Cugir; Watershed by Valentin Chirosca
Image via WikipediaCugir Valley is area where history meet technology generating a strange population. Cugir river, starting in the city where Raul Mare meet Raul Mic will split again after less than a dozen of miles meeting Mureș river. Two or three century ago was a border town for Habsburg Empire. Landmark for the area from that times is Water Tower, part of hydro energy plant built in the city, still I'm digging around this subject with the filling that missing documents become a trade mark for iron curtain. Border town it is today.
...the debate between full reserve banking Austrians and advocates of Real Bills such as Fekete can be considered "technical" in nature. Both strongly advocate a return to the gold standard in preference to the current monetary system, which both groups consider unsuistainable and destructive.
Well, current economic thinking, epitomized by J.M. Keynes, criticizes the gold standard for being the cause (and international transmission vector) of the 1930s depression. Fekete's rebuttal is that the Great Depression (and interest rate volatility generally) were a response to legislatures and central banks suppressing the market in Real Bills and taking gold coinage (into which bills mature) out of consumers' hands. He cites events of 1909 in France and Germany, obliging their civil servants to accept paper money in lieu of the gold coin of the realm, and says international trade sanctions after World War I finished destroying the international commercial paper markets.
Pointing out the difference between discount and interest
