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How bad money keeps good money down - Open Knowledge — LiveJournal

Feb. 10th, 2008

03:41 am - How bad money keeps good money down

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From:hiro_antagonist
Date:February 10th, 2008 02:05 pm (UTC)
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While individual liberty is good, I am not sure if it is a supreme good. Operating in a society, we trade some individual freedoms for a better functioning society. A single currency is one of these. I think the EU's implementation of the euro can be seen as clear evidence as to the value of this.

Are competing currencies nice? Yes. Are they more trouble than they're worth in the long run? Yes.

Frankly, a world-wide universal currency would make the valuations of services and goods a lot easier in some respects.
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From:crasch
Date:February 10th, 2008 02:17 pm (UTC)
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Are competing currencies nice? Yes. Are they more trouble than they're worth in the long run? Yes.


And you know this...how?


Frankly, a world-wide universal currency would make the valuations of services and goods a lot easier in some respects.


Without legal tender laws, and other currency and banking restrictions, I think we would see the consolidation of the world's currencies around 1 or 2 competing standards.
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From:hiro_antagonist
Date:February 10th, 2008 02:31 pm (UTC)
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From history. As humanity has gone through the ages, we've moved in one direction, and that's towards less currencies rather than more. Simply because it makes life easier. In the end, I think that perhaps that's the best argument there is.
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From:crasch
Date:February 10th, 2008 02:36 pm (UTC)
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That humans have tended toward fewer currencies is no argument that it is a good thing. It could be, like crop monoculture, a behavior that has short term benefits, but long term hazards.

And it's certainly no argument that forcing a currency monoculture by government fiat is a good thing.
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From:hiro_antagonist
Date:February 10th, 2008 02:45 pm (UTC)
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It's an argument from a utilitarian point of view, yes. Does ease of use outweigh any advantages multiple currencies offer? Ease of use wins for human beings 99.99% of the time, and I think with good reason.

Everything is done at the barrel of a gun, when you get down to it. It's who's at the end of that gun that we have more control of these days than before.

From a cultural perspective (rather than an individual perspective), it's better for everyone to be on one standard instead of competing standards, even if the the standard isn't the best in the world.

I know this sounds like The Borg (TM) talk, but when it comes to matters that deal with society, one has to take the view of the whole rather than the view of the individual.
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From:gentlemaitresse
Date:February 11th, 2008 02:10 pm (UTC)

Single currency

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If we cannot have competing currencies, then we will have to outlaw the use and distribution of foreign coins in this country. The Canadian coins, in particular, can be mistaken for US coins.

How about if you make your choices for your better functioning society, and allow others to make their own? No, you can't do that because the only way you can make this "better functioning society" of yours is if you force everyone else to do things the way you think is best.

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From:hiro_antagonist
Date:February 11th, 2008 02:16 pm (UTC)

Re: Single currency

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That's what it's come down to for the last two hundred years or so, you know?

Look at all the fuss that was made when having a national reserve and federal banks were proposed. We're better off now for it, though I suppose by your leanings you would have virulently opposed such a thing at the time.
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From:(Anonymous)
Date:February 13th, 2008 04:43 pm (UTC)

Re: Single currency

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What about virulently opposing such thing at THIS time? You say that "We're better off"... Really? We're better off with a currency that loses its value over time? We're better off with a currency in control by a handful of men, instead of millions of men?

Yes, you have made it very clear that you would gladly trade a little of your freedom for a little security. You deserve neither and will lose both.
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