Re: For or Against Usury
But all the competing currencies in Paul’s plan will no doubt be just another debt-based form of paper/electronic crap pumped out by banks, still has the interest/usury problem. That’s what we had at other times in American history when smaller profiteering bankers just competed with each other to see who would ruin their paper the fastest causing huge inflation/deflation turns.
In my view, this is the danger of Paul’s movement. If we end the Fed before something truly innovative is done, then that will just free up the parasites on Wall St to loot things even faster than they already are. Without the Fed governing them to some degree by controlling their underlying cost of capital, their reserves, etc, Chase, Citi, BoA will have free reign.
I think Paul needs to consider options outside the banks when he talks of competing currencies. As long as they’re in the banking industry, they’re not really competing currencies because it’s all one type of money–debt.