# Think Tank > Austrian Economics / Economic Theory >  Debt-Based Money Corrodes Society

## DamianTV

http://www.zerohedge.com/news/2017-0...rrodes-society




> Authored by Brian Maher via The Daily Reckoning,
> 
> We open todays reckoning with a hypothesis:
> 
> _The current monetary system debauches the culture._
> Long-suffering readers are familiar with our diminished regard for paper money.
> 
> Paper money  or digital money nowadays  is the great bogeyman of the boom/bust cycle. It inflates bubbles of every model and make.
> 
> ...


Full article on link.

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## H. E. Panqui

> http://www.zerohedge.com/news/2017-0...rrodes-society
> 
> 
> 
> Full article on link.


...ugh...this article affirms republican-radio-level thinking...quibbling like a republicrat fool about "WHAT" should be used 'as money'...instead of focusing on "WHO" is controlling the volume of money and "WHO" is acquiring any newly-created money in 'the first round of spending,' and "HOW" is this being done (the fraudulent practice of 'deposit creation,' etc..)...ugh....

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## timosman

> ...ugh...this article affirms republican-radio-level thinking...quibbling like a republicrat fool about "WHAT" should be used 'as money'...instead of focusing on "WHO" is controlling the volume of money and "WHO" is acquiring any newly-created money in 'the first round of spending,' and "HOW" is this being done (the fraudulent practice of 'deposit creation,' etc..)...ugh....


We don't want you to think too much. Now shut up and go to work for another day of role playing.

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## Swordsmyth

> ...ugh...this article affirms republican-radio-level thinking...quibbling like a republicrat fool about "WHAT" should be used 'as money'...instead of focusing on "WHO" is controlling the volume of money and "WHO" is acquiring any newly-created money in 'the first round of spending,' and "HOW" is this being done (the fraudulent practice of 'deposit creation,' etc..)...ugh....


You can't teach a child to read until you teach them the alphabet, some people are not as smart as you, they need baby steps.
You have done the equivalent of a college professor decrying a child's book as infantile, I hope it made your ego feel secure for the day.

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## Zippyjuan

> Paper money — or digital money nowadays — is the great bogeyman of the boom/bust cycle. It inflates bubbles of every model and make.


No form of money has been able to avoid the boom bust cycle or bubbles.




> “Fiat-money systems tend to make people insatiable in their quest for ever higher monetary returns on their investments,” Hulsmann notes.


Also true of any monetary system.  Greed is human nature. 




> Ah, but then the 20th century came along with its wars… its social movements… and its cranks…


We were under a gold standard for much of the 20th Century.  Didn't prevent anything.  Including WWI, WWII, and the Great Depression.


"If only we all had gold- life would be perfect!"   You could remove "debt based" from the thread title and still be true. All money does.  It is the nature of people- not what specifically they use for money.

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## heavenlyboy34

> No form of money has been able to avoid the boom bust cycle or bubbles.
> 
> 
> 
> Also true of any monetary system.  Greed is human nature. 
> 
> 
> *
> We were under a gold standard for much of the 20th Century.*  Didn't prevent anything.  Including WWI, WWII, and the Great Depression.
> ...


Not even the State propaganda outlet History Channel will support this silly claim. http://www.history.com/this-day-in-h...-gold-standard

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## Zippyjuan

> Not even the State propaganda outlet History Channel will support this silly claim. http://www.history.com/this-day-in-h...-gold-standard


There was still at least a partial standard until 1971 when Nixon closed the gold window (dollar backed by gold for international trade).   Silver coins were in use until the 1960's.   The History Channel date still covers the Great Depression and WWI. It did not prevent wars, recessions, or bubbles.

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## heavenlyboy34

> There was still at least a partial standard until 1971 when Nixon closed the gold window (dollar backed by gold for international trade).   Silver coins were in use until the 1960's.   The History Channel date still covers the Great Depression and WWI. It did not prevent wars, recessions, or bubbles.


We all here know it was a partial standard, but that's not what you said in the post from you I quoted.

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## H. E. Panqui

> You can't teach a child to read until you teach them the alphabet, some people are not as smart as you, they need baby steps.
> You have done the equivalent of a college professor decrying a child's book as infantile, I hope it made your ego feel secure for the day.




"[child's book author] Brian Maher is the Daily Reckoning's Managing Editor. Before signing on to Agora Financial, he was an independent researcher and writer who covered economics, politics and international affairs. His work has appeared in the Asia Times and other news outlets around the world. He holds a Master’s degree in Defense & Strategic Studies."

...ugh...and please don't compare me to a 'college professor'...especially an economics professor...ime, they tend to be the worst ignoramuse$...truly/fundamentally ignorant, yet confident in their 'knowledge'...ugh...

#peoplewhodon'tunderstandthehideousoriginandnature  ofevenonedollarshouldstfuabouttheilliondollarecono  my

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