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http://edition.cnn.com/2014/07/02/business/is-a-cashless-society-on-the-cards/index.html?iid=article_sidebar An interesting article about the decline of paper currency in civilized society. One can surmise that the absolute end of physical paper/metal currency is not far off. The technology is now ubiquitous and the advantages are palpable. As I discussed in an earlier post, this has wider economic implications as it is the first step in greatly reducing or even eliminating a government's ability to harm anybody with currency inflation. If nobody actually carries any physical currency,

When discussing money, isn't it correct to say, "Money is (or should be) a form of property obtained by an individual for the purpose of exchange and as a store of value."? Isn't money private property and once in possession of this kind of property, anyone can buy anything, anywhere as long as there is someone on the other side of the exchange who is willing to accept the buyer's property, the buyer's money? And like any property, shouldn't the individual protect it from being taken? Within the context of the proper function of government, shouldn't government enforce this protection? I

From the article (emphasis mine): "Usually when you find the model this far off, you've probably got something wrong with the model, not that the world has changed," he said. "Inflation does not appear to be monetary base driven," he said." Well well now. Welcome back to Earth, Art. Hopefully more Republican thinkers will follow him and drop the "runaway inflation" scare tactics, and maybe foster a new direction for that Party that's based on evidence and reason. Maybe. Here's to hoping.

Before seeing the ridiculous regulatory board, I came across this very interesting article. While noting the Fed has done little to help 'unemployment' (Even if this is a good way to measure the health of the economy) he still seems to feel like the Fed has supernatural powers to just save the economy. Very unsettling for an advocate of liberty. http://www.washingtonpost.com/business/economy/federal-reserve-to-disclose-more-details-on-plans-for-low-interest-rates/2012/01/23/gIQAp2BHMQ_story.html

There is a new internet pyramid scheme called MMM-2011. The website is e-mmm.com and it is appears to be completely in Russian with no English option. I know Russian so I could read it. Here it is in a nutshell. People deposit money expecting a return of 20% to 60% percent per year. It is working while new members join, since there is a large inflow of money into the system. It is the same thing as a bank, only it is structured as a pyramid, where each person begins to be a new bank branch. The system can grow until it will take all of the people in the world. In 9 month since its