Peach Pundit: Defending Theft, Displaying Ignorance

My response to: Let’s Just Get This Out of the Way on Peach Pundit

Fractional money creates no wealth, but it does decrease the purchasing power of the money already in existence, which producers have previously earned by labor and production. This is a form of theft. To support fractional money is to support theft.

People depend on production. Fractional money produces nothing. No new resources exist because a quantity of fractional money is created. People don’t eat, wear or find shelter in paper money.

Some argue there is not enough commodity “money” to support our economy. This is a false claim and suitable for those who accept propaganda and useful to those who understand how to use the paper money system to claim the labor and production of other people.

Keynes is the chief advocate or poster boy for this paper money system we have. He explained its purpose in 1919 in his book The Economic Consequences of the Peace:

“Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some… Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

Another old banker once rightly said:

“The few who understand the system, will either be so interested in its profits, or so dependent on its favors that there will be no opposition from that class. The great body of people, mentally incapable of comprehending the tremendous advantages will bear its burden without complaint.”

Fractional money is simply a sophisticated form of plunder. If fractional money is good for the country on its own merits, stop wasting bits and bytes with ad hominem blather. Make the case.

Begin by proving that fractional money does not systematically cause theft, benefiting the few at the expense of the many, or by presenting your case for supporting theft.

“If a nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.” Thomas Jefferson to Charles Yancey, 1816