You have to list your policies and pitch them to a normie. What do you say?

submitted by NeoRail from (self.debatealtright)

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[–]MarkimusNational Socialist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

Can you clarify a couple of things for me? Should I assume that a labour-backed currency would work with single-use banknotes, so that each labour hour can only be redeemed once? If you are familiar with Richard Wolff's work, is it like labour credits that you can "use up" or do these notes remain in circulation? If they remain in circulation, would that not cause inflation, since you would presumably need to print more banknotes to match each hour of labour?

Ok I read about it again. When Hitler did the infrastructure projects he issued the MEFO bills (Labour Treasury Certificates) which were 1:1 with Reichsmarks, they could exchange them for a reichsmark and it would be a 1 time use thing like you said. So it wasn't printing new money it was just making 1 billion reichsmarks that were dormant and getting them active in the economy again. Increasing the velocity of the currency rather than the total amount.

[–]NeoRail[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

So they didn't print any money at all? Just inject inactive money stuck at banks etc. back into circulation?

[–]MarkimusNational Socialist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Yeah for the public works program. They could be swapped with any of the banks for reichsmarks, then the banks swapped them with the Reichsbank to get their money back and the finance ministry paid the Reichsbank back over time from taxes from the new economic activity created.

Outside of the battling unemployment public works stuff I don't know though, they probably did print new money at some point.

[–]NeoRail[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Alright. Thanks for the information.