Why we must have a free market in money

This video shows some very wrong statements coming from the guy supposedly in charge of our monetary system. Whether he makes these misstatements due to incompetence or because he believed that lying would improve the situation is beside the point. He was wrong, and so everyone who relies on the system he "runs" got screwed.

The cliched phrase "don't put all your eggs in one basket" is very apropos here. By having only one monetary system in use, people have no choice but to stick with it. That means not only do they continue to get screwed, but the people running the system don't get the feedback they need to fix what ails it. That's the core reason why competition is good - it generates the necessary feedback that each system needs.

We here at Shire Silver are all for competition. Other people trying to create alternative monetary systems is a good thing. If they do a better job, then people will switch to their system; giving us the impetus to improve our product(s).

Another problem with monopoly systems like the Federal Reserve is that even if the system could work, you will eventually get a moron running it. Whether the incompetent person is appointed because he's politically connected or just good at lying, he'll do great harm.

Bubbles like the housing one we just experienced are much less likely to occur if there are competitors. There would be more proper market regulation occurring, instead of the improper political regulation.

For this and many more reasons, we join the call to not only audit, but end the fed.