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What is Money?

- Peter Schiff - Euro Pacific Capital

It's an article of faith that the 'free market' is the best system possible. It's completely unprovable. You should read 23 things about capitalism you never heard (or some title like that). Anything called a 'free market' is an illusion. It's merely a market where those who receive the favors do not perceive the rules.
How could you have a global system of exchange without some controls about flow and creation of currency and thousands of other things? It has to have some order. But look at the word - controls. How can you have a free market with ANY controls. Even a single control limits the 'free' in free markets. At what level does it go from a free to a not-free market?

Free market ideologues have a very dogmatic approach. To be honest, I agree that gov't interference is the worst answer.

Now - why don't we have a free market in gold, for example? The Comex offers a place to buy and sell futures, etc. You can buy in the local shop. Those with the most money can set the price - oh, wait - that's 'manipulation.' Not a free market. We have to restrict them from doing that just because they have the most money. We have to set 'position limits' to ensure a 'free market.' But then the big powers aren't free.

I don't think most libertarians can see the contradiction. But it's easy to spot.

Commented 4332 days ago

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Beginning of the headline : Today, we're accustomed to thinking of small greenish paper rectangles as the definition of money, and we think of the US government as the only source of money.To honestly discuss sound money, we need to realize where our current money customs came from. At first, it was every man forhimself... Read More

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