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Also it has a government enforced monopoly.
by awt 7y ago
Also it has a government enforced monopoly.
- kennywinker 7y agoThat’s a ridiculous statement if you consider the fed a part of the government. I.e. the fire department and police both have “government enforced monopolies”. The government itself is a “government enforced monopoly”
- provolone 7y agoHardly. The alternative would be a repeal of legal tender laws. This would allow consumers & businesses to transact in the currency of their choice.
- kennywinker 7y ago“The alternative would be a repeal of laws establishing police, allowing consumers & businesses to choose between law enforcement providers.” Look I’m not saying you can’t criticize the existence of the fed, but calling them a “government enforced monopoly” is inane. They are a _part_ of the government.
- provolone 7y agoIf using a given telephone company were mandated by the government, it would be by definition a government enforced monopoly. Similarly, legal tender laws force businesses to accept USD to settle all debts. From this point, Gresham's law also plays a role. There is a long history of private policing in the United States. The Federal Reserve Bank is not owned by the government. It is considered a public private partnership. https://en.wikipedia.org/wiki/Private_police_in_the_United_States https://en.wikipedia.org/wiki/Private_police_in_the_United_S... https://mises.org/wire/private-policing-isnt-fantasy https://mises.org/wire/private-policing-isnt-fantasy https://en.wikipedia.org/wiki/Gresham%27s_law https://en.wikipedia.org/wiki/Gresham%27s_law