The messy stamped money

One way to panelize (not do give liberty or freedom) the individual who don’t spend saved money or dumped one during the depression.    

The Economist reports that “IN 1933, in the depths of the Depression, Irving Fisher, America’s most prominent economist, wrote a pamphlet on “Stamp Scrip”. This was a type of alternative currency popular in America and elsewhere at the time that was periodically taxed with a stamp so that it would be spent, not hoarded.

Based on the theories of Silvio Gesell, a German “quasi-economist”, one such currency, the wära, was used to revitalise Schwanenkirchen, a Bavarian coalmining village, in 1931. “No one who received wära wished to hold [them], the workers, store-keepers, wholesalers and manufacturers all strove to get rid of them as quickly as possible, for any person who held [them] was obliged to pay the tax. So wära kept on circulating, a large part of [them] returning to the coal mine, where [they] provided work, profits and better conditions for the entire community,” Fisher wrote approvingly.”

This may be dangerous scrip.

Hey give me the propriety

By refereeing Mythili Bhusnurmat article Sauvik writes convincingly “Under the Rule of Law simple general rules should hold sway. That is, the paper note is a property title. It is to be redeemed on demand. Period. Once this is The Law, let private bankers adjust and play the game by these good rules. And let the mass of the people, wretched and poor, cheated so long by these counterfeiters, understand The Law as it pertains to Money. After all, what governs a society is opinion – especially opinion on The Law.”

Sharad Joshi plea

Mr Sharad Joshi is Founder, Shetkari Sanghatana and Member of Parliament (Rajya Sabha). His article published in the Business Line is an important plea against the whole “the Keynesian ethos, an object of mirth and ridicule” and also the Dollar domination.

His article is somewhat interesting to note the below paragraphs at least to my mind.

“The former Russian President, Mr Vladimir Putin, has been saying for some time that the world should abandon the US dollar as a global reserve currency since its fluctuations tend to harm everyone who uses it for trade or as store of value. OPEC calls the US dollar a worthless piece of paper. Argentina, Cuba, Iran, Iraq and Venezuela have already said “no” to the dollar.

The essential functions of the central bank of any country are to raise money within the national boundaries and fix its price i.e. the rates of interest.

It is well-known that the Federal Reserve is not only the central bank of the US but also the de factocentral bank of all the national central banks in the free world whose reserves comprise predominantly dollars. Furthermore, the Fed, as the central bank of all the nations, decides at what rate it will lend dollars to national central banks.

After the first Gulf War, dollar printing became the most profitable business for the US. The dollars, as global tender, was in perpetual demand by other nations as the Bretton Woods system was based on US dollars and gold.

To overcome the present crisis, it would be necessary to introduce a global tender that would be managed more responsibly. The obvious solution is to make the euro the global tender. It has the advantage of representing some sort of a basket of currencies and is controlled by the entire European Economic Community.

Some of the developing countries that appear to be, for the time being, immune to the present crisis might start feeling the pinch when the global tender is more prudently managed. The governments will then face the problem of ensuring higher rates of growth that are based on hard work and thrift rather than growth based on stock market booms”.

Precisely he is asking to print more Euro currency instead the US Dollars.