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F R E N D Z of martian
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Bloody hell. Bankers taking the piss again. Magnetic strips will be used
inside notes to determine when it was last deposited in the bank. The
longer you keep it out of the bank, the less it would be worth,
accumulating a 'carry tax'.
Of course, when money is deposited with a bank, they can then create
more than 10x that amount of money, to lend to ppl. Course, this new
money will also have to have a date associated with it, and debtors will
naturally try to deposit this new money as quickly as possible to avoid
the effects of the carry tax, multiplying the money supply by more than
10 again as the banks create new money to lend to ppl.
This might tend to lead to a sustainable hyperinflation, for a while. It
could no longer sustain itself, however, when ppl were no longer willing
to take on new debt. It is a move that seems designed to hasten the end
of capitalism. This is a Bad Thing until we can re-attain the levels of
local food production diversity that we had 100 years ago. Then even if
the global banking system falls, we can still eat. And in the meantime
we won't be spending 30-50% of the price of the produce to pay for the
transport costs.
http://www.wired.com/news/politics/0,1283,32121,00.html
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