I propose that it would be superior to fix the currency system and replace it with something honest. Open-source rules that are clear and simple and available to all for viewing.
While some people have proposed eliminating currency altogether, I think that completely eliminating currency would result in:
1) a lot of problems in the transition period
2) a lot of human behavior problems in the post-scarcity period
3) How does one eliminate currency without slipping into communism, which doesn't work?
I propose that fixing the currency system is easier to implement than eliminating it entirely. Currency is nothing but tokens, representations of value. An honest currency system has not been tried in our lifetime! We have no frame of reference for what it would be like to earn a little bit of money and have it keep its value forever.
The major problems with currency are like this:
DEBT BASED CURRENCY:
All "money" currently in circulation is debt. Federal Reserve Notes (FRN) are purchased by the government from a private bank called the federal reserve. The supreme court (united states vs gonzalez) decided that the federal reserve is a privately owned bank in 1983. So when the govt needs to enter more money into circulation, even though they have the legal authority to issue it (scrip) straight out of the treasury, or to mint it through the bureau of printing and engraving, instead they go to this private bank and take out a loan. The loan has interest attached to it. That money enters circulation, and the debt runs.
This is problematic for several reasons. First of all, it's unnecessary debt. The govt gave away their power to print money to someone else (they are authorized to print money but not to give the power away) and then they go into debt to receive something that they gave away in the first place.
Second of all, that means that whatever value enters circulation, then that means an equal amount of debt plus interest. (.6%)
What does this mean?
It means the US govt owes more money than is in circulation. They owe over 100% of the money in circulation. This is why it is said that the currency of the USA is "DEBT BASED CURRENCY"
FRACTIONAL RESERVE LENDING:
The above is bad enough. But now hear this: You give bank $100. They have $100 on the books now. Under fractional reserve lending, they are legally able to CREATE money out of nothing based on their holdings.
If a new person comes in and wants a loan, they are able to create new money (debt) at a 9:1 ratio. This is confusing, but it means from the original $100, they are able to lend out $90 of it, earning interest on that 90$, while at the same time telling the original investor that their entire 100$ is still in the bank.
If that guy who took the loan for 90$ goes and puts it in another bank, that bank can also make more loans at the same 9:1 ratio. Meaning they can loan out $81 dollars while still telling the guy they have the original $90 still on the books. If the guy who took out the loan for $81 dollars wants to put that in a new bank, the new bank can loan $73 while still telling him they have the original $81 on the books.
If you continue these loans until the amount is too low to loan, then from that original $100 dollar investment, the bankers can spawn almost $1,000 in new currency. The problem is, all of this new currency is in the form of a loan to a bank. It's $900 of new debt entering the economy on a $100 real money investment. They loaned out money they never had and are collecting interest on it!
And this is separate from the fact that ALL the currency is backed by debt, as shown in the first section. These two issues COMPOUND each other.
Fiat is latin for "Let it be" and "Fiat Lux" means "Let there be light". In the world of currency, Fiat currency is called such because it is designated currency by an authority, not because it has an intrinsic value. When items have an intrinsic value, they are not a FIAT currency. Fiat currencies are entered into circulation by an authority, not by nature.
Fiat currencies are not always bad, but they have the potential to become bad, because they are synthetic and made by man. Therefore the rules which govern them are obviously subject to the appetites of man. You can make any rule you want and add it to a fiat currency.
In the USA, the constitution requires the government to use gold and silver. However, the government of previous generations (before any of us were alive) didn't follow this and created a situation where the economy was inflated with fiat scrip. Due to the presence of so much scrip, the economy can probably never go back to the way it used to be. It has been artificially inflated way too high and the correction would be egregious.
Most modern thinkers agree that the best way to handle the fiat currency situation is not to enforce the old ways, but learn the lessons from them instead. Study the Tallystick system, perhaps the most famous currency system of the ancient world, wherein the King took boughs of wood and carved unique lines into them. Then, he split the bough in half and kept one side in his castle while entering the opposing side into circulation among the people. Pretty good so far, right?
The final step was to make the king's taxes payable in the tallystick. You could discharge your monetary duty to the king by simply giving him a stick (which had originated with him). This instantly made the sticks very valuable and people accepted them as currency overnight. No gold necessary - just a stick. The tallystick system flourished for over 700 years.
1) Obviously the biggest problem is that the federal reserve met on christmas eve 1913 without a quorum present in senate and passed their unlawful charter. Since then americans have not owned their money, but instead they borrow it from a private bank and they pay interest for the privilege of using currency. Seeing as how the Divine Creator as well as the United States Constitution allows for the government of the people to handle this themselves, there is really no reason to rely on a "for profit" bank to provide this service.
2) The second biggest problem is that the currency doesn't hold its value and is debt-based. This is by design. It's annoying, because, let's say you work 8 hours and you can buy 8 sandwiches as a result. However, you stick that money under your mattress for 6 months, and suddenly you can only buy 7 sandwiches with that money. If you wait years, you might only be able to buy 4 sandwiches instead of the original 8. That's pretty jacked up, because the number of hours you worked to earn that purchasing power didn't change. You worked the number of hours necessary to purchase 8 sandwiches! You don't get your time back when inflation strikes...
It's actually really easy to keep a currency at the same value. Silver has kept identical purchasing power for the last 100 years. You could buy the same amount of sandwiches with a silver quarter in 1925 as you can today. The only thing that changes is the value of silver in FRNs. The value of silver is not changing - the value of the FRN is. Crazy, right?
I don't recommend going to a global standard of metals for exchange, but the lessons that can be learned there are invaluable. They prove it's possible to keep purchasing power identical for 100+ years.
And the currency needs to go back into the hands of the people's government. Eliminate the private banks from government entirely.
3) Eliminate Usury from the issuance of currency entirely. THIS ALONE WOULD BE LIKE GIVING THE WORLD TRILLIONS OF DOLLARS
There is a lot more but this post is getting a bit long. Basically the problem is not money, but the fact that the money has been completely corrupted and used as a weapon.
As you can see here, the entire currency system is set up from top to bottom to steal from people.
Fixing the inherent theft is the superior path.
How can I learn more?
Here's a great documentary that explains the situation in a clear factual manner that you can rely on. It is phrased in such a way where you could explain to a banker, using his own terms, why the system is dishonest.
Get educated and may God bless each and every one of you.