134 lines
5.8 KiB
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134 lines
5.8 KiB
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From fork-admin@xent.com Sun Sep 22 23:59:00 2002
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From: "John Hall" <johnhall@evergo.net>
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To: "FoRK" <fork@spamassassin.taint.org>
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Subject: Colonial Script ...
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Date: Sun, 22 Sep 2002 15:32:34 -0700
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Oh, they were plenty upset about the tea taxes.
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But the crack down on colonial script certainly screwed over the
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American Colonies. And, BTW, England as well.
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Dear Ben Franklin was right for the wrong reasons. First of all the
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colonies were not prosperous compared to England proper. Second, the
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issuance of colonial script had nothing to do with full employeement.
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(In fact, it is almost inconceivable he would make that claim. It
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sounds like a modern Keynsian was creating an urban legend.)
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OTOH the lack of sufficient circulating monetary instruments was
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economically crippling. Imagine trying to buy your supplies by offering
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IOUs on your own name -- and then trying to market / exchange the paper
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as the merchant who took the IOU.
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===========================
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The most common problem in the world is when a government prints too
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much money. The effects are a complete disaster. There are a lot of
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incentives that push governments into doing this even though it is
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incredibly stupid.
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So almost all the literature talks about that.
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But you can ALSO screw an economy over by taking all the money out of
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circulation. The fundamental cause of the American Great Depression was
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exactly this, courtesy of the Federal Reserve Board.
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I don't think shifting the power to print money to the bank of Canada
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had much effect. And Canada is still a prosperous country.
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> -----Original Message-----
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> From: fork-admin@xent.com [mailto:fork-admin@xent.com] On Behalf Of
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Gary
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> Lawrence Murphy
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> Sent: Saturday, September 21, 2002 7:31 AM
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> To: Mr. FoRK
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> Cc: fork@spamassassin.taint.org
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> Subject: Re: sed /s/United States/Roman Empire/g
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>
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> >>>>> "f" == fork list <Mr.> writes:
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>
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> f> "Free trade and free markets have proven their ability to lift
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> f> whole societies out of poverty" I'm not a
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> f> socio-political/history buff - does anybody have some clear
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> f> examples?
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>
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> China? Ooops, no wait, scratch that.
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>
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> There is one counter example that I can think of, but it may not be
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> precisely "free trade/markets" -- when Ben Franklin first visited
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> England he was asked why the colonies were so prosperous. Ben
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> explained that they used "Colonial Script", a kind of barter-dollar,
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> and increasing the supply of script ensured complete employment. The
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> British bankers were furious and immediately lobbied parliament to
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> clamp down on the practice. Within a few years, the colonies were
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> rife with unemployment and poverty just like the rest of the Empire.
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>
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> According to questionable literature handed out by a fringe political
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> party here in Canada, the Founding Fathers had no real complaint about
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> tea taxes, it was the banning of colonial script they were
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> protesting. If this is true, then it comes right back to the forces
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> that killed Ned Ludd's followers as to why popular opinion believes
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> they were protesting a tea tax. The same pamphlet claimed that Canada
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> was also a prosperous nation until, by an act of parliament in the
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> late-50's or early 60's, the right to print money was removed from the
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> juristiction of parliament and handed over to the Bank of Canada.
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>
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> I've wondered about all this. Certainly the timeline of the collapse
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> of the Canadian economy fits the profile, but there are oodles of
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> other causes (for example, spending money like we had 300M people when
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> we only had 20M) Anyone have any further information on this?
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>
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> --
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> Gary Lawrence Murphy - garym@teledyn.com - TeleDynamics Communications
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> - blog: http://www.auracom.com/~teledyn - biz: http://teledyn.com/ -
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> "Computers are useless. They can only give you answers." (Picasso)
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