Argentina will likely go through a hyperinflationary event soon. Our pontiff is an Argentinean. Although he has not even visited his home in the ten years of his reign, I am hoping that this event at a minimum catches his attention.
I believe the Church should condemned fiat currency as a lie and theft of the highest degree. Fiat is a tool for mass slavery of a citizenry by their government.
Nicole Oresme, 1325-1382AD, wrote a treatise on money called 'De Moneta' or 'The Mint'. In it he condemns altering money and profiting from said changes, which is identical to printing fiat. Just read the titles of chapters XV-XVIII.
Can we not say that removing the backing of the USD by gold is exactly what Oresme condemns in chapters VII-XIV?
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VIII On Alterations in Coinage in general
IX Change of Form
X Change of Ratio
XI Change of Name
XII Change of Weight
XIII Change of Material
"""
Money, at its essence, is information, a record or account of good done to one another. Gold was a really good money, as it does not decay, is difficult to fake, is measurable and somewhat divisible, but it does not transport well. To represent gold paper money was used, but gold was the actual money, not the paper. Paper was the currency of the money, the form in which it is exchanged*.
By removing the backing of the dollar, the information of good one does for others ceased to be represented in gold and became instead a fiat, a dictation of the government which only says "I'm worth a dollar". This was and still is a theft of the largest magnitude, an entire nations earnings and savings in the currency robbed of them.
This grave sin was orders of magnitude worse than what only might have been committed by the inspiration of Oresme's treatise, a French king who inquired with Oresme about the ethical nature of modifying the money of his subjects. He might have stolen a small portion of the money from his people, but our governments today have stolen much more.
In addition to this, the governments now allow local banks to commit similar theft worse than usury in the form of fractional reserve lending. This further multiplies the available currency another order of magnitude, and possibly more than one after it compounds, and further robs the citizens of their former wealth.
We ought to implore the Church to condemn fiat currencies and fractional reserve lending as fraudulent, a grave sin committed upon a people.
In the meantime, a solution must be pursued, which I believe to be Bitcoin. It is not a fiat currency, because it relies not on an authority to lend value to it, but derives it's value directly from a society's desire for it. It is very difficult to create, highly liquid and divisible, has no decay, and will maintain its value.
The De Moneta of Nicholas Oresme and English Mint Documents, PDF and epub here:
https://mises.org/library/de-moneta-nicholas-oresme-and-english-mint-documents
*Along this line, #BTCLN is the currency of #BTC. It is backed 1:1 and thus good. This not to condemn representative currency, just debasing it or altering the form.
#Catholic #Christian #fiat #Bitcoin #argentina #popeFrancis #CB #lightningNetwork