Comments on: Money Is the Root of All Evil http://perbylund.com/blog/2008/01/money-is-the-root-of-all-evil/ Colliding Softly with the World of Ideas Fri, 06 Aug 2010 20:34:44 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Business Tax Guru http://perbylund.com/blog/2008/01/money-is-the-root-of-all-evil/comment-page-1/#comment-1513 Business Tax Guru Mon, 23 Nov 2009 03:51:08 +0000 http://www.perbylund.com/blog/?p=42#comment-1513 I've been engaged in taxes for longer then I care to acknowledge, both on the individualized side (all my working lifetime!!) and from a legal point of view since satisfying the bar and following tax law. I've provided a lot of advice and corrected a lot of wrongs, and I must say that what you've put up makes impeccable sense. Please continue the good work - the more people know the better they'll be outfitted to deal with the tax man, and that's what it's all about. I’ve been engaged in taxes for longer then I care to acknowledge, both on the individualized side (all my working lifetime!!) and from a legal point of view since satisfying the bar and following tax law. I’ve provided a lot of advice and corrected a lot of wrongs, and I must say that what you’ve put up makes impeccable sense. Please continue the good work – the more people know the better they’ll be outfitted to deal with the tax man, and that’s what it’s all about.

]]> By: Moone http://perbylund.com/blog/2008/01/money-is-the-root-of-all-evil/comment-page-1/#comment-399 Moone Tue, 05 Feb 2008 17:42:53 +0000 http://www.perbylund.com/blog/?p=42#comment-399 This is a very interesting view, one that reminds me of the Garden of Eden God originally placed us in. However, in light of the human condition the world over, it does raise a question in my mind. How would persons be dealt with that continued in practices such as human trafficking. The victims are often small children sold/forced into sexual slavery. If ever freed, they have no families to care for them, because it is often the families, so desperate for food, that they sell them with hopes they will receive care, housing, and even education. As far as the traffickers, and the buyers-how would they be found and stopped from repeating this horrible crime? God's peace be with you. This is a very interesting view, one that reminds me of the Garden of Eden God originally placed us in. However, in light of the human condition the world over, it does raise a question in my mind. How would persons be dealt with that continued in practices such as human trafficking. The victims are often small children sold/forced into sexual slavery. If ever freed, they have no families to care for them, because it is often the families, so desperate for food, that they sell them with hopes they will receive care, housing, and even education. As far as the traffickers, and the buyers-how would they be found and stopped from repeating this horrible crime? God’s peace be with you.

]]> By: Tanner Upthegrove http://perbylund.com/blog/2008/01/money-is-the-root-of-all-evil/comment-page-1/#comment-397 Tanner Upthegrove Tue, 05 Feb 2008 16:54:50 +0000 http://www.perbylund.com/blog/?p=42#comment-397 Responding to Tristan Mills: Aside from the obvious differences of speed, convenience and the not-so-great things that can happen which Per mentioned, which can be attempted under any system, I don't see a staggering difference between the ideas behind electronic transactions and the checks offered by classic non-fractional reserve goldsmiths / bankers if there was a 100% precious metal reserve. Responding to Tristan Mills:

Aside from the obvious differences of speed, convenience and the not-so-great things that can happen which Per mentioned, which can be attempted under any system, I don’t see a staggering difference between the ideas behind electronic transactions and the checks offered by classic non-fractional reserve goldsmiths / bankers if there was a 100% precious metal reserve.

]]> By: Per Bylund http://perbylund.com/blog/2008/01/money-is-the-root-of-all-evil/comment-page-1/#comment-337 Per Bylund Mon, 21 Jan 2008 18:15:17 +0000 http://www.perbylund.com/blog/?p=42#comment-337 Responding to Tristan Mills: I don't think there would be a problem with gold-based or any other "real value"-based currencies in this "electronic" age. Of course, digitally transfered funds can much more easily be intercepted, changed/corrupted than physical currency, and it is certainly easier to tamper with such currencies without a trace. But a free market banking system would provide incentives for banks and other actors to make sure such things would not happen. And were they to happen, I think the market would sooner or later find out - and that would cause bank runs just like in the "old days." As always, the market will take care of it - the incentives are already there. In a government-controlled currency system the incentives are effectively reversed: government has the incentive to defraud the system as well as its people. Responding to Tristan Mills:

I don’t think there would be a problem with gold-based or any other “real value”-based currencies in this “electronic” age. Of course, digitally transfered funds can much more easily be intercepted, changed/corrupted than physical currency, and it is certainly easier to tamper with such currencies without a trace. But a free market banking system would provide incentives for banks and other actors to make sure such things would not happen. And were they to happen, I think the market would sooner or later find out – and that would cause bank runs just like in the “old days.” As always, the market will take care of it – the incentives are already there.

In a government-controlled currency system the incentives are effectively reversed: government has the incentive to defraud the system as well as its people.

]]> By: Tristan Mills http://perbylund.com/blog/2008/01/money-is-the-root-of-all-evil/comment-page-1/#comment-333 Tristan Mills Mon, 21 Jan 2008 15:12:42 +0000 http://www.perbylund.com/blog/?p=42#comment-333 I did see the title and wondered what you were going to go on about... This is a pretty good summary of the arguments against fiat money. I do wonder how well things would work today with electronic transactions etc. Mises moved from supporting the Gold Exchange Standard to a metallist position due to it being the best way to prevent government interfering in money. That isn't feasible today with the ubiquity of electronic commerce. Of course, he was still talking about a government standard, Free Banking would set money outside the sphere of government and although it would still allow banks to create money it seems to me that banks who did that a lot would become distrusted, leading to some sort of commodity standard for the main currencies. I did see the title and wondered what you were going to go on about…

This is a pretty good summary of the arguments against fiat money.

I do wonder how well things would work today with electronic transactions etc.
Mises moved from supporting the Gold Exchange Standard to a metallist position due to it being the best way to prevent government interfering in money. That isn’t feasible today with the ubiquity of electronic commerce.
Of course, he was still talking about a government standard, Free Banking would set money outside the sphere of government and although it would still allow banks to create money it seems to me that banks who did that a lot would become distrusted, leading to some sort of commodity standard for the main currencies.

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