Comments on: Is Creating Your Own Money Bad?

By: Green Sustainable Technocracy - [tmbchr]â„¢

Green Sustainable Technocracy - [tmbchr]â„¢ — Fri, 05 Sep 2008 20:34:03 +0000

[...] Dale is right: alternative currencies could base value on a gold standard, a representation of work-hours, or whatever local convention might come up with. [...]

By: Competitive Currencies - [tmbchr]â„¢

Competitive Currencies - [tmbchr]â„¢ — Fri, 05 Sep 2008 20:14:54 +0000

[...] Quoted from “Dale” in the comments to a post of mine: also, if anyone can create money, then there is the possibility of competition among the monetary systems, rather than a government-run monopoly on formal forms of economic exchange. [...]

By: Dale

Dale — Fri, 05 Sep 2008 20:05:16 +0000

also, if anyone can create money, then there is the possibility of competition among the monetary systems, rather than a government-run monopoly on formal forms of economic exchange. sure, if anyone could create money, there could be valueless currencies out there. but now we have a continually inflationary currency which is enforced as the economic standard of society. whereas alternative currencies could base value on a gold standard, a representation of work-hours, or whatever local convention might come up with.

By: Big Elk

Big Elk — Fri, 05 Sep 2008 19:47:57 +0000

Money as a value system

Money isn’t a value system. Money acts as a signifier for value which exists elsewhere and wholly separate from the actual physical money.

What about that Wachovia bank in Florida that started issuing counterfeit $100 bills?

I’m not talking about individual people making counterfeit American money; that’s illegal. I’m talking about individual people making their own REAL completely individualized currencies on a person-to-person basis backed by real tangible value assets and services which would ultimately trounce the dollar… which is backed by nothing.

By: ian

ian — Fri, 05 Sep 2008 19:42:22 +0000

Money as a value system has to be honored by both sides (buyer and seller).

If any one person can create money in a way that is not recognized as valuable by other members of the money community, then that person’s money becomes valueless. And if their valueless money is indistinguishable from your money, your money soon becomes valueless too, as people lose faith in the money system as whole.

But I definitely agree with you, the creation of value is always a good (or true or beautiful) thing. Money is a metaphor for value, and it’s just important to be sure that everyone agrees the finger of the money is pointing to a moon that’s worth seeing. =)