As it is that unfortunately for over two centuries the world especially the United states has been infected with the disses of Hamilton's Capitalism, and in result of his poison...we have also become subjugated by the world banking system....and therefore are unable to pull our selves out from under this mammoth mountain of granite....I suggest that if we cannot rid our selves from the fever of Banks...then we should at least attempt at choosing a system which is of the lesser evil....and adapt the Banking system which is the most incorruptible and the least influenced by the state....such a system is the '' Free Banking System '':


-FREE BANKING

Free banking refers to a monetary arrangement in which banks are subject to no special regulations beyond those applicable to most enterprises, and in which they also are free to issue their own paper currency (banknotes). In a free banking system, market forces control the supply of total quantity of banknotes and deposits that can be supported by any given stock of cash reserves, where such reserves consist either of a scarce commodity (such as gold) or of an artificially limited stock of "fiat" money issued by a central bank. In the strictest versions of free banking, however, there either is no role at all for a central bank, or the supply of central bank money is supposed to be permanently "frozen." There is, therefore, no agency capable of serving as a "lender of last resort" in the usually understood sense of the term. Nor is there any government insurance of banknotes or bank deposit accounts. Supporters include Fred Foldvary,[1] David D. Friedman,[2] Friedrich Hayek,[3] George Selgin,[4] Lawrence H. White.[5] Steven Horwitz,[6] and Richard Timberlake.[7]

The free banking movement got its modern start in 1977 with The Denationalization of Money, by economist Friedrich Hayek, who advocated that national governments stop claiming a monopoly on the issuing of currency, and allow private issuers like banks to voluntarily compete to do so. According to Hayek, instead of a national government issuing a specific currency, use of which is imposed on all members of its economy by force in the form of legal tender laws, private businesses should be allowed to issue their own forms of money, deciding how to do so on their own.

Hayek advocates a system of private currency in which financial institutions create currencies that compete for acceptance.[5] Stability in value is presumed be the decisive factor for acceptance. Hayek makes the assumption that competition will favor currencies with the greatest stability in value since a devalued currency hurts creditors, and an upward-revalued currency hurts debtors.[6] Hence users would choose the moneys which they expected to offer a mutually acceptable intersection between depreciation and appreciation. Hayek suggests that institutions may find through experimentation that an extensive basket of commodities forms the ideal monetary base. Institutions would issue and regulate their currency primarily through loan-making, and secondarily through currency buying and selling activities. It is postulated that the financial press would report daily information on whether institutions are managing their currencies within a previously-defined tolerance. Hayek's effort has been cited by economists George Selgin, Richard Timberlake, and Lawrence White.

As I have pointed out the most important issue here is to prevent any single group rather it be a private entity or the state from gaining any real and complete control over the economy and capital...so...as I have said I think our best choice would be to revert to the Free Banking system...this way neither the state or any other single body would be able to monopolise the currency and consequently will not be able to claim total control over the economy and capital.

-Darius Radmanesh