Monday, December 8, 2014

The Case for Monetary Freedom and Free Banking

Richard Ebeling emails:

Dear Bob,

I have a new article on the news and commentary website, “EpicTimes,” on “The Case for Monetary Freedom and Free Banking.”

Throughout history governments have been used to abuse and plunder those on under the control of political power. One of the most dangerous and disruptive forms of such plunder through the centuries has been government control and manipulation of money and banking systems.

The gold standard was a serious attempt to rein in this abuse in the heyday of free market classical liberalism of the 19th century. But it was destroyed in the madhouse inflationary policies during and following the First World War. The rise of Keynesian Economics and the modern interventionist-welfare state has created a world of unrestrained paper monies.

The only solution is the separation of money and banking from the controlling, monopoly hands of governments and their central banks. The ideal of a reborn political philosophy and policy of liberty must include monetary freedom, under which free market participants decide what shall be selected as a useful and effective medium of exchange – a free market money.

Accompanying this must be a system of private, competitive free banking, liberated from the mismanagement and abuse of those in political power and the special interests often served with the turning of the handle of the monetary printing press.

If accomplished, the 21st century can be an epoch of liberty, prosperity, and stable monetary order.


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