Inspired by Al
Truth is I don't know what style of monetary control Tanzania has.
The sky is the limit but you have to study the banking system just prior to the great depression to understand why you won't get to much ear on the idea of issuers of there own money thing. Also there was similar banking system to what you are discussing here which caused a very similar hyperinflation problem like Mugumbo's got just before our constitution was currently written. Each bank wrote it's own notes. Each State printed it's own cash. It ended up that the paper the money was printed on was worth more that the denomination noted.
Our currency used to be backed by gold but our economy outstripped the available gold so much that basically the Government cut us loose from it in 1973 I think.
After a shaky period in which the Dumbocrats convinced Jimminy Carter that printing more money than the economy needed caused a burst of inflation and in turn because of his other policies the economy stagnated and hence the coined phrase stagflation.
I don't know if you were paying much attention then AL as you were in your early teens but that was very annoying time at the least. If you kind of look around there is a form of the style of banking you are talking about if I am understanding what you are talking about properly. In fact you have just mentioned it in your analogy using Gold as a form of security. Banks are not going to be stupid and just give up a note with out some kind of assurance that the Gold you say you have isn't in fact real. Never less if you got a different kind of note from some-one ie maybe a little scrap of paper that said IOU on it, would you ever be able to collect on it. An unscrupe-yow-lous individual might just say "I didn't write that". We have enough problems from people with a carpetbagger mentality today with the current form of controls that we have. I say this. The system is as loose as it dares to be. No more no less. We have a stable robust economy and WE need to be satisfied with that.
If people want to try something a little different there is a relatively healthy bartering system going on out there.
The reiterate is; mankind has had thousands of years to to try an figure out how to control money. The greatest longest lasting empires were built upon the integrity of there money systems not upon force of arms, and of course I could list a few examples that come to mind of bad money handling old empires.
But I will leave that up to you. You might start with the more barbaric empires from the North pole going south.
The U.S. is so influential because of the stability of our money. Not because of the industriousness of the work force though that helps. So much so that even our enemies value it. Amazing principle ain't it?
I like to say that I am not God but God is me. Well money is not God either but God is money: he owns it !
Our preacher used this analogy. All of the money is God's. 1oo%. He gives it to us to manage. All he asks is for his followers to do is give him 10%. Not a bad deal. That's 90% return on what we started out with; and we started out with with "nothing". Oh I suppose you could say we pay for it in our bodies, but then again who am I to say that. Even my person, myself is not mine. I am the Holy living God of Heaven's to do with as he pleases. What is it to me if I turn into a living wreck or live to be 120 years old. The credit belongs to God.
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