Mr. Archer; my version of a fiat monetary system is similar to one I have discussed with several noteables, including E Brown, Jere Hough. It is NOT a baseless script or continental or Fed type fiat, but is based on the GNP of the nation, except of course, there are no off-shore laws to prevent capital flight (surprise), but the chinese DO have such laws now and waited until the hook was in real deep. I hope they all drown in their shredded waste having decimated the middle classes here in every way imaginable. The notes would not be "phoney", as they would be declared "money" by the Federal and state governments...or are you against that for some reason...I know it's a new concept, perhaps even just mine, but there it is. the overtaxation we suffer is of course due to the immoral, but "legal' fed act of 1913 as you may know and it's companion 16th amendment...but it MUST be unconstitutional as L T McFadden said before he was "silenced" as banking committee chair way back. Why do you insist that real "money" must have intrinsic value in of itself...that's madness from the middle ages, before the industrial revolution when there were little goods for money to chase anyway...a whole discussion TBC if you wish.

To E Archer; no insults here; just constructive criticism. for one; you are NOT reading my post correctly at all. I am NOT for the present situation/Fed, etc. or it's version of fiat dollars. My personal plan is what I present here. Please leave comments to that effect? I would appreciate real input, as nobody has been able to refute it's honest attempt yet as a new form of monetary policy...not that my ideas are complete, but basically it is sound IMO unless you prove it otherwise. ..and yes, the Fed must GO !

Lew and his "bunch" really have their problems with economic reality IMO. Gold would be his choice (as the world is contemplating now to their confusion as our fiat monsters ruin even their own Fed games). Sure, runs on small banks and calling in the loans like the old days at worst, or maybe just "loaned out" of availability so boom areas would suffer, but gold would appreciate, unattended and unearned (immoral and not honoring the work ethic...if you have one). Great plan for anarchic, selfish, types who would each own their own bank ! I gotta get out there and dig for gold; after all, "money" shouldn't grow on trees right?, well maybe the trunk, ya know paper fiat has a future if we'll ;just re-read history like the 1764 act that forbade colonial script causing the depression that CAUSED our revolution, or the Continental, which got us through the revolution, only to be ruined by British counterfeiters, even though Franklin tried his best...too bad he didn't clue in his friend Jefferson as to his fiat junket secrets, as the guy died in total debt, which I find strange and tragic for such a pair of our most revered men. A GNP based fiat with both Federal and States inputs (with some powers of nullification) to keep the GNP basket fair being used to monitor M1 at least. Sounds a bit complicated, but the mechanisms are already in place for the most part, and after all, it's the next most important thing any government should do, right?

Well, at least he got that right; certainly not his "economics". The freedom to make mistakes and pay for them at the time of ejudication or at least personally is where I realize my libertarian leanings. You drive drunk, etc. and cause no harm, sobeit. The minute you cause damage or injury, it's a new ballgame to your detriment of course. Besides, if you have enough other positive pursuits/hobbies in your life, you have no time for nonsense that just lies you low anyway...or perhaps puts the public at undue risk if, say you are an airline pilot, etc.

Sorry about being "anonymous"; forgot to fill in the blank; I have the same problems with other disgusting socialistic conventions our country has developed, say at the motor vehicle bureau. My name is Tom LaMar from Keeseville NY, checkout one of my "Americanisms" at : http://www.historiclakes.org/saratoga/saratoga.htm

"Otherwise worthless" fiat money should be printed by whomever, but OWNED by the government and just spent into circulation incurring NO national debt. Fully half our ND is due to the 1913 ruinous Federal Reserve Act as the President admitted after signing it. No private entity should be allowed to claim ownership of printed or "generated" money. The monetary system would be under strict controls of both state and federal governements as the single most important thing a government does aside from providing for the common defense.

Mr. Gerbino makes the same mistake that the Mises people and Ron Paul do, One, that gold should just be a commodity, lest unfair, immoral, usurious appreciation occur for those sitting on their backsides, much as the socialist "somthing for nothings" would have it like Pelosi, Reid, and two, that "Newly created money and credit in a paper money system benefits those that can access the money"; inother words, the OWNERSHIP of fiat money is the real (immoral) "problem" ! I would have both the State and Federal governments fight over the valuation of a GNP based monetary system, with state nullification, etc. to make sure that the basket of goods that the money supply was based on was actually representative of all supply sectors.and that internationally this was true also, as we are able to do being the only super power (yet). But it will never happen in this totally unfair, non-level world we suffer under, spartan militaristic state that we have become. Just make sure your children that cannot become professional at something join the armed forces, or they will suffer as the quote says.