Fractional Fractional Banking
Jun. 19th, 2007 09:06 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
glockaOne more US town (like Ithaca) embraces dollar alternative "to support locally owned businesses over national chains".
The exchange rate is fixed against US dollar, so all that is left - to introduce local fractional reserve banking, so that each loan issued by "your local friendly banks" in local currency would generate interest. This way any US town or state can get a piece of US dollar action by
1) defrauding other dollar holders all over the planet of a fraction of the value of their dollars each time a new loan is issued by diluting the dollar pool, but
2) keeping all the interest instead of forwarding part of it to shareholders of the Federal Reserve.
Wouldn't it be exactly what some countries are doing right now, just on a smaller scale?
The exchange rate is fixed against US dollar, so all that is left - to introduce local fractional reserve banking, so that each loan issued by "your local friendly banks" in local currency would generate interest. This way any US town or state can get a piece of US dollar action by
1) defrauding other dollar holders all over the planet of a fraction of the value of their dollars each time a new loan is issued by diluting the dollar pool, but
2) keeping all the interest instead of forwarding part of it to shareholders of the Federal Reserve.
Wouldn't it be exactly what some countries are doing right now, just on a smaller scale?
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no subject
Date: 2007-06-19 02:28 pm (UTC)no subject
Date: 2007-06-19 02:39 pm (UTC)no subject
Date: 2007-06-19 03:07 pm (UTC)a) Опыт Federal Reserve System скоро (в 2013-м) покажет, что лопанье можно оттянуть больше чем на сто лет.
b) Китай вот не лопается пока.
Исскуство тянуть время заключается в самодисциплине, в контроле темпов эмиссии бумажек, чтобы обесценивать личные сбережения медленно, за десятилетия, а не за 2-3 года, дабы ненароком не разярить население, не так ли?.
no subject
Date: 2007-06-19 03:10 pm (UTC)no subject
Date: 2007-06-19 03:33 pm (UTC)Соответственно и Итаковские тугрики никто не обязан обменивать на доллаы. Меняют, конечно, до поры до времени, пока градиент в нужную сторону, но в любой момент могут всех послать и перестать. Как показывает опыт США и Китая, продержаться можно долго, если не зарываться.
no subject
Date: 2007-06-19 03:39 pm (UTC)