Posts Tagged ‘Benjamin Franklin’

A small size $100 United States Note of Series...

In The Daily Bell’s November 6, 2011 interview with Ingo Bischoff, he said (emphasis mine):

“Free-market” thinking, termed by Murray Rothbard as “Anarcho-capitalism,” argues for a society based on the voluntary trade of private property and services (including money, consumer goods, land and capital goods) in order to maximize individual liberty and prosperity.

To maximize individual liberty and prosperity, the “Free Market” distributes “wealth” by a system of arbitrage where the discovery of prices is based on marginal utility analysis, and in which “Money,” the commodity with constant or nearly constant marginal utility, is the standard of value against which the value of any other commodity or service is measured. To have a “Free Market” in “Money,” therefore, is a contradiction.

As a further blow to their opposition to government-issued currency (especially debt and interest-free currency, as opposed to free banking where banks will want to continue charging compound interest), Bischoff responded to their question about his praise for Benjamin Franklin’s Bank of Philadelphia with this (emphasis mine):

Despite the lack of redemption promise, the impeccable and honest way in which the Bank of Philadelphia was run caused the value of the Pennsylvania Pound never to drop below the value of monetary coin. This remarkable fact was cited by Adam Smith in his book The Wealth of Nations, published in 1776.

For more on government-issued currency, see my articles:

1) Three prominent hard money advocates endorse the temporary issuance of fiat money

2) Michael Badnarik on issuing interest-free fiat money like Lincoln did: “That’d be a step in the right direction”

3) The Constitution doesn’t prohibit both the states and federal government from issuing fiat money

4) “The fiat money system works well if it’s tightly controlled:” Dr. Stan Monteith

5) The U.S. Constitution doesn’t say money should be gold or silver coin

6) The Constitution doesn’t insist on a gold or silver-backed currency

7) A fiat currency that lasted more than a few hundred years

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