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|User Info||M1 Multiplier goes BELOW 1.0 - WTF??; entered at 2009-02-06 14:31:07|
@Gen - Completely agree with the private property rights. However, dollars should not be considered the "private property" of the FED, they should not be allowed to charge interest on money they create out of thin air by kiting a check.|
Granted, even in an asset backed monetary system the velocity of money could get very low (hoarding, etc...), but if the money is created without a debt component I don't think the problems would be as severe.
Can someone present a case in which this is not the end result of a debt based monetary system (velocity goes to zero as the created money must be used to service the interest on debt)?