Dominic Frisby: Why our money is diseased and in need of reform

An excellent podcast from GoldMoney’s Dominic Frisby:

Here’s the blurb:

“Dominic Frisby reads from his book Life After The State that talks about our social systems of government, welfare and money. The chapter talks about the beginnings of money and banking, and the need for monetary reform.

Dominic points out that our current monetary system is diseased, and that we are confronting great levels of income and wealth inequality, despite the redistributing efforts of governments. He shows how money itself is vital and essentially the blood of an economy as it enables mutually beneficial trade by overcoming the double coincidence of wants — a problem that arises in barter.

He goes on to read about the history of money and how it evolved over time. Early forms of money were commodity money — with metals being the most successful form as they have intrinsic value, and are durable and divisible. Today many currencies still derive their names from either the metal, the issuer or the weight of these metal coins.

Banks were traditionally a place to store valuables and money. They then issued deposit receipts which began to be used as money themselves. As depositors rarely claimed their metal back all at once, the banks started to lend out the deposits by issuing more receipts. This was the beginning of the practise called fractional reserve banking which our modern banking system is built on.

You can support Dominic in getting his book published by visiting the Unbound website.”


About Andy Duncan

An Austrian Internet Vigilante trying to live Outside the Asylum
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