The Alternative Currency of a 19th Century Abolitionist
By Joe Jarvis - May 09, 2017

Have you ever had the dream of starting your own society? What about introducing a new currency? Turns out Bitcoin was far from the first private currency.

Josiah Warren didn’t like the political system, and he didn’t like the economic system, so he started his own little alternative community, with a unique medium of exchange. Warren actually started multiple “anarchist” micro-societies, with varying levels of success. Although he never called himself an anarchist, he believed in individual freedom to the point that he argued government was inherently a violation of rights.

Warren said that when laying out laws and constitutions, governments always present the problem of interpretation. The power of the interpreter of laws becomes unlimited power. Because of this, attempts to fit everyone under one unified umbrella of law and order will inevitably cause schism, disappointment, and resentment.

To be harmonious and successful we must begin anew; we must disconnect, disunite ourselves from all institutions or rise above them.

But how, you ask, can this be, where each is a member of the body politic–where obedience to some law or other is indispensable to the working of the political machine? If every one was the law unto himself, all would be perfect anarchy and confusion. No doubt of this. The error lies further back then you have contemplated. We should be no such thing as a body politic. Each man and woman must be an individual, no member of any body but that of the human family. Blackstone says, “It is the wants and the fears of the individuals which make them come together,” and form society.

In other words, it is for interchange of mutual assistance, and for security of person or property, that society is originally formed. Now if neither of these objects has ever been attained in society, we have no reason for keeping up a body politic…

With regard to security, we see that in the wide range of the world’s bloody history, there is not any one horrid feature so frightful, so appalling as the recklessness, the cold-blooded indifference with which laws and governments have sacrificed person or property in their wanton, their criminal, or ignorant pursuit of some blind passage or unsubstantial phantom of the imagination.

Governments have failed in their expressed purpose, so why bother preserving that failure? After all, people will voluntarily come together when they need mutual assistance, which is supposedly the entire point of government anyway.

Before the Civil War, many prominent abolitionists were basically total anarchists, because they saw the injustice perpetrated by the government on the black slaves.

Frederick Douglass spoke about slavery in a way that is impossible not to draw parallels between government citizens and slaves.

To make a contented slave, you must make a thoughtless one. It is necessary to darken his moral and mental vision, and, as far as possible, to annihilate his power of reason. He must be able to detect no inconsistencies in slavery. The man that takes his earnings, must be able to convince him that he has a perfect right to do so. It must not depend upon mere force; the slave must know no Higher Law than his master’s will.

And many people do repeat like sheep, “Because it’s the law!” without ever analyzing whether such laws are just and moral. Henry David Thoreau argued that the moral thing to do is break unjust laws and make an effort to pay as little taxes as possible, lest one be a party to injustice.

If the injustice is part of the necessary friction of government, let it go, let it go; perchance it will wear smooth,-certainly the machine will wear out… but if it is of such a nature that it requires you to be the agent of injustice to another, then, I say break the law. Let your life be a counter-friction to stop the machine. What I have to do is see, at any rate, that I do not lend myself to the wrong which I condemn.

Lysander Spooner, another 19th-century anarchist, perfectly summed up the blaring inconsistency of government policy just after the Civil War:

There was no difference of principle—but only of degree—between the slavery they boast they have abolished, and the slavery they were fighting to preserve; for all restraints upon men’s natural liberty, not necessary for the simple maintenance of justice, are of the nature of slavery, and differ from each other only in degree.

Lysander Spooner actually started a service to deliver mail to compete with the U.S. Postal Service.

Likewise, Josiah Warren was not simply satisfied with criticizing the government; he invented ways to compete with the government. One of his ideas was an attempt to wrest the control of money away from government power. His ideas for currency were aligned with the value of labor.

Time Stores

In 1827 Warren introduced his own currency called a labor note, linked to a “Time Store” he set up. The idea behind the time store was that one should charge an amount for goods based on their labor in bringing the goods to market, versus supply and demand.

Clearly, this only really works for goods in sufficient supply. He bought flour, for instance, and charged customers the price he paid, plus a fee for the amount of time it took him to purchase the flour, store it, and bag it to sell to the customer. In turn, the customer would agree to trade their labor for the same amount of hours or minutes. So if the total cost for Warren to supply them with a pound of flour was ten cents and an hour, then the customer owed Warren ten cents and an hour of, say, sewing or wood splitting.

It was a slightly more advanced form of barter. But in a sense, it was also too simplistic. Warren asks, why should someone get a large sum for digging up gold when the labor is the same to dig a ditch? He failed to take into account the scarcity of the resource. Prices rise as goods with a limited supply become in comparably higher demand.

At one point, Warren even refused to sell his entire supply of grain to a speculator, because he wanted to be able to sell smaller amounts of grain to whoever needed it. Even when the businessman offered him more than just the cost of Warren’s labor for the grain, he still refused.

The Time Store did seem to be successful, however. Warren was able to keep it running, and the customers loved it because they could get goods for a better price. Then the labor notes could be traded so that if Warren didn’t need an hour of sewing, but a lumberjack did, Warren could get the labor from the lumberjack in exchange for the sewing labor.

Of course, the internet makes Warren’s ideas about human capital more viable. A website called allows users to offer their services in exchange for others’ services. Like the Time Store, if you provide a service, but aren’t interested in the services of your customer, you can earn Simbi credits instead, and spend these elsewhere. Services offered range from marketing help, athletic coaching, recipes, training to create products out of shopping bags, logo creation, relationship advice, and so much more. There are reviews, stats, and badges to help you know who is best to work with.

But Simbi is far from the only bartering service on the web. This MoneyCrashers article highlights 34 different web platforms for trading vacation accommodations, rides, clothing, children’s toys, books, and more.

Utopian Societies

Josiah Warren wanted to create a Utopian society. While he never fully succeeded in creating the perfect society, let alone separating one from the United States, his writing, and experiments in governance has influenced the efforts to create a more fair and just society.

Warren’s Time Stores didn’t stand the test of time, nor did his mini-societies which fell victim to land speculation. But his ideas have stood the test of time, and likely influenced others who came after him, like Lysander Spooner and Henry David Thoreau.

His contributions are little known and oft overlooked by those who fight for freedom. But he offers a unique perspective that differs from the typical libertarian or anarchist thinking. I certainly don’t agree with all he wrote, but his perspective offers an interesting challenge to entrenched beliefs about the market and serves as a churn to test their validity.

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Biggest Currency Reboot in 100 Years?
In less than 3 months, the biggest reboot to the U.S. dollar in 100 years could sweep America.
It has to do with a quiet potential government agreement you’ve never heard about.

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  • DonRL

    Mutual assistance is not the prime function of government. Government’s prime function is to provide of the safety of citizens and a seat of justice. The foundation of government is capital punishment. Those who provide for the safety of citizens and a seat of justice must have possession of the greatest deterrent to those who would be destructive or criminal. If govenment does not possess this deterrent criminals will. Criminal would then rule and oppress for their own ends. Thus the misuse of government is also defined.

    • Aristaeus
      • DonRL

        This is why we must consider carefully who we elect to represent us in government. We should only elect moral and upright men to represent us who will serve in a benevolent and righteous manner, but how can we do so when we are not so and we do not even recognize who is or is not.

        • Aristaeus

          Good question.

          • They are the WRONG questions! They presuppose that governMENT is the only possible form of governANCE.

            Government is only one possible form of Governance. Conflating the two demonizes the use of NON-government, free market solutions.


        • Dimitri Ledkovsky

          We’re yearning for a return to the Garden of Eden. While people are busy with this return those that have embraced evil as a modus vivendi are in charge. As products of nature with the unique capacity for reasoning, empathy and higher forms of communication we should be charging ourselves with the task of moral action (following the Golden Rule). But government over the past 500 years has made a concerted effort to blind people to what is good for them and their community. The fair exchange of human labor value is one of the core issues that has been intentionally beclouded. This immoral and evil strategy has ended up with the current enslavement of almost every human on the planet. If that ain’t a problem then what is?

          • DonRL

            God intended government for our good. By government we could participate in the development and maintenance of safety and justice. Since we are sinful – not perfect and having a penchant for evil and selfishness we corrupt and misuse all that God has intended for our good. We can strive for and seek the betterment of ourselves and others but we will fail in having the perfect society.
            When Jesus return He will establish a perfect environment and government, but, alas, we being sinful will not like it because we will be hindered in fulfilling our lusts. We will again rebel and require God to intervene with judgment once again. Then He will establish a perfect society.
            Until then we must seek to follow God’s laws as best He enables us to.

        • Orthodeb

          You cannot elect who you want sir. The elite ALWAYS for all of history have controlled who gets elected by controlling both parties. It is an illusion of choice. They also fund both sides of all of these orchestrated wars. I would expect a more awakened audience here.

          • DonRL

            Do you assume that we have to vote for the elite candidate?

          • Orthodeb

            No, I’m saying that candidates like the ones you’d want to
            vote for never are allowed to be viable candidates because the system is rigged. You might get one or two elected, but never a majority. Even election machines are rigged: I wrote in the only candidate deserving of the vote for president, Ron Paul, even though he was not on the ballot or eligible for write-in because as long as people continue to believe that we have anything remotely resembling a democracy, you will continue to get crooks to select from every election. What is it seriously going to take for people to wake up and do something to save themselves? Why so much trust in a system that was rigged from the start? Presidents and members of Congress since Andrew Jackson have tried to warn people of the shadow government. Countless whistleblowers risk their reputations, careers, and lives to wake people up, and still people believe the junk they see on TV.

            Here’s two things you should watch:



            Then tell me that we should simply elect some good guys.

          • DonRL

            So then what is your alternative? Don’t vote?
            The what?

          • Orthodeb

            Yep. Regain control of money en mass. Put that money into the things you want instead of the crap that is forced down our throats. It’s called a revolution. Collective civil disobedience. Most people do not understand that if 5% of the world saved just $2/day in Karatbars gold money, it would shift $21.6 billion/month away from the elite. The network is growing, but it needs to grow faster. These elite control everything. Our health, our food, our energy. You can only vote with your money, and our current money has no worth. Only 1% of the world owns physical gold. Now the masses can afford to acquire it and use it in this global gold payment system when these elite decide to freeze the banks, eliminate cash, and have complete control of all monetary transactions. Meanwhile the masses will be trying to vote in people to fix it or worse they’ll be destitute or dead. I am amazed at how the public has bought this crap for centuries all over the world. People need to watch the links I’ve posted in other comments. EVERYTHING on mainstream news is orchestrated. Even when they pretend like they are going after the bad guys. It is an illusion that someone is trying to fix things. People are indoctrinated into the system at various levels on a need to know basis. But the final agenda is ALWAYS controlled at the top.

  • Orthodeb

    The main reason his idea didn’t work was because he couldn’t do it on a global scale with an alternate currency that can be used for big projects and has far superior value to fiat currency. Things like Simbi are great and can save money used for small scale services, but cannot be used if you want to build a $10 million factory to mass produce free energy generators. People are also still very skeptical of anything all digital. Most elderly people will never use BitCoin because it’s too confusing and there is only like $5 billion worth of BitCoin in the whole world at this time. Well, there exists the perfect global alternative payment system, and for obvious reasons it is being introduced by word of mouth only. Please check out this video overview and join our revolution using this global gold payment system:

    • Dimitri Ledkovsky

      That youtube should make somebody’s scam review list.

      • Orthodeb

        On what basis? We offer 999.9 pure currency grade gold
        bullion bars from ONLY LBMA accredited refineries which means that it is on the London Good Delivery list which means it will be accepted world wide for the payments of debt. We are the ONLY system in the world which offers transaction friendly denominations of 0.1 g, 0.2 g, 0.4 g, 0.6g, 1 g, 2.5 g, and 5 g with an associated payment app such that transactions can be made in both physical gold AND account to account transfers. There are several layers of security features in CashGold and all Karatbars have DNA technology for authenticity. There are no other gold products with these features in the world. Accounts are FREE and never any obligations. You can save as much Karatbars gold as you want and you may optionally earn commissions if you share the opportunity with others who choose to exchange their failing fiat currency for an asset that retains purchasing power. We cannot make this any simpler for people seriously. I try to create videos that are visually appealing and show the scope of what this company is offering the world yet the brainwashed masses still keep hanging on to a debt based system which will soon be all digital and compeletly monitored by the government. Why people continue to go along with this is beyond me? In the past year the number of billionaires who have sequestered more wealth than the lower 50% of the world (3.6 billion people) went from 62 to EIGHT! Apparently you must be one of those billionaires and want the masses to do nothing like deer in headlights. We have 500,000 affiliates in 119 countries. Russia and China are stockpiling gold because they don’t want to trade their resources for
        U.S. phony money. Oh I just now noticed your name. You may be Russian and Karatbars is not offered in your country. Sorry, we offer a solution for once for the masses to acquire gold which can be used if everything crashes. Maybe your country has got your back, but ours doesn’t: I hate when people shout “scam” and have no idea what they are talking about. Gold is money, everything else is debt. It’s been that way for 5,000 years, and the elite know it and the masses don’t. Karatbars is independent of any government control. The Fed is so corrupt, they stole most of Germany’s gold:

        • Casey Phyle

          Your margin is far too high to be real money.

          • Orthodeb

            That’s because you do not understand all that goes into the system. It is a price point that all can afford, and it’s value will be determined by how much is in circulation. The reality is that when there is no more cash, many people will wish they had acquired Karatbars before the “price” to acquire them goes up or the government starts restricting what you can spend your digital money on. That is why Karatbars is accepting BitCoin for exchanges now. The bottom line is that hanging on to US dollars or any fiat currency other than what you need to pay for expenses with a little cushion is not wise, as that money is losing purchasing power by the second. This gold is not a commodity and should not be viewed as such. It is a store of value that can be spent as a means of exchange without having to convert it to anything else. We don’t advertise. That “margin” goes back into affiliates’ pockets as commissions for introducing others to the program. Also, other affiliates will buy your gold at a better price than Karatbars in the unlikely event that you would exchange it for fiat currency. Karatbars offers the buy back as a courtesy, but nobody ever sells it back. Bottom line is that people will accept Karatbars as a means of exchange, and affiliates always get the better deal: We’ve exchanged things for Karatbars with people who are not even affiliates and always get the better deal.

          • This video does a comparison of Karatbar to other, similar products (grams of gold embedded into cards)–and comes to the same conclusion as yours.


    • That is pretty paper (plastic?) “money”. Where have I seen something like that before? Oh, yes! The Liberty Dollar had pretty paper also. Those who held the paper warehouse notes waited a long time before they could redeem them. Those who opted for the coins at least had something of value.

      • Orthodeb

        The gold is in the paper dude. Did you miss that part? The gold is in our hands, and if I need graceries, I sure the heck don’t want to spend a $1200 gold coin on it. People accept Karatabars:

        Here’s the stats on Cashagold:

        As you can see by the video, CashGold is already being distributed to the world. The KaratPay app is in beta testing now and will officially launch June 18 and gold transactions will be possible, but nobody plans to spend their gold until everything crashes PR switches to a cashless all digital government controlled system. But vendors who use KaratPay for customer purchases in fiat currency can offer a percentage in gold back instead of cash back, so customers can acquire gold by shopping. It’s never been done, and people who are slow to catch on will miss out, because this is the best time to be joining Karatbars. We are in the acquisition phase. If you wait until they crash the financial system, it will be too late because most people will lose their savings. If you look at wealth distribution over time, it has been a constant shift to the ultra wealthy. Not EVER has it shifted the other way. Well now it can be done, and those who are already taking advantage of this system are going to be way ahead of those who don’t. Unless you have listened to a full presentation and asked every question you could think of AFTER listening to a presentation, then you don’t know what this is, do not understand the scope and scale, and are dismissing it too early.

          IF there was any mention of embedded gold in that video, then I sure did miss it.

          But now that you have mentioned it, I am definitely intrigued with the idea–and I thank you for posting it. Hopefully you will emphasize the unique feature in future postings, instead of assuming something that is obvious to you but not to others.

  • Dimitri Ledkovsky

    I love the idea of Time Stores but don’t “get it” at all. How is one carpenters 8 hours of labor the same an another carpenter’s 8 hours of labor or the equivalent of a cabinet builder’s 8 hours of labor? Skill levels need to be standardized for equivalency, and this is virtually impossible. Person to person, one time barter arrangements based on a handshake seems to me the only practical way to function outside of a money system. – Bitcoin? Watch it melt down soon.

    • Orthodeb

      I don’t want to be mean, but it appears there is a lot you don’t get like why alternatives are needed in the first place. The control of money is the problem. That’s why most of the world is broke. I came up with the idea for global internet bartering like seven years ago, but didn’t have time to develop it. Now it’s all over the place. Sure you can do business on a handshake, but again how are you going to shift wealth into a $10 million free energy generator factory when the Big Oil industry is spending a fortune to keep such technologies suppressed and he masses too poor to put their money into it? Humans are not smart enough to save themselves. Here’s why:

    • “Skill levels need to be standardized for equivalency, and this is virtually impossible.” –Not only that, but speed, care, accuracy, etc. Not to mention pleasantness, ability to understand (or intuit) the trading partner’s interests or desires. . . . And what of the person who, unlike Orthodeb, not only “comes up with the idea” but actually implements ideas that transform how he or she does things . . . and transforms things so deeply that all of society is changed?

      Is it appropriate to value that cogitational and experimental and refining time the same as one values the time someone who cuts the grass spends cutting grass? What if the person who cuts the grass uses a pair of scissors . . . or an 18″ mower powered solely by the operator’s brawn? What if the operator of this 18″ mower has the ability and/or inkling only to push the mower with 50 foot-lbs of energy? What if the operator can–and does–exert 100 foot-pounds of energy? . . . What if the operator owns a tractor with the ability to mow a 100″ swath of grass at a pace of 4 miles per hour and will actually guarantee such productivity? . . .

      Point: time itself is an inadequate measure of value if considered by itself.

  • Rosicrucian32

    The Labor note certainly would be an issue in today’s world. How could someone trade a labor note for a forty under the table at the liquor store when you didn’t work for it in the first place……………..

    • Orthodeb

      You can’t, but I’ll bet the liquor store would take a 0.1 g gold bullion CashGold note.

      • A note? Made of paper? I think a silver (or gold) coin of known weight and purity would be more acceptable.

        • Orthodeb

          No the goldmis IN the paper and in the plastic cards. Please watch the video again, and see my other reply to your other comment. Please do not comment with misinformation.

            This video from your earlier posting is the one that I watched. IF there was any mention of embedded gold in that video, then I sure did miss it.

            But now that you have mentioned it, I am definitely intrigued with the idea–and I thank you for posting it.

            Hopefully you will emphasize the unique feature in future postings, instead of assuming something that is obvious to you but not to others.

          • Orthodeb

            Thanks for pointing that out. I did assume people would see the gold bullion embedded in the CashGold and also when I said “Not only does it look like money… It IS money because… GOLD is money.” I guess I thought that was obvious, but since this is such a revolutionary innovation, I guess people’s minds just don’t expect it. This system was designed for the masses, and the biggest obstacle is that most people do not even understand how the financial system works, and those that do are too skeptical and shoot it down before they take the time to see how brilliant it is. I know everything there is to know about this system, and I come up with new ways to use it for shifting wealth into thinhsbwe really need like alternative health and alternative energy. Licensing contracts are free. So a public figure, business, or organization can license a customized 1 gram Karatbars to offer fans, customers, and supporters respectively as a way to introduce the gold saving and wealth building system. Our leader affiliates offer a wealth of free wealth education and free training for those who choose to share Karatbars as a business. I mean what better business than one whose product is money? And it’s better than the money you exchanged for it because it retains its purchasing power. The affiliate option is a great way to be able to acquire your gold for less and sometimes free if you share with a lot of people who start saving gold. The value of Karatbars will obviously be based on how much is in circulation when the day comes where people choose to use it over other forms of currency.

          • Orthodeb

            If you’d like to provide your contact info to learn more, you can do so from this link:

          • Orthodeb

            I’d also like to mention that this is way beyond the idea phase. Karatbars is already on its third edition of 100,000 Pope John Paul II collector Karatbar cards. That means the Vatican which is a licensed partner with Karatbars is responsible for over 200,000 grams of gold acquisitions. That’s about $13M in gold transferred to the masses just from that one 1 gram card.

  • georgesilver

    Government is a parasite which is part of the human cycle. You cannot eliminate it. It is always lurking ready to take advantage to feed from its host until both the host and the parasite die. Then the cycle starts again. The best way to tackle the government parasite is to make yourself somewhat immune from its constant sucking. Its main weapons are 1. convincing people they need it. 2. tax 3. diluting people’s money 4. threat of injury if you overtly try to rid yourself of it.

  • jacob

    All comments to this article hit the mark because they ask or imply the same question: how can a rigged fiat monetary system that legally counterfeits and robs society to control it and enrich the mega wealthy and well connected be overcome. As the general public grows more aware of this once shrouded, seemingly unstoppable theft, I suspect the PTB are busy engineering new means to stay in control. In that respect, some historians have even alleged that most wars were just PTB creations to maintain societal control and wealth extraction. To them, wars were created to destroy social and political organization. Today’s unrestricted immigration is another form of war on resident populations. Regardless of form, societal control and wealth extraction are what modern financial systems are all about. Both aspects are inseparable. It seems we are engaged in a soft war of long standing. Sun Tzu in “The Art of War”: first know your enemy.

    • “PTB” = ??? –Some kind of bank (???)?

      • jacob

        PTB = “powers that be”

  • Danny B

    Starting at the top; all concentrations of wealth attract power-hungry psychopaths. IF GOV were all concentrated at the level of the county, power would be too diffuse to empower the mega-parasites. The founding Fathers were aware of this and severely limited the taxing powers of the Federal GOV. This was specifically to limit the wealth of the central GOV. This would, in turn, limit the attractiveness of central GOV to the mega-parasites.

    BUT, the founding Fathers made a big mistake and, they knew it.

    They were justifiably worried that the Supreme court would always “find” for more federal power. So, here we are with a concentration of power at Tel Aviv on the Potomac.

    The concentration of power and wealth has, of course, resulted in a concentration of corruption. The endless wars for domination have brought the world to the brink of another worldwide war. The rest of the world is NOT happy with the prospects of being offered the ultimatum of servitude to the psychopaths OR destruction.

    The R.O.W. has a solution;
    Chinese debt will reach 510% of GDP y 2020
    The EMs are borrowing money like crazy right now
    China still has $1 trillion in treasuries
    China is spending 1/2 of that pronto to promote silk-road States.
    China and Russia are surrounded by missiles
    A day after China devalued the Yuan, it was attacked in Tianjin (Natural News)
    TBTF banks have enormous exposure to EM debt

    China takes the long view and will choose the lesser of 2 (or more) evils.
    The Chinese hang on every word that Armstrong utters.
    Armstrong made it VERY clear that the “war cycle” is turning WAY up.
    China has purposely allowed their shadow banking sector to run wild.
    China will “helplessly” look on when it’s entire credit system blows all to hell.
    Armstrong will get his revenge on the bankers and crooked judges who threw him in prison.

    When the last crash hit, The Chinese called him to China for consultations. He gave them the game plan.
    Asia will close ranks against Pox Americana. International trade with the West will grind to a halt. Oil included. The frackers can’t keep up. The EROEI in Canada is deplorable.
    We have orbital weapons, not just the “rods of god”. We have a space fleet. The R.O.W must cripple Pox Americana so badly that we can’t go to war in spite of our many spaced-based weapons.
    The signs are evrywhere. Some of the Chinese banks refuse to loan to other banks, etc, etc. Look around and you will see signs of a self-inflicted meltdown.

    • I wish I had some idea of what “R.O.W.,” “EMs,” and “EROEI” meant. . . . And who is “Armstrong”?

      • jacob

        ROW means the “rest of the world.” EM’s are “emerging markets.” EROEI means “energy returned on energy invested,” shorthand for how much net energy one harvests after deducting the energy one must invest to reap that harvest. You can find answers to such questions in the future by typing “acronyms” in the address bar of your search browser. Good luck

      • Danny B

        John, Professor Martin Armstrong and his undergrads created a computer program that did economic forecasting. He had $3 trillion under management. The N.Y. bankers colluded with crooked judges to destroy him. He did SEVEN years of hard time for contempt of court. His program runs 23,000 variables in real time with artificial intelligence.
        His economic forecasting is AMAZINGLY accurate. They made a movie about him but, it can’t be shown in this country. Look at his blog.

    • jacob

      Better to focus on the worldwide conversion of money into “virtual money.” Cash is disappearing fast. Portable wealth is going digital. This has profound consequences. Your adversaries are more formidable than you may realize.

      • Danny B

        I don’t underestimate the power of my adversaries. I CERTAINLY don’t underestimate their stupidity. Once again, “they” are pushing socialism.

        They must turn a blind eye to human nature and march on.
        I doubt that portable wealth can really go digital. There is NOTHING that hasn’t been hacked. Then, there is another consideration. APPL is the largest bond fund. Apple Pay is now the choice for payment and wealth storage. India tried to squeeze money into the banks and instead, it went to electronic storage. All these unintended consequences.
        The oil majors are going broke very quickly.

        (Economica) shows VERY good reason to believe that the prime interest rate is LOCKED into the number/rate of 16—62 year old consumers.
        Japan pretty much proves it.