The free market has always been at odds with the communist central banking idea. Central banking is one of the most tyrannical systems to ever be used in the modern world. The idea of having a monopoly control the money supply is not only morally wrong, but it’s fraudulent in nature. Let’s take a look at nature for a second. There are always competitive factors in all aspects of life. Those factors are inherently important for life to grow and stay out of trouble. Monopolies on the other hand, are given special privileges by government and protected from all competitive factors. This only leads to corruption and fraud as this monopoly is allowed to do anything it chooses. Since monopolies are not motivated by profit alone, their true motivation is to protect and build on their power. The Federal Reserve Bank has become the most corrupt institution the world will ever know. The reason for this is obvious, it doesn’t have competition to keep it in check.
Currency is the means people use to conduct transactions and exchange goods and services. There is no reason that all transactions must be conducted by the same means. However, central banks want this control because they not only take a piece of the transaction, but they can also control all aspects of the transaction. This is where politics and government step in. Governments always want to interfere with the activities and business of people. By building a partnership with the central bank both entities become mutually dependent and work together to control and regulate society through central planning. Sure this idea works great for them, but for the people to have this system forced upon them is immoral. Not only does this system limit personal and business freedom, but it steals from every transaction conducted.
The solution is simple. Put an end to government granted monopolies. Allow any institution to create their own currency. Allow any institution the ability to lend. Competition is the best regulator society has. Just like competition is the best regulator nature has. The free market is the only system that allows people to voluntarily choose what goods and services are best for them. The free market also allows a variety of choices by encouraging competition. If this same principle is applied to currency then inflation would never be a problem. Businesses and people could operate more independently because it would be nearly impossible for government to use central planning. Governments would not be able to burden society by borrowing money from one institution and forcing the people to pay the debt and interest. Another benefit from free market currencies would be that most, if not all, would be backed by hard assets and commodities. Currency would have a value again, and in many cases increase in value depending on supply and demand. Business that sold currency would have to act responsible to protect their assets and their customers’ investments or risk going out of business. This would encourage responsible lending practices and keep interest rates at a true market level. The benefits of a free system are endless. With stronger currencies more opportunities would be available. People would also be able to build their wealth much easier. On a final note there is nothing about freedom that should not be embraced. It is only when people are forced into one system when one becomes a servant. That is why the freedom to choose voluntarily is so vital.
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