Myth

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