Banking on its way to freedom due to federal reserve shrinking over bank deregulation!
Gorgeous news, other people! Recently, the federal reserve just lost one of its top workers due to much needed bank deregulation! Frankly, this is ultimate beauty for human progress toward ultimate individual freedom! However, this is only the start of a walk up the right path. Basically one may be reading this and asking ‘what happened?’, and the answer is easy. Daniel Tarullo, an obstructionist of individual sovereignty over one’s own finances, resigned after 7 years of central planning. From 2007 to 2009 he was one of the many culprits of the giant crash that happened then. Thankfully, there is a case to be made now better than ever for Ending the Fed!
In Defense of Free Banking
Basically, the most stable system of banks in all of human history was done in Scotland. Specifically, this system was between 1715 and 1845. Twas three central banks with small accountability, and legions of private banks with huge accountability. Therefore, banks were mutually accepting each others’ currencies, and banking on planet Earth had never been more sane than elsewhere on Earth or in history. However, there is the question of how this can be applied to American banking in the Digital Age. Basically we need to analyze what banking is like in the Digital Age before we can answer that.
Banking of the Digital Age in the United States
Overall, the amount of banks and currencies, even payment methods, that spawned after the birth of the Internet… are legion. Here is a simple list of Digital Age contributions to banking.
- PayPal and its Bill Me Later credit cards
- Google Wallet
- Apple Pay
- Crypto Currency
- Virtual Currency
- Amazon’s Rewards credit cards
Okay, now let’s look at who’s allowed to make governmental currency. The Constitution makes it pretty clear that only Congress can issue American Dollars, not a federal reserve.
What concrete policy is there to enact then?
Firstly, make it a Bill to be voted in favor of by 60% or more of Congress. Then the president must sign it to go into effect shortly after signing. Okay, but what about the contents of the Bill? Well, call it the ‘Scottish Banking Lessons for America Act‘. Frankly my advise for such an act is to write it to declare that “The Federal Reserve shall be shut down during or before the 2020 national election”, for starters.
Then have the next sentences be “All private banks and banking sectors of internet servers, from now on, have the freedom to issue their own currencies. However, banks are utterly not free to break the laws of supply and demand or to break the golden rule or else those that do will lose this freedom”. And have how many years a bank who breaks these easiest rules ever goes without this freedom match the number of different ways in which they broke these no-brainer rules. Long story short, no other legislation needed here!