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[quote user="ViennaSausage"] If there is no fiat, how can credit be extended? [/quote] Credit comes from savings. If you put $10 in a 1 year time deposit at 50% interest the bank can loan it out at 75% interest. When the person who received the loan pays it back to the bank their profit is the 25% difference and your $10 turns into $15.
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[quote user="Jonas"] That 10g comes from Joe selling goods on the market That's what you would think, but that 10g had to come from somewhere outside the system since there is a fixed amount of money in the economy. Jane is asking for 10g of gold that does not exist in the system. There was 1000kg of gold in the economy, but now there
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[quote user="tacoface"] http://www.lewrockwell.com/blog/lewrw/archives/39366.html [/quote] http://blog.mises.org/archives/010810.asp
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[quote user="GilesStratton"] Justinx0r, I agree. I mean, Ostrom's famous book Governing the Commons contained empirical work on how people have voluntary governed the commons. Somehow this is the same as Krugman to BAWAA. Why? Because I'm guessing BAWAA hasn't heard of either Ostrom or Williamson until today. [/quote] Exactly.
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Williamson deserved it, for sure. Williamson won it for his work on how business firms, as structures, can resolve conflicts. I don't see any problem with it.
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[quote user="Angurse"] [quote user="xahrx"]Am I the only one that missed the fact that in his initial posts addressing this matter Aug quite plainly said a contract would be signed stipulating no reserves need be held, but still insists on calling the process fractional reserve banking?[/quote] Who said that, now? [/quote] [quote
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When you get excited after seeing Jeffrey Tucker post in your thread.
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[quote user="krazy kaju"] I tend to agree with the free bankers. I see no problem with taking money out of irregular deposits and lending it out. It doesn't actually expand the money supply (unless you double count) and it increases the efficiency with which saved resources are used and invested. [/quote] Wouldn't that discredit a
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If the government was forced to use the accounting standards it forces companies to use then yes, the federal government alone is 100+ trillion in debt. The number comes from unfunded liabilities for Social Security and Medicare. Basically, money that the government will have to spend in the future that it does not have on those two programs alone.
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Just to be balanced: http://www.aegis.com/topics/mdelaney.html http://www.poz.com/articles/451_2788.shtml Also, HIV fulfills Koch's postulates as the cause of AIDs. Modern testing techniques have found that all persons with AIDS have HIV. AIDs-denialists also fail to explain why antiretroviral drugs reduce the mortality of people with HIV. But I'm