Comment on Private currency to generate funds for effective altruism

Sat, 15 Feb 2014 12:45:14 GMT

You would, ultimately, not get paid in other currencies (Monopoly! so other currencies have no value) but in real assets and labor. IE, the issuer would end up owning.. most of the economy in question. The only way that does not get shut down hard is if the currency issuer is de facto the government, regardless of whether they recognize that.

Under Kumhof's scheme, the income substitutes for taxation, so that the percentage of the economy run by the government isn't changed, and should in the long run go down some if I apprehend the system correctly. (No national debt, so no commandeering of resources to pay for that.) It also makes the finance sector of the economy much smaller.

Discuss