the freedom to trade in square-circles! a noble ideal!
look i don’t object to gamlebanks per say, i object to banks that make contracts that are fraudulent. if you tell me the gamblebanks you have in mind will be clear and straightforward, that they are trading in lottery tickets then I will be happy for your niche providers to find their market. gambling coexists with card-games, sport, why not banking too?. i see nothing wrong with it. just lets not pretend they arent gamblebanks though, eh?
What are you talking about? What Austrians would impose a gold-only money or a non-basket-of-commodities money? What Austrian don’t want let the market decide what should be money?
As long as we agree that loaning money is gambling as you are defining it. So all loaning of money is a form of gambling…fine.
I am speaking about you and your Austrian brothers. If you are not allowed to substitute assets or convert assets to meet redemptions then a mixed commodity bank becomes impossible. Is that clear enough for you?
You said nothing about the current banking system which, as I hope you know, is an arm of the government and is ‘insured’ using resources stolen through inflation ?
Are you not saying that the current system works just fine and is an example of ‘free banking’ ? Or, in other words, that ‘free banking’ would not be any different, or at best slightly different, from the current system ?
Perhaps I misread you…
No it wouldn’t, liar.
When did I ever argue for a gold-only money? When did I argue against a mixed-commodity bank? When did I say that the market shouldn’t determine the money? I can haz proof?
What if market chooses fiduciary meda, banknotes. Would it be fine?
i have no use for government, period. The government is in control of the current system so that control should be removed. Yes, many of the things ivewed as fraud by the Austrians are not fraud and would and should continue in a society without government. For example a bank that offers redemption in gold and silver should not be prohibited, which functionally would be the case if the Austrians and their bank police have their way.
Austrians believe that converting assets to meet redemptions is fraud. So if you had a bank that say offered 30 different redemption options…gold, silver, copper, platinum, oil..whatever and you had 30 deposits each with the respective type. The Austrians would say well what happens if everybody returns and wants gold? The Austrian prohibition of converting assets to meets demand make this type of bank impossible. I think people should be free to choose.
Austrians wish to prohibit the ability to convert assets to meet redemptions thus making mixed commodity banks impossible. Perhaps you don’t agree with the Austrian theory… I apologize if I misunderstood you.
strawman,
“anarchists are against the burying of innocents!”
response: “no we are against the murder of innocents, once they have been murdered we dont object to someone burying them per se”
Are you now in favor of permiting conversion of assets to meet redemptions? Or are you just upset at the contradictions in your arguement?
the point is if people want to convert some property to send it on to someone else, thats not unlibertarian. whats unlibertarian would be selling square circles. so it all depends on what these contracts would say. present contracts are no good for me to analyse because they are all government regulated and definitely fraudulent/criminal.
so if you want to propose various possible contracts i will analyse them along with you in an effort to find which possible contract is compatible with rothbardian contract theory and which ones arent.
Just take the contract you signed and replace the government guarantee with a private insurance policy. Is that contract ok?
well the contract is ok because in my case with the bank I use ,there is no mention of me making a loan, they merely hold my money and allow me to spend from the current, and they pay me interest on my savings account. as such i make a bailment to them of my money. this was never a point of dispute. I know what a loan agreement wou,d look like if they sent me one so i could borrow from them, and i certainly didnt send them one of those. so im not sure how it helps you make your point.
now how about you stipulate a contract for consideration ?
You need to read your contract again. More denial of reality. I have stated this about ten times in various threads. Take the Jimmy Stewart scene out of “It’s a Wonderful Life” when they have a bank run…Lets start with that contract.
Please quote some sources to verify this Austrian theory, as I’ve never seen any thing close to such an idea from Austrians. I’ve already asked you before, perhaps you are just plain lying though.
i wish you would. you never do. i asked you to and you havent yet. but im a patient man. feel free to take your time over it. any job worth doing is worth doing right…
No, they do not. Please stop trying to substitute your lies and strawmen for facts, Max. It’s old.