To the editor:
Thank's to Capital News for giving Mr. Nicholson's ideas on the economy the coverage that it did. (Bitcoin Accepted Here: Banks Face Competition from Virtual Currencies, Feb. 5 Kelowna Capital News.)
Mr. Nicholson has brought to light the serious problem with our present control of our currency. He goes into, some detail of the bitcoin.
Our currency used to be based on commodities such as gold or silver, but now it is based on no physical commodity. I wonder then, why do we still continue to go into debt?
I would support a system that created money based on need rather than any physical commodity. The value and purpose of money should be based on its ability of what it can acquire in goods and service. If we can agree with this concept, then there would be no need to base its value on any physical commodity.
I admit I am not fully understanding of the bitcoin principles, but I question Mr. Nicholson's suggestion that our currency should not be controlled by the federal government. We can see what happened when our petroleum and electrical power came into private enterprise.
We will, however, require some strict controls to guarantee fair distribution of our currency. If it is government controlled then at least we will have the choice to dump them every four years. We will have to establish a system that allows the common labourer to be part of the governing. Our present governing seems to be dominated by the wealthy who serve only the wealthy.
Banks have, it seems, to have outlived there usefulness—they seem to offer very few services to the general public.
If money availability was based on need, think of the progress we would make.
Art Ferguson, West Kelowna