In this article I hope to elaborate upon concepts that I’ve written about previously with a deeper explanation and more clarity. I will examine my own previous thoughts, reflections, and perceptions of the reaction I have received so far.
This is the third revision of a concept I thought of mid 2011, and I have deliberately altered the name and replaced the word copper with de-centralised. My reasoning is two-fold. Firstly, I’m in danger of being called a ‘copper bug’, and although I’m a fan of the working man’s red metal, my favourite metal by far is silver . All my spare cash is ploughed into the most precious metal of them all – silver. Secondly, I wish to focus on the de-centralised nature of the currency system I propose.
When I first elaborated upon monetary metal I realised that England was an extremely silver-poor nation and I began to panic a little. The entire world will return to commodity currencies as the global fiats collapse or hyper-inflate, and there I was/am on a smallish island with relatively little precious metal to barter with.
After reading more about the currency cycle switch, and also about the fact that bronze coins have often been utilised as a medium-of-exchange for small items, I began to develop a little hope. After all, practically all the coins in England contain copper and nickel and although the outer world would not want such currency, these coins could serve as a means to grow and develop an internal free economy. If we are savvy enough, silver would flow in as we exported and so it was/is important to commence trade amongst ourselves using a currency we could resonate with.
Copper and nickel coins, although not rare and ‘precious’, are useful, tangible, and easily recognised. It is important that people have faith in their currency, and as the coins I propose using are minted officially, people would not waste time ‘verifying their metal’. The dates and other markings help to identify the metal content and weight.
Copper and nickel are semi-precious metals in my most humble opinion, and I believe the number of people that agree with me will grow exponentially over the next few months and years.
As some DTOM readers are aware I like the British Constitutional Group for their education regarding Magna Carta 1215 etc. Unlike our American cousins, many English are oblivious to the fact they actually have constitutional laws. Due to having respect for their work, I decided I wanted to accommodate their ‘L’ currency with my own ideas. I figured a debt-free fiat and a debt-free tangible would at least give the public a choice.
Although I believed, and still believe, that digital ‘L’ has very little chance of working, and I scratched my head in puzzlement as I listened to the BCG talk with enthusiasm about the concept, I reasoned it was important to get them on board with a debt-free tangible. I contacted the CEO of ‘the green light’, and debated many times about decentralised and debt-free currencies.
Ad-hominem implies judging the person delivering the message over the message itself. For example dragging up someone’s history or suspect character rather than answering the question they asked, or speech they gave. I used this concept of ad-hominem after examining ‘L’. Although I believe the BCG is sincere, and I do actually thank them for raising the knowledge of the constitution, I will never accept the theory that the world will accept digital ‘L’.
I told them this directly; I cut no bones about my aversion to ‘L’ and explained why it will not work. I ask anyone reading this to provide me an example in history when the public accepted another fiat currency after a government fiat currency had collapsed completely. The monetary cycle is from a fiat to a commodity such as gold and silver and not to another fiat.
The general public will not understand the difference between a debt-free fiat and a debt-based fiat; the only difference they will understand is between a physical currency and an illusory one. ‘L’, despite its merits, is an illusory currency that’s not only doomed to fail; it is doomed to never even start properly.
Despite all my aversions, and despite some key, and won’t be named here, BCG members being “firmly against any commodity currency”, the CEO of ‘L’ and I found ourselves agreeing on many other concerns and issues.
However, as digital ‘L’ is such a different animal to my proposals the BCG is able to get it online. The corporate laws surrounding a trading platform for a copper and nickel currency would have been a minefield for the CEO over at the ‘green light’.
We have therefore gone our separate ways. I wish them well and hope they at least grow real seed.
In my second explanation of copper sterling I had completely detached the concept from ‘L’ and the currency was in the form of physical coins, and only physical coins. Specifically I proposed the bronze 1p, 2p, and the white copper 5p and 10p as the basis for small trade.
As an afterthought, and also as a consequence of making enquiries into stock levels of the 50% silver coins, I also suggested these coins could also form an integral part of our internal economy.
Remember, we are on an island, and there is the strongest possibility that we are going to be cut-off – at least for a while. Internal and local trade should be our focus, not buying blue berries from South America. An ounce of bronze for a home-grown apple could be a fair trade – we shall see.
Although, I had quite a lot of positive responses for the second version of copper sterling, recent comments have given me the belief that some perceive my passion for copper to be blinding and irrational. “I wouldn’t work for copper” is one comment that springs to mind.
Hey, what you work for should be between yourself and your employer – no one else. The same is true for goods and services. If a vendor or service provider agrees to trade in gold, silver, copper, beads, seeds, pieces of paper, or camel shit – it is nobody else’s business.
I pay for a service in physical silver as agreed with the service provider. I shan’t give you too many guesses for which the service provider is, but you’re currently on his website right now.
The reason I proposed copper sterling was not because I want to see everyone trading in copper, it is because I believe we live on a silver-poor island and we require a medium of exchange that is reliable, storable, and can be held in one’s hand.
My current views
De-centralised sterling now comprises the 1920-1946 50% silver coins for those that have access to them.
I have kept the name sterling as that is the name of British currency for over twelve hundred years. Whilst many will roll their eyes to the back of their head at the name SDR’s, ‘L’, and other fiats, the name sterling is synonymous with both metal and currency. Words are powerful, and so I shall leave you with two excellent ones: