Hemp id as Good as Gold
Keith Broaders Online Professor
 
When money is backed by gold, the amount of money in circulation is determined by the quantity of gold Because gold is a rare commodity, the amount of money a nation has in circulation is scarce. If money is backed by gold, very few people will have enough of it to purchase things/ As a result they are forced to borrow gold-backed money from the bankers.

Man's capacity to earn money depends on his ability to produce things that other people want A man's wealth is determined by how well he uses his time and talent to create things of value.

Since a man's capacity to produce things that other people want is great, the amount of money a nation should be based on its productivity, not it's supply of gold. When money is scarce, people are forced to borrow it to purchase the thing they want.

When men are able to convert their labor into money, they thrive. When dollars are scarce the lenders benefit at the expense of the borrowers.

If our money was backed by hemp, there would be more than enough money for
everyone to enjoy abundance.
Last updated  2021/01/02 05:31:55 PSTHits  4