If You Have The Ability to Create Your Own Currency, How Can You Ever Be Broke?

[Agnosticsherbet]

38. Where is there a country that bases their currency on the value of labor?

I am not saying it is a bad idea, but I would have to see how that works in practice.

And, yes, you are right about the Federal Reserve printing money. But it still applies. We can no simply print money willy nilly. It will cause massive inflation, which doesn't bother the rich.

Wall street actually imploded in between 2006 and 2008. That almost led to a depression when banks and other lending institutions quit lending.

Wall street and bans are not going away. Banks have been necessary in economies since the middle-ages, about a thousand years before the rise of capitalism. What banks need is better and stricter regulation.

As to the Fed, a national bank of some kind is necessary, as was proved by Andy Jackson. I am not sure that the semi-private government approved bankers on the Fed is the best form of national bank. It is the one we've got and is not likely to go away unless Paul-bots take over and start minting the dollar out of gold, which will happen shortly after pigs fly out of Ron Paul's ancient ass. Libertarians are useless and pretty much powerless (except for those on the Libertarian right who put on tea-party masks). That shows even a few libertarians in Republian sheep clothing can fubar everything.