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By Thorsten Polleit at LRC:

So, unfortunately, this article ends with a bitter insight: Sound economic reasoning will come to the conclusion that the fiat money scheme – represented and upheld by the banking cartel – contributes, and necessarily so, to income and wealth inequality within society.4 It is one source of widening the gap between the rich and the poor. By all standards, fiat money must be considered socially unjust. The same applies to the collusion between central banks and private banks.

So what is to be done? The solution is straightforward: Establish a free market in money, shut down central banks, dismantle the banking cartel. As Murray Rothbard says: “[A]bolish the Federal Reserve System, and return to the gold standard, to a monetary system where a market-produced metal, such as gold, serves as the standard money, and not paper tickets printed by the Federal Reserve.”5 Perhaps the debate about growing inequality helps to rehabilitate our money system — something economic insights have failed to achieve so far.

There also remains what to do with all the debts – public and private – all based on the fiat. The solution there is simple and legal (and as unlikely to occur as the other suggestions): cancel it and then make future usurious machination illegal. Then there’s punishing certain parties for their crimes against humanity and the invisible hand. A problem is that the “debate” about inequality is really no more than socialists screeching for more of the same while real, affected victims stare at screens.

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To infinity and beyond!

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