July 3rd 2011 interview with Joseph Salerno @ Right Side News

[Nielsio]

http://www.rightsidenews.com/2011070313973/us/politics-and-economics/dr-joseph-salerno-explains-everything-you-wanted-to-know-about-money.html

Exerpts:

Daily Bell: Do you believe in private fractional banking or should it be illegal?

Dr. Joseph Salerno: I am neither a philosopher nor a legal theorist, but I believe in the absolute right of individuals to enter into any voluntary contract that they choose. But a contract must be meaningful to be enforceable. If I pay you for a promise to paint my house red and green all over, this is not a contract but an absurdity. Likewise if I pay you (or even if you pay me) to store my motorcycle in your garage so that it is always available for me to use it and I grant you the freedom to rent it out at will. My point is that the deposit contract as modern free bankers conceive it, is a meaningless fiction. It implies that a sum of money can be both maintained on deposit for instantaneous withdrawal by the depositor and lent out to a borrower.

(..read further at the link)

And:

Daily Bell: What would be the best kind of money?

Dr. Joseph Salerno: The best kind of money is sound money. By this I mean money whose supply is completely divorced from control by the government or its central bank and whose value is therefore determined exclusively by market forces and not by the whims and connivings of politicians. In practice this means money based on a useful commodity produced on the market, historically gold or silver or both.

Note: “useful commodity”.

[BlackNumero]

I have to say all and all I agree with Professor Salerno the most out of all the new Austrian economists.