>>The economy goes from boom to bust, bust to boom,
it does not have to. boom and bust is a direct result of fiat currency and manipulation of that currency by central banks
it does not have to. boom and bust is a direct result of fiat currency and manipulation of that currency by central banks
Fundamentally it's human laziness and corruptablility, both actively and passively.
But it's also basic human nature in reaction to stock market bubbles and the fomo of getting rich quick.
There aren't enough rules and regulation around stock market trading, or at least they're not enforced well enough, to maintain some kind of rationality.
... and it still may not actually be possible.
But there's little effort to reign it in because the powers that be tend to massively profit from the status quo.
Surely you're not suggesting a gold standard would solve the issue?
Anyway I'd also like to express my sympathies to the moderators here, as I seem to have upset a whole botnet of them.
Fiat currency gets a bad rap because it can be mismanaged, but a metal backed currency isn't compatible with rapid growth and we've yet to find a better alternative.
And with any type of certificates be it paper or digital someone will immediately start playing games... And thus you can not trust them.
Not sure if a metal backed currency is harder to mismanage. Lowering the metal content in coins or simply lowering the corresponding amount of metal have both happened. I'm pretty sure the US simply reneged on their promise to exchange promissory notes for gold at some point.
Frankly I think that no matter the currency bankers are going to abstract it into something that they can work with eventually.
Correct, which is the primary reason I oppose it. I consider the state to be part of the problem with human society
>>what exactly would you consider an alternative?
I dont proscribe a single "alternative" nor do I believe an single alternative should be mandated by a state, nor do I believe it is the proper role of a state to control the medium of exchange
I wonder how many of modern day businesses would be ready to deal with real physical gold, silver or whatever. As any digital or paper based one can't really be trusted in long run.
Because there was no boom and bust before fiat…