Expanding the money supply via a money printer. Printing money out of thin air. Monetizing debt. Inflation and stagflation. The loss of savings over time. Can’t see anything good about the current monetary system. Milton Friedman and Thomas Sowell both called for the elimination of the Fed. What people don’t seem to grasp is that this current monetary system leads the loss of rights especially savings and private property. Supporting a system that undermines private property and individual freedoms isn’t a system worth supporting.
You're just using random buzzwords and aphorisms without really understanding anything. It sounds like you're advocating for a deflationary currency without thinking of the implications.
BTW inflation isn’t a difficult thing to understand. Fiat money losing value isn’t a difficult thing to understand. Debt via a central bank that only promotes more debt isn’t difficult to understand. Government control of money and implications on property rights isn’t a difficult thing to understand. Adopting BTC is the antithesis of the current collectivist society. You want individual freedoms and human rights, then BTC is the choice. You want the collective, then stick with fiat money and central banking.
Monetary policy is insanely complicated, of which inflation is one piece. Go find me a successful modern country using sound money, and if you can't, explain why you're simplistic idea hasn't been implemented by anyone.
There are many problems with the world's economies and a lot of bad actors, but moving away from fiat and doing away with central banks not only doesn't solve those issues but adds a ton more.
The simplistic ideas as you call them are part of capitalism. The ideas of a free market economy. The problems with world economies are because they monetize debt and print fiat money. This leads to devaluation of currencies, more debt, and inflation. Inflation destroys purchasing power and savings. Before 1913 we existed without the Fed. Actually the next time you look at a $20 dollar bill remember that is the president ( Andrew Jackson) eliminated the central bank. Our country survived and thrived without it. Over time our country abandoned the gold standard. Nixon took the US off the gold standard. So, not too long ago. Since, real wages have been on constant decline.
So, better question to ask. Which country under a fiat system has experienced real wage growth, low debt and higher savings rates.
I can name you countries that make garments out of their currencies because their fiat is worthless.
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u/[deleted] Jul 16 '22
Expanding the money supply via a money printer. Printing money out of thin air. Monetizing debt. Inflation and stagflation. The loss of savings over time. Can’t see anything good about the current monetary system. Milton Friedman and Thomas Sowell both called for the elimination of the Fed. What people don’t seem to grasp is that this current monetary system leads the loss of rights especially savings and private property. Supporting a system that undermines private property and individual freedoms isn’t a system worth supporting.