Episode Details

Jonathan Drake opens Episode 51 with a perfect central Illinois fall day, a theory about weather control by radio towers, tung oil on his patio furniture, and prayers for a Badlander lost in a house fire and for Polymathanon, who has a GiveSendGo running. He recaps Spooner's Proposition 5 and free banking: why a third party that inserts itself into private contracts at gunpoint is a usurper, why the system is not broken but working exactly as designed, and why hoping to vote your way out is delusional while a parallel system built on Bitcoin offers a peaceful way to opt out. Then he opens Proposition 6. A man can only lend what he actually has, which makes honest credit a proof-of-work system and fiat its opposite. Spooner's radical view of debt follows: a debt is a lien only on what a man has when it comes due, an honest debtor pays what he can and walks away free, creditors charge a slight additional interest to cover the risk, and juries sort out bad faith. Spooner's six reasons this lowers the risk to lenders come next week.