Dec 28, 16 / Cap 27, 00 06:19 UTC

How ever we decide to make our economy can we just avoid fractional reserve banking?  

All fraction reserve banking does is cause inflation and perpetuate many other Economic dangers.

For those who dont know what im talking about:

Dec 28, 16 / Cap 27, 00 08:39 UTC

100% agree with you.

Dec 28, 16 / Cap 27, 00 09:12 UTC

That's exactly what I proposed in my SBE, a complete transparent system :).

Jan 3, 17 / Aqu 03, 01 01:21 UTC

also agree ...... the issue to resolve is what can replace it that is fairer, honest and more efficient. - Crypto with blockchain has some promise ..transparent,anti inflationary and efficient - add banning of usorious debt.... if debt is allowed at all 1% interest ceiling - add Universal basic income - add a post scarcity society

Unfortunately it would take a few decades to get there and as Asgardia has no income/revenue and certainly not likely to achieve the ability to give UBI to citizens for decades we could make that a long term goal.

Near term we are constrained by economic reality which will probably mandate we use the current world economic system including fractional reserve banking which allows us to incur debt to (hopefully) make progress faster. We cannot fund out of thin air , we do not have products or services to offer yet and to get there it takes investment, we have no tangible assets other than a large community which could act to create wealth ( investment still required) and that is probably a priority.

I do not like fractional reserve banking which is colonisation of the masses by debt slavery for the excessive benefit of the 1% of the 1% but alternative choices are currently very limited. To break free we need something akin to finding and keeping secret the science of eternal youth to soak up the abundent wealth of of the worlds richest although that may not be ethical as sharing appears to be an Asgardian basic philosophy. We could look at financial revolution..the eradication of money but with nothing more efficient that is obvious or proven(crypto is still "money" as its current value is based on its convertability to fiat and what that fiat can buy but I like it better than fiat). ....however we do not have any leverage in that endeavour. An interesting field to explore is time based currency "Time banking Time banking is a pattern of reciprocal service exchange that uses units of time as currency. It is an example of a complementary monetary system. A time bank, also known as a service exchange, is a community that practices time banking. The unit of currency, always valued at an hour's worth of any person's labor," but with robotics and AI removing the need for human labor I am not sure that it will continue to be relevant in its original format.

  • Resouce based economics is also interesting but as we have no tradeable resources yet and to get them we will need to borrow for investment ( from banks ...ugh!)

So for now we are tied to the banking system and thats just they way "they" want it. ideas to break free are really.. really welcome lol

links debt slavery Oct 2016 zero hedge

fractional reserve banking
Sprott money 1 yr 1 and 2 as well to get a fuller picture

  Last edited by:  Gary Baltao (Asgardian)  on Jan 3, 17 / Aqu 03, 01 01:29 UTC, Total number of edits: 1 time