I recently posted an article about the importance of alternative currencies. After posting it, I began to think about other alternatives in this day and age. What could be used as a currency if cash and precious metals werent readily available? A currency needs to be portable, divisible, durable, rare, and fungible. What might arise naturally as a currency temporarily or permanently?
There has been a growing movement among the powers that be to get us ready for a cashless society. It has started off with opinion pieces, like one by apostate and Keynesian sociopath Ken Rogoff. They want to see all cash eliminated or hampered with fees. It infuriates them so much that they cant monitor cash transactions and cant steal our money to pay for their failed stimulus programs, bailouts, and inflationing. They also say it would be easy to impose taxes to pay for whatever programs if the government could simply have direct access to your account. How this obviously communist proposal can get mainstream coverage is astounding. The banks are already effectively part of the government, now they want to basically hand over complete control. Why not outright nationalize the entire banking industry and make it a government monopoly? Thats effectively what these terrorists and tyrants are advocating. Now, the Financial Times has come out with a piece arguing for banning the “barbarous relic”, as Keynes referred to gold.
If you want to know how meaningless the spot price of silver is, try to buy some physical silver. The spot price is currently about $14.80. To buy a generic ounce round, youll have to pay $16, an 8.5% premium. 10 and 100oz bars are cheaper (6.8% and 4.9% respectively). When I bought some 10 oz bars a few months ago, the premium was 2.7%. And then we come to my personal favorite: junk silver.
Every now and then, but not as often as I should, I implore followers to “Buy Silver!” This may seem a bit nuts in general, and also has to compete with bitcoin, othercoins, and gold in just libertarianland, let alone the rest of the world. Personally, I think that inflation is the absolute most important issue facing the world, and this should be the biggest concern for libertarians (despite my support for pluralism). Yes, more important than the drug war and the police state. The reason being is that solving inflation solves almost everything else. By not diluting the currency, the economy will be much stronger and people will find they need less authoritarianism, less escapes from reality, and less income from immoral and degenerate sources. A secure currency is the heart of the economy. Would you fill your engine or machine with cheap, diluted oil?