All the problems began when Esau was born. Sorry Webster, but the power will be given back to the original children of Israel. Esau's time is up. China, Brazil, India, and Venezuela will assist in giving Israel back to it's original people.
I've already told you. Banks lobby Congress and influence politicians because the money-power has been privatized for a long time. Only a tiny percentage of the money-supply is actually government fiat. The majority of it is created as private credit by banks. Its also a fractional reserve system with very little cap on the amount banks create and invest (i.e. not restricted by 100% reserve savings system).
Bankers and oligarchs controlled the government policy when there was a gold standard. They also control the government policy when we have the credit standard now.
Giving the government sole power to create new money results in democratic accountability and taking the private hedge-fund lobbyists out of the policy equation entirely.
I hope this intellectual uppercut shall collapse you in a deep sleep: Exactly, bankers and maniats had great influence over American lives, always had: But, they were competitors: The were actually fighting for market share and for dominance! It is called capitalism!
With FIAT money and the FED, they UNITED their interests and formed a succession of monopolistic policies aimed at destroying Freedom and our republican ideals! That's the point here! Competition is the key! The FED IS A MONOPOLY!
Dude, please! The Fed set the rules and bankers follow! That's why very few bankers actually opposed the creation of the Fed in 1913, they wanted to profit in an orderly manners thus avoiding the risks of bank run! It is a win win for all of them! The issues debt! That's why politicians love it so much! Nothing better than free money!
No, No, No,.........Ongress allowed The Ferderal Reserve to be born in 1913. In the years of 1933-34 The country went bankrupt Private Bankers then bought everything they could, in turn made them owners of Land,Buildings and so on. The Federal Reserve sets the rules and the Governmnet follows.
It doesn't matter! Congress is as guilty as the bankers! It is a sweet deal for them and they are fully aware of what is going on. They know that the president is not the most powerful man in the country. They are aware of the machinations that are taking place behind the back of the people! They are a bunch of coward, accomplices and greedy idiots. And you expect the people to hand monetary policy to a such a clique? You better be kidding!
What you do not understand is that the foundation of the US leadership isn't about electing the responsible, people conscious and honorable man or woman in congress, senate or even courts. The structure of the US society is established on the limitation of powers. The moment you take away the congressman or senator ability to spend, you have effectively protected the nation from a possible war, industrial favoritism...etc. Take the money away from them and only with a 100% gold standard.
I've been doing research for the last 12 years before 9/11 hit. You must be sort of new to the research, NO PUN INTENDED.
You think it's all about the politicians.Well it's not. They play key roles, But aren't the ones holding all the cards. Politicians are not pulling the strings. And politicains does not have the power to spend. Whatever they with the finances they still have to go through the Federal reserve to get that money. Who's in charge?
Exactly! I do agree with the fact that there are shadowy figures pulling the strings and they are one wall street ( Banking elites)! My point therefore from an economic stand point is that we should destroy their ability to control our monetary system by returning to the gold standard. That doesn't mean that society is going to get cured of all its ills, but at least, people will not be serfs to an invisible master anymore! You can't trust the bankers nor the politicians!
The Majority of Congress has been tricked into believing that they're doing great things for the American Pple. There are only a select few who really know the truth. That's the Idea of being secret. As far as Monetary Policy the Central banks make it up as they go along. Handing it over, Hell they already have it. And has controlled it for years.
I doubt! These people are very connected, intelligent and more importantly greedy. The ultimate professional politician wants to cling to power, regardless of what occurs around him. They are delusional by all means. They are fat cats going along with a subversive agenda! Hello, who voted for the war in Irak, how many supported the bailouts? Come on! We must limit their power and cut their ability to get AT OUR MONEY!
Good Morning, You have to keep in mind that all politicians are merely puppets. To get to the real corruption, the puppet master. You have to look past the Front men and women that you see everyday in front of Cameras. I would like to think that politicians are like the Police, Majority are Corrupt but there are a few with Good Intentions When taking office. Maybe that's wishful thinking on my part. But there are some congress members Fghting the Reserve. Congressman Ron Paul comes to mind.
The Fed is nothing to do with the government. It is simply the privatization of the money-creation process and thus it is the biggest people in the market forcing the government to borrow credit from them.
Are you kidding yourself, dude? Tim Geithner? Director of the NY fed now treasure secretary under Obama! Are you even daring to state that man? You better be kidding!
Nobody is forcing the government to do anything! If the politician wanted to investigate the fed tomorrow, nothing will stop them! They just don't want to kill the goose that lays golden eggs! Too sweet of a deal for them!
And, who give them the right to "borrow" money anyway? And for what? To kill Afghani babies?
If we allowed the Treasury to print money; but to make it reliant on gold (such as what Rothbard wants). Then we would see the governments' creation of new money controlled by private unaccountable interests. Whichever government got in would make no difference since private interests would control the issuing of new money. A kleptocracy would form and (minus the discovery of new gold) the tendency would be considerably deflationary and the poor hit hard.
-The "private interest" you speak of are not martians. They are part of your government: Goldman sach for example has plenty of its former employees working for the current administration. Dick cheney and Rumslfeld had financial interest in going to war in Irak and afghanistan! The honorable government you speak of only exist in your theory.
Dude, do you even know what Kleptocracy means? We have a kleptocratic political system here buddy! It is called Fractional reserve banking system and Fiat unbacked paper money! A kleptocrat is a thief, a counterfeiter and cheater! I am still waiting to meet someone who can "print Gold and silver"!
You just, simply just do not make any sense and your approach to monetary analysis, history and banking is poor and illogical beyond reason! Check the dictionary for "KLEPTOCRACY"!
If the Treasury actually created new money (rather than the private banking and Federal Reserve system) then we would have the following: -
1. The end of speculative bubbles (such as the housing and derivatives bubbles that have caused massive economic problems).
2. The end of private bankers lobbying and controlling government policy. This is because government would no longer borrow from them, and banks would not be able to create new money.
Great! The treasury issued greenbacks with Lincoln; how long did that last!
Read the creature of Jekylls Island by edward Griffin! The political system in the US is corporatism buddy, politician and private interests working together! Your naivety in regard to politicians is mindboggling! Once again, I would even prefer the current system rather than giving congress the complete power over our money! Hell no!
The government PRIVATIZED the creation of currency in 1913. This was a big mistake because it gives private banks the monopoly to create new money as credit. They therefore profit from government policy.
The government privatized you said right? Well, when the Fed issue the money, where does it go first if not the treasury? I don't even know where to start with you! These people are working hand in hand! You get to issue the money at interest, we get to spend as much as we want for our projects! Please, hush up!
Do you think that it is an accident that barack Obama was financed at 99% by Wall Street? How do you explain the likes of Geithner, Paulson and more, agents of Goldman in the GOV!
I've already explained to you that because of the private creation of money; it means we have all these bankers in Congress. Duh. Its about profits for their fraternity because its much easier in a fractional reserve system.
The problem with your wishful thinking analysis is that you bypass all economic laws. First, you cite the Greenback as an example: Well, it ended up as inflationary as any currency issued by any bank. If, the government or even a private banking institution could be trusted with " the responsibility" of issuing money and controlling interest rate, I wouldn't mind that at all. But, in so far as it is impossible to trust an individual, worse it is to trust any POLITICIAN!
The current money supply is predominantly private debt; rather than government issued fiat. This is a fact.
You want the money-supply to be controlled by the wealthy. I'm sorry, but I don't want to see a kleptocracy. We have one that is bad enough under the banking fraternity as it is.
You forget to mention one clear fact and essential element in your inquiry: The fraternity can only function if the government wish it to do so. The politician are partners, not sidelined! To finance their spendings, projects or wars; they know where to go: The Fed! Once again you prove to be completely ignorant or rather dogmatic in the way you approach monetary issuance in the US. Politicians are part of the equation, 100% part of it!
"To finance their spendings, projects or wars; they know where to go: The Fed!"
The Fed is under the lobby of private bankers and has not even been audited. Its practices are not under the control of government. They have left government with no choice but to borrow from them because of the Federal Reserve Act. If government actually created new money, then we wouldn't be in this mess. Bankers would have no reason to lobby government in order to gain control of the money power.
The fed is not under the lobby of nobody! The Fed is a cartel! All the banks aligned within the Fed regulations are working hand in hands and issuing credit along the guidelines of the Fed. It is a beautiful PONZI!
The politicians are in it as well!
You are just trying to justify your nonsensical, utterly illogical approach to monetary policy under the belief of an "honest government"! I would rather have the cosa nostra issuing money than the politicians in DC!
Money is a "medium" of exchange! No austrian has ever confused money with investment! Once again, you are demonstrating your lack of understanding of austrian analysis! An investment is the result of an individual engagement in a risk-reward or risk-failure activity. The relationship with monetary policy it completely irrelevant! I wonder how even dare to write blogs to enlighten other people!
I never said that money wasn't a medium of exchange. I just said that money is a pledge for wealth; rather than wealth itself. Those are John Locke's words paraphrased btw.
And do you know why the Continental currency suffered? It wasn't because of its fiat elements; but the fact that the British counterfeited a HUGE amount of notes.
The greenback crashed because of Lincoln couldn't help but to print it in order to finance his war. Give the issuance of money to a monopoly and you get a crash. Very much common sensical!
Once again for the continental currency? FIAT MONEY doesn't work! You are contradicting yourself AGAIN!
Can anyone COUNTERFEIT GOLD AND SILVER? Have you heard of the japs who were intercepted in the Italian-swiss border last summer will hundred of billions of US treasuries? PAPER IS PAPER BROTHER!
The Greenback did its job successfully - even if it was a gruesome job within the context of the war. It did not crash. Zarlenga explains the exact context of this in his book.
I never said counterfeiting was an inherent problem for a fiat currencies. You can have fiat coin currencies where the value of the metal is purposefully degraded. Many have performed well.
WE BARELY EVEN HAVE FIAT MONEY AT PRESENT. WE JUST HAVE PRIVATE CREDIT!
Exactly, BOOM and BUST! Of course, it was great for those who got the money first, they could purchase more things! But for the little soldiers, by the time they received that devalued green back, they could barely use it to shine their boots!
I am sorry to say that YOU HAVE NO UNDERSTANDING WHATSOEVER OF MONETARY PROCESS!
Look. Please read Zarlenga's book because it gives a historical account of how the Greenback maintained its purchasing power and its relative commodity-parity for a long period after the war.
Niet! Zarlenga is a nobody! Murray Rothbard accounts is much more accurate! You don't need a brain excitant to realize that when money is printed beyond the market demand, inflation occurs and prices go up. That's a basic economic law!
Commodity-parity you said?
The commodity is the money, the paper is the receipt, the currency that carries the commodity money values and gives it its purchasing power. Intrisinctically therefore, the commodity is THE MONEY!
Why are you ignoring the successes of Colonial Scrip? As well as the historical success of the Roman nomisma currency and the Spartan fiat currencies?
The roman empire was destroyed partly because of inflation brother! How long did the Spartan Nation live and what kind economy did they support? As far as know about sparta, they were a warring Nation that refrained from commerce and exchange. That's why they were so short lived. Get better examples, buddy!
And how long did the Roman empire lived? The FIAT dollar is less than 35 years old and it's already dying! Come on dude, you can't even dare to compare gold with paper {toilet}!
Do you know what it means to debase a currency?
In the case of the roman empire, the leaders were reducing the gold contain of the coins in order to issue more of them ( Inflationary)! Inflation needs not to be FIAT at all, bro! But, the process is sped with paper since it is so much easier to do so!
Not at all! Economic laws are universal, buddy! Whether you cut yourself with a knife in Colorado or in Zimbabwe, you will still bleed!
To assume that some laws applied only in some environments, historical periods or Nation is utterly unscientific! Sorry but I must disagree with your EXCUSE!
I am talking about socio-economic context. You cite the example of a Zimbabwean dictator who commited crimes, was involved with fraud, and other massive acts of economic and political terror - and assume if to be indicative of "universal" economic laws? Thats silly.
Economics is about ethics as well as practicality. Ultimately, the wealthy should not be in control of the money power. Neither should private banks. The power to create new money should be democratically accountable and transparently regulated.
Niet! Money is a commodity good that is valued into a medium of exchange! It is not a democratically elected system or a creation of the state! It doesn't need to be regulated but by its intrinsincts monetary qualities! That's why government paper fiat dollar has lost 96% of its value comparatively to the gold dollar of 1913! Some things just speak for themselves, brother!
Economics is no ethics, but a science that allow an understanding of exchanges and social progress. It is not normative!
"Money exists not by nature, but by law" - Aristotle.
The reason money has lost its value, is because only 3% of the money-supply actually consists of government fiat-money. The vast majority of the supply is privately created "credit". This is money as debt, created through fractional reserve banking.
Please dude, please brother, please man, please shut up! You are turning economics laws upside down! Since when does predatory speculation causes inflations? What is the relationship? You obviously have no idea of what you are talking about : Check the dictionary for Inflation and hyperinflation.
I have met the wife of Congressman Kucinich and she discussed monetary reform with me and its urgency. I also write my own blog mostly on economic issues and try to inform others. My website is listed on my youtube profile page.
The problem is always when we have debt-based money (i.e. credit), fractional reserve banking, a wealthy unaccountable clique in control of the money supply, and lack of transparency.
The real issue is that a lot of people believe that government have the best interests of the people at heart ! Well, they couldn't be more wrong! I would even prefer the gangbangers at the Fed than the Senators and Congressmen in DC! The further away you keep the money from politician, the safer you ensure the Nation productivity and the money purchasing power. The state is, indeed and has always been the enemy of its own people, ultimately! The wall street Need politicians and vice versa!
For those who believe that a gold standard is the answer for America's current moneta problems, look what happened to America afer the Currency Act of 1764 was passed. Writing in his autobiography, Franklin said:
"In one year, the conditions were so reversed that the era of prosperiy ended, and a depression set in, to such an exten that the streets of the Colonies were filled with unemployed."
Dude are you even serious or are you a hypocrite or merely an ignorant! That occurred after the creation of the first Central banking institution in continental America! They issued paper currency that eventually led to a boom and bust cycle, with inflation running amock! Dude, you just don't know what the hell you are talking about!
Gold inflates upon new mining discoveries, and has a deflationary tendency the rest of the time. Gold is not good for people with debts and it certainly isn't good to have your currency linked to a commodity. People too often confuse money with an investment. You want an investment to go up and up. You don't want money to keep going up and up. Also, it is never good to have a monetary system under the control of one prescious commodity. The wealthy will control the money supply. Not good.
Hence why the "free silver" movement wanted silver to be incorporated into the currency. It would stop the constant deflation. Farmers were not the only ones hit by the deflation; but they were the hardest hit through no fault of their own.
They had a strong case, and nobody can dismiss it like that. You need to look at the "cross of gold" speech and its historical significance. Sadly, the "free silver" movement could've done better with greenback-money but they didn't realise this.
You are wasting time arguing this issue. I have read over 700 pages of monetary history by author Stephen Zarlenga who heads the non-profit American Monetary Institute. You should enlighten yourself like I did.
Man please, people have been reading the bible for 2000 years, that doesn't mean every story in it is true or even valid. Chill out! How in the world an individual can compare fiat money to hard metal is preposterous beyond qualification. Do you even know what "Money" is and how it originate? You might as well ask Stephen Zarlenga ( Whoever he is!) But, you can't put him to shine the shoes of Murray Rothbard! Someone needs enlightenment and it ain't me! Sorry!
Nonsense! You obviously have no idea of what you are talking about! The years after the civil war were and are still recorded as the greatest period of economic boom in any Nation in History, up until the creation of the Fed in 1913 indeed. Maybe you should wonder about the factors that led to price deflation at first place. Is that the coins or technological progress that it easier for product to reach mass production? Money, hard money is just a medium bro! Paper destroys that function!
This guy has no understanding of economics whatsoever! The quantity of gold has little to do with the pricing and value of the commodity! The advantage of gold is that it keeps value. Meaning that with technological advances, as it get easier to manufacture a product, its price follow the normal downward curve, making it therefore more affordable for most! Paper money prevent that process to occur! Tarpley, Henry Hazlitt :Economics in one Lesson!
And what is wrong with deflation? Deflation is the opposite of inflation meaning that the purchasing power of the money actually increases, thus significantly improving the the ability of every individual to buy more things and improve his own standard of living. What is wrong with that?
From 1870 until 1896 prices plunged 50 percent, a deflationary wave that hit hard at farmers in the West and South, where debt incidence stood at high levels.
These groups quite rightly saw that a return to free and unlimited coinage of silver would raise the domestic money stock, raise prices, and reduce their debt burden. Much of the populist flavor of the free silver movement came from the hopes it lifted among large numbers of low-income farmers.
The main reason the farmers got "hit" hard is because their system of production was stagnant. Some industry rise, shine and die! What is the ratio of US farmers per population in the US today? But stores shelves are filled with products and low prices. In contrast in some third world countries, 80% of the population is made up of farmers, still they suffer from famine or malnutrition! Your argument doesn't make any sense at all bro!
America was founded on successful paper fiat currency issued by the State colonies (i.e. Colonial Scrip). There is nothing wrong with paper money as long as it issued publically as proper money ), rather than privately and\or as credit\debt. When the British found out about the success of Benjamin Franklin's currency, they outlawed it. The American Revolution was linked to the abolition of sovereign currencies. Gold is under the control of the European elites and always has been.
America was not founded on "Fiat money"! Read the constitution please: Gold and silver are the sole and unique medium of exchange! And, guess what :" Anyone caught {counterfeiting} shall be put to death" Issuance of paper is counterfeiting!
Monetary policy, FIAT for the matter is controlled by a "monopoly", the government! It has nothing to do with private credit. You don't make any sense at all! Gold doesn't have any master, foreign or local! You don't make any sense bro!
As a result, Parliament hurriedly passed the Currency Act of 1764. This prohibited colonial officials from issuing their own money and ordered them to pay all future taxes in gold or silver coins. In other words, it forced the colonies on a gold and silver standard. This initiated the first intense phase of the first "Bank War" in America, which ended in defeat for the Money Changers beginning with the Declaration of Independence, and concluded by the subsequent peace Treaty of Paris 1783.
Rothbard is from the Austrian school of economics. The Austrians base their entire theory on Menger. If you go to the American Monetary Institute site, you will find that Menger's theory has been refuted by Stephen Zarlenga.
No wonder the man is barely known. Even wikipedia barely mentions him! Zarlenga! (lol)
Dude, please, you are asking a cure from a snake oil salesman and that's why your analysis is very much confused!
Zarlenga is a statist for he thinks that money originate from governmental policy; that's utterly wrong since money is the product of barter; mere exchange of goods between people. If you add up the origin and function of government into the analysis, you crush zarlenga's view with one punch!
I was hoping this was just more Y2K type fear mongering but things keep getting worse and nothing is getting better. Whats really terrible is how we keep being told that everything is fine and its all getting better because of the stimulus.
I agree. However, all of his ideas are based upon Integrity, trust, principle, fairness and basic human goodness. It would mean the eradication of scourge from the world.
anything is better than basing the economy upon thin air.
thats cuz jason did the interview. i always liked jason more, i know alex has done so much fighting these elitists but jason is more polite to guests and more engaging,instead of butting in all the time.still gotta love alex though.lol
i bet all of da ppl who post after me r white, cause yall is sum lames wit no hos not close n no money. I get hos, and fuck white bitches in dey asshole. Da lube i use to fuk em wit is payed for by government chedda
Obviously, you can speak in which ever manor you want, but realize that you are judged based on your words and deeds. If you aspire to be an ignorant buffoon, don't expect anyone to put any stock in anything that you have to say.
All the problems began when Esau was born. Sorry Webster, but the power will be given back to the original children of Israel. Esau's time is up. China, Brazil, India, and Venezuela will assist in giving Israel back to it's original people.
traynickel 2 years ago
I've already told you. Banks lobby Congress and influence politicians because the money-power has been privatized for a long time. Only a tiny percentage of the money-supply is actually government fiat. The majority of it is created as private credit by banks. Its also a fractional reserve system with very little cap on the amount banks create and invest (i.e. not restricted by 100% reserve savings system).
PersianPaladin 2 years ago
Bankers and oligarchs controlled the government policy when there was a gold standard. They also control the government policy when we have the credit standard now.
Giving the government sole power to create new money results in democratic accountability and taking the private hedge-fund lobbyists out of the policy equation entirely.
PersianPaladin 2 years ago
I hope this intellectual uppercut shall collapse you in a deep sleep: Exactly, bankers and maniats had great influence over American lives, always had: But, they were competitors: The were actually fighting for market share and for dominance! It is called capitalism!
With FIAT money and the FED, they UNITED their interests and formed a succession of monopolistic policies aimed at destroying Freedom and our republican ideals! That's the point here! Competition is the key! The FED IS A MONOPOLY!
AFRIKTODAY 2 years ago
The Fed does not print fiat money. I've told you this countless times. Its part of a private banking system.
PersianPaladin 2 years ago
Dude, please! The Fed set the rules and bankers follow! That's why very few bankers actually opposed the creation of the Fed in 1913, they wanted to profit in an orderly manners thus avoiding the risks of bank run! It is a win win for all of them! The issues debt! That's why politicians love it so much! Nothing better than free money!
AFRIKTODAY 2 years ago
Dennis Kucinich is one prominent politician who is against the fractional reserve banking system and the Fed.
PersianPaladin 2 years ago 2
So am I and so is Ron Paul!
AFRIKTODAY 2 years ago
No, No, No,.........Ongress allowed The Ferderal Reserve to be born in 1913. In the years of 1933-34 The country went bankrupt Private Bankers then bought everything they could, in turn made them owners of Land,Buildings and so on. The Federal Reserve sets the rules and the Governmnet follows.
MrJLusty 2 years ago
It doesn't matter! Congress is as guilty as the bankers! It is a sweet deal for them and they are fully aware of what is going on. They know that the president is not the most powerful man in the country. They are aware of the machinations that are taking place behind the back of the people! They are a bunch of coward, accomplices and greedy idiots. And you expect the people to hand monetary policy to a such a clique? You better be kidding!
AFRIKTODAY 2 years ago
Obviously, I would root out any politicians that were put there by the banking lobby.
PersianPaladin 2 years ago
What you do not understand is that the foundation of the US leadership isn't about electing the responsible, people conscious and honorable man or woman in congress, senate or even courts. The structure of the US society is established on the limitation of powers. The moment you take away the congressman or senator ability to spend, you have effectively protected the nation from a possible war, industrial favoritism...etc. Take the money away from them and only with a 100% gold standard.
AFRIKTODAY 2 years ago
I've been doing research for the last 12 years before 9/11 hit. You must be sort of new to the research, NO PUN INTENDED.
You think it's all about the politicians.Well it's not. They play key roles, But aren't the ones holding all the cards. Politicians are not pulling the strings. And politicains does not have the power to spend. Whatever they with the finances they still have to go through the Federal reserve to get that money. Who's in charge?
MrJLusty 2 years ago
Exactly! I do agree with the fact that there are shadowy figures pulling the strings and they are one wall street ( Banking elites)! My point therefore from an economic stand point is that we should destroy their ability to control our monetary system by returning to the gold standard. That doesn't mean that society is going to get cured of all its ills, but at least, people will not be serfs to an invisible master anymore! You can't trust the bankers nor the politicians!
AFRIKTODAY 2 years ago
The Majority of Congress has been tricked into believing that they're doing great things for the American Pple. There are only a select few who really know the truth. That's the Idea of being secret. As far as Monetary Policy the Central banks make it up as they go along. Handing it over, Hell they already have it. And has controlled it for years.
MrJLusty 2 years ago
I doubt! These people are very connected, intelligent and more importantly greedy. The ultimate professional politician wants to cling to power, regardless of what occurs around him. They are delusional by all means. They are fat cats going along with a subversive agenda! Hello, who voted for the war in Irak, how many supported the bailouts? Come on! We must limit their power and cut their ability to get AT OUR MONEY!
AFRIKTODAY 2 years ago
Good Morning, You have to keep in mind that all politicians are merely puppets. To get to the real corruption, the puppet master. You have to look past the Front men and women that you see everyday in front of Cameras. I would like to think that politicians are like the Police, Majority are Corrupt but there are a few with Good Intentions When taking office. Maybe that's wishful thinking on my part. But there are some congress members Fghting the Reserve. Congressman Ron Paul comes to mind.
MrJLusty 2 years ago
The Fed is nothing to do with the government. It is simply the privatization of the money-creation process and thus it is the biggest people in the market forcing the government to borrow credit from them.
PersianPaladin 2 years ago
Are you kidding yourself, dude? Tim Geithner? Director of the NY fed now treasure secretary under Obama! Are you even daring to state that man? You better be kidding!
Nobody is forcing the government to do anything! If the politician wanted to investigate the fed tomorrow, nothing will stop them! They just don't want to kill the goose that lays golden eggs! Too sweet of a deal for them!
And, who give them the right to "borrow" money anyway? And for what? To kill Afghani babies?
AFRIKTODAY 2 years ago
If we allowed the Treasury to print money; but to make it reliant on gold (such as what Rothbard wants). Then we would see the governments' creation of new money controlled by private unaccountable interests. Whichever government got in would make no difference since private interests would control the issuing of new money. A kleptocracy would form and (minus the discovery of new gold) the tendency would be considerably deflationary and the poor hit hard.
PersianPaladin 2 years ago
Even the policies of State governments' would be affected by the investors in gold.
PersianPaladin 2 years ago
-Primo: Government printed currency is named FIAT
-Gold is great
-The "private interest" you speak of are not martians. They are part of your government: Goldman sach for example has plenty of its former employees working for the current administration. Dick cheney and Rumslfeld had financial interest in going to war in Irak and afghanistan! The honorable government you speak of only exist in your theory.
Your logic is well, ILLOGICAL!
100% GOLD STANDARD!
AFRIKTODAY 2 years ago
100% gold standard would lead to a kleptocracy and the rule of a wealthy elite. No thank you.
PersianPaladin 2 years ago
Dude, do you even know what Kleptocracy means? We have a kleptocratic political system here buddy! It is called Fractional reserve banking system and Fiat unbacked paper money! A kleptocrat is a thief, a counterfeiter and cheater! I am still waiting to meet someone who can "print Gold and silver"!
You just, simply just do not make any sense and your approach to monetary analysis, history and banking is poor and illogical beyond reason! Check the dictionary for "KLEPTOCRACY"!
AFRIKTODAY 2 years ago
If the Treasury actually created new money (rather than the private banking and Federal Reserve system) then we would have the following: -
1. The end of speculative bubbles (such as the housing and derivatives bubbles that have caused massive economic problems).
2. The end of private bankers lobbying and controlling government policy. This is because government would no longer borrow from them, and banks would not be able to create new money.
PersianPaladin 2 years ago
Great! The treasury issued greenbacks with Lincoln; how long did that last!
Read the creature of Jekylls Island by edward Griffin! The political system in the US is corporatism buddy, politician and private interests working together! Your naivety in regard to politicians is mindboggling! Once again, I would even prefer the current system rather than giving congress the complete power over our money! Hell no!
AFRIKTODAY 2 years ago
I'm aware of the Jekkyl Island story.
The government PRIVATIZED the creation of currency in 1913. This was a big mistake because it gives private banks the monopoly to create new money as credit. They therefore profit from government policy.
PersianPaladin 2 years ago
The government privatized you said right? Well, when the Fed issue the money, where does it go first if not the treasury? I don't even know where to start with you! These people are working hand in hand! You get to issue the money at interest, we get to spend as much as we want for our projects! Please, hush up!
Do you think that it is an accident that barack Obama was financed at 99% by Wall Street? How do you explain the likes of Geithner, Paulson and more, agents of Goldman in the GOV!
AFRIKTODAY 2 years ago
I've already explained to you that because of the private creation of money; it means we have all these bankers in Congress. Duh. Its about profits for their fraternity because its much easier in a fractional reserve system.
PersianPaladin 2 years ago
BOTTOMLINE:
I do NOT want private bankers in charge of the issuing of currency. I do NOT want private commodity investors in charge of the issuing of currency.
I want the money-power to be democratically accountable and transparent.
PersianPaladin 2 years ago
The problem with your wishful thinking analysis is that you bypass all economic laws. First, you cite the Greenback as an example: Well, it ended up as inflationary as any currency issued by any bank. If, the government or even a private banking institution could be trusted with " the responsibility" of issuing money and controlling interest rate, I wouldn't mind that at all. But, in so far as it is impossible to trust an individual, worse it is to trust any POLITICIAN!
Commodity money DA BEST!
AFRIKTODAY 2 years ago
The current money supply is predominantly private debt; rather than government issued fiat. This is a fact.
You want the money-supply to be controlled by the wealthy. I'm sorry, but I don't want to see a kleptocracy. We have one that is bad enough under the banking fraternity as it is.
PersianPaladin 2 years ago
You forget to mention one clear fact and essential element in your inquiry: The fraternity can only function if the government wish it to do so. The politician are partners, not sidelined! To finance their spendings, projects or wars; they know where to go: The Fed! Once again you prove to be completely ignorant or rather dogmatic in the way you approach monetary issuance in the US. Politicians are part of the equation, 100% part of it!
AFRIKTODAY 2 years ago
"To finance their spendings, projects or wars; they know where to go: The Fed!"
The Fed is under the lobby of private bankers and has not even been audited. Its practices are not under the control of government. They have left government with no choice but to borrow from them because of the Federal Reserve Act. If government actually created new money, then we wouldn't be in this mess. Bankers would have no reason to lobby government in order to gain control of the money power.
PersianPaladin 2 years ago
The fed is not under the lobby of nobody! The Fed is a cartel! All the banks aligned within the Fed regulations are working hand in hands and issuing credit along the guidelines of the Fed. It is a beautiful PONZI!
The politicians are in it as well!
You are just trying to justify your nonsensical, utterly illogical approach to monetary policy under the belief of an "honest government"! I would rather have the cosa nostra issuing money than the politicians in DC!
AFRIKTODAY 2 years ago
Money is not wealth.
Austrians are confusing money with an investment.
PersianPaladin 2 years ago
Money is a "medium" of exchange! No austrian has ever confused money with investment! Once again, you are demonstrating your lack of understanding of austrian analysis! An investment is the result of an individual engagement in a risk-reward or risk-failure activity. The relationship with monetary policy it completely irrelevant! I wonder how even dare to write blogs to enlighten other people!
AFRIKTODAY 2 years ago
I never said that money wasn't a medium of exchange. I just said that money is a pledge for wealth; rather than wealth itself. Those are John Locke's words paraphrased btw.
PersianPaladin 2 years ago
Read the book
"The Lost Science of Money: The Mythology of Money, The Story of Power" by Stephen Zarlenga.
PersianPaladin 2 years ago
and the win goes to:
PersianPaladin
JediMasterCheryl 2 years ago
Even the Greenbacks were ultimately successful.
And do you know why the Continental currency suffered? It wasn't because of its fiat elements; but the fact that the British counterfeited a HUGE amount of notes.
PersianPaladin 2 years ago
The greenback crashed because of Lincoln couldn't help but to print it in order to finance his war. Give the issuance of money to a monopoly and you get a crash. Very much common sensical!
Once again for the continental currency? FIAT MONEY doesn't work! You are contradicting yourself AGAIN!
Can anyone COUNTERFEIT GOLD AND SILVER? Have you heard of the japs who were intercepted in the Italian-swiss border last summer will hundred of billions of US treasuries? PAPER IS PAPER BROTHER!
AFRIKTODAY 2 years ago
The Greenback did its job successfully - even if it was a gruesome job within the context of the war. It did not crash. Zarlenga explains the exact context of this in his book.
I never said counterfeiting was an inherent problem for a fiat currencies. You can have fiat coin currencies where the value of the metal is purposefully degraded. Many have performed well.
WE BARELY EVEN HAVE FIAT MONEY AT PRESENT. WE JUST HAVE PRIVATE CREDIT!
PersianPaladin 2 years ago
Exactly, BOOM and BUST! Of course, it was great for those who got the money first, they could purchase more things! But for the little soldiers, by the time they received that devalued green back, they could barely use it to shine their boots!
I am sorry to say that YOU HAVE NO UNDERSTANDING WHATSOEVER OF MONETARY PROCESS!
AFRIKTODAY 2 years ago
Look. Please read Zarlenga's book because it gives a historical account of how the Greenback maintained its purchasing power and its relative commodity-parity for a long period after the war.
PersianPaladin 2 years ago
Niet! Zarlenga is a nobody! Murray Rothbard accounts is much more accurate! You don't need a brain excitant to realize that when money is printed beyond the market demand, inflation occurs and prices go up. That's a basic economic law!
Commodity-parity you said?
The commodity is the money, the paper is the receipt, the currency that carries the commodity money values and gives it its purchasing power. Intrisinctically therefore, the commodity is THE MONEY!
AFRIKTODAY 2 years ago
I reiterate. The Austrian School derives its theory from Menger and that has been solidly refuted.
PersianPaladin 2 years ago
Why are you ignoring the successes of Colonial Scrip? As well as the historical success of the Roman nomisma currency and the Spartan fiat currencies?
PersianPaladin 2 years ago
The roman empire was destroyed partly because of inflation brother! How long did the Spartan Nation live and what kind economy did they support? As far as know about sparta, they were a warring Nation that refrained from commerce and exchange. That's why they were so short lived. Get better examples, buddy!
AFRIKTODAY 2 years ago
No, the Roman Empire entered a Gold standard long before it was destroyed.
PersianPaladin 2 years ago
And how long did the Roman empire lived? The FIAT dollar is less than 35 years old and it's already dying! Come on dude, you can't even dare to compare gold with paper {toilet}!
Do you know what it means to debase a currency?
In the case of the roman empire, the leaders were reducing the gold contain of the coins in order to issue more of them ( Inflationary)! Inflation needs not to be FIAT at all, bro! But, the process is sped with paper since it is so much easier to do so!
AFRIKTODAY 2 years ago
"The FIAT dollar"
I already told you. We barely have a fiat dollar and that has been the case for decades. Private credit GREATLY outnumbers government fiat-money.
PersianPaladin 2 years ago
Well, I wouldn't encourage you to say such nonsensicality to a citizen of Zimbabwe! Believe me, the know BETTER!
AFRIKTODAY 2 years ago
You are pointing out one irrelevant example without also looking at the socio-economic contexts behind it.
PersianPaladin 2 years ago
Not at all! Economic laws are universal, buddy! Whether you cut yourself with a knife in Colorado or in Zimbabwe, you will still bleed!
To assume that some laws applied only in some environments, historical periods or Nation is utterly unscientific! Sorry but I must disagree with your EXCUSE!
AFRIKTODAY 2 years ago
I am talking about socio-economic context. You cite the example of a Zimbabwean dictator who commited crimes, was involved with fraud, and other massive acts of economic and political terror - and assume if to be indicative of "universal" economic laws? Thats silly.
PersianPaladin 2 years ago
Most people in the truth movement have seen "The Money Masters". Its a good documentary (3 hours long) that covers the monetary issue.
Go see it.
PersianPaladin 2 years ago
I don't subscribe to utilitarian economics.
Economics is about ethics as well as practicality. Ultimately, the wealthy should not be in control of the money power. Neither should private banks. The power to create new money should be democratically accountable and transparently regulated.
PersianPaladin 2 years ago
Niet! Money is a commodity good that is valued into a medium of exchange! It is not a democratically elected system or a creation of the state! It doesn't need to be regulated but by its intrinsincts monetary qualities! That's why government paper fiat dollar has lost 96% of its value comparatively to the gold dollar of 1913! Some things just speak for themselves, brother!
Economics is no ethics, but a science that allow an understanding of exchanges and social progress. It is not normative!
AFRIKTODAY 2 years ago
Money is not wealth, but a pledge for wealth.
"Money exists not by nature, but by law" - Aristotle.
The reason money has lost its value, is because only 3% of the money-supply actually consists of government fiat-money. The vast majority of the supply is privately created "credit". This is money as debt, created through fractional reserve banking.
PersianPaladin 2 years ago
Money exist, by the law of exchanges!
Utter nonsense once again!
How do you then explain the weimar hyperinflation?
How do you explain the Zimbabwe dollar hyperinflation?
How do you explain the Hungarian hyperinflation in the 50s?
How do you explain the Japanese Hyperinflation in the 20s?
The government was merely printing FIAT paper then?
Inflation is the artificial increase of money supply by various means bro ( Bank credit, paper, electronically...etc) It doesn't matter!
Sit down please!
AFRIKTODAY 2 years ago
The Weimar hyperinflation was caused by predatory speculators and a PRIVATELY-OWNED Reich bank.
PersianPaladin 2 years ago
Please dude, please brother, please man, please shut up! You are turning economics laws upside down! Since when does predatory speculation causes inflations? What is the relationship? You obviously have no idea of what you are talking about : Check the dictionary for Inflation and hyperinflation.
AFRIKTODAY 2 years ago
I have met the wife of Congressman Kucinich and she discussed monetary reform with me and its urgency. I also write my own blog mostly on economic issues and try to inform others. My website is listed on my youtube profile page.
The problem is always when we have debt-based money (i.e. credit), fractional reserve banking, a wealthy unaccountable clique in control of the money supply, and lack of transparency.
PersianPaladin 2 years ago
The real issue is that a lot of people believe that government have the best interests of the people at heart ! Well, they couldn't be more wrong! I would even prefer the gangbangers at the Fed than the Senators and Congressmen in DC! The further away you keep the money from politician, the safer you ensure the Nation productivity and the money purchasing power. The state is, indeed and has always been the enemy of its own people, ultimately! The wall street Need politicians and vice versa!
AFRIKTODAY 2 years ago
For those who believe that a gold standard is the answer for America's current moneta problems, look what happened to America afer the Currency Act of 1764 was passed. Writing in his autobiography, Franklin said:
"In one year, the conditions were so reversed that the era of prosperiy ended, and a depression set in, to such an exten that the streets of the Colonies were filled with unemployed."
PersianPaladin 2 years ago
Dude are you even serious or are you a hypocrite or merely an ignorant! That occurred after the creation of the first Central banking institution in continental America! They issued paper currency that eventually led to a boom and bust cycle, with inflation running amock! Dude, you just don't know what the hell you are talking about!
AFRIKTODAY 2 years ago
Yes, I'm sure you know more than Benjamin Franklin and the historians who have thoroughly researched American and British history eh?
PersianPaladin 2 years ago
Gold inflates upon new mining discoveries, and has a deflationary tendency the rest of the time. Gold is not good for people with debts and it certainly isn't good to have your currency linked to a commodity. People too often confuse money with an investment. You want an investment to go up and up. You don't want money to keep going up and up. Also, it is never good to have a monetary system under the control of one prescious commodity. The wealthy will control the money supply. Not good.
PersianPaladin 2 years ago
Hence why the "free silver" movement wanted silver to be incorporated into the currency. It would stop the constant deflation. Farmers were not the only ones hit by the deflation; but they were the hardest hit through no fault of their own.
They had a strong case, and nobody can dismiss it like that. You need to look at the "cross of gold" speech and its historical significance. Sadly, the "free silver" movement could've done better with greenback-money but they didn't realise this.
PersianPaladin 2 years ago
You are wasting time arguing this issue. I have read over 700 pages of monetary history by author Stephen Zarlenga who heads the non-profit American Monetary Institute. You should enlighten yourself like I did.
PersianPaladin 2 years ago
Man please, people have been reading the bible for 2000 years, that doesn't mean every story in it is true or even valid. Chill out! How in the world an individual can compare fiat money to hard metal is preposterous beyond qualification. Do you even know what "Money" is and how it originate? You might as well ask Stephen Zarlenga ( Whoever he is!) But, you can't put him to shine the shoes of Murray Rothbard! Someone needs enlightenment and it ain't me! Sorry!
AFRIKTODAY 2 years ago
Trends either in the way of too much inflation or too much deflation are clearly bad.
PersianPaladin 2 years ago
Nonsense! You obviously have no idea of what you are talking about! The years after the civil war were and are still recorded as the greatest period of economic boom in any Nation in History, up until the creation of the Fed in 1913 indeed. Maybe you should wonder about the factors that led to price deflation at first place. Is that the coins or technological progress that it easier for product to reach mass production? Money, hard money is just a medium bro! Paper destroys that function!
AFRIKTODAY 2 years ago
Chinese spy all over US and EU,ok.One question,is solar backup made in China or made in USA.People sould not buy if it is made in China.
mangists 2 years ago
industries close one after another in EU and US.Reopen the factorys now.
mangists 2 years ago
The Chinese and Russians...
would love...
seeing foreign construcftion workers ...
doing jobs...
that They ...
could be doing?
Wouldn't unemployed Americans...
love to see that scenario...
in America?
You'd have to hire the locals.
frickadele 2 years ago
This guy has no understanding of economics whatsoever! The quantity of gold has little to do with the pricing and value of the commodity! The advantage of gold is that it keeps value. Meaning that with technological advances, as it get easier to manufacture a product, its price follow the normal downward curve, making it therefore more affordable for most! Paper money prevent that process to occur! Tarpley, Henry Hazlitt :Economics in one Lesson!
AFRIKTODAY 2 years ago
Gold is deflationary. See William Jennings Bryan's "Cross Of Gold Speech" of 1896.
PersianPaladin 2 years ago
And what is wrong with deflation? Deflation is the opposite of inflation meaning that the purchasing power of the money actually increases, thus significantly improving the the ability of every individual to buy more things and improve his own standard of living. What is wrong with that?
AFRIKTODAY 2 years ago 2
Research the "free silver" movement in the US and you will see.
PersianPaladin 2 years ago
From 1870 until 1896 prices plunged 50 percent, a deflationary wave that hit hard at farmers in the West and South, where debt incidence stood at high levels.
These groups quite rightly saw that a return to free and unlimited coinage of silver would raise the domestic money stock, raise prices, and reduce their debt burden. Much of the populist flavor of the free silver movement came from the hopes it lifted among large numbers of low-income farmers.
PersianPaladin 2 years ago
The main reason the farmers got "hit" hard is because their system of production was stagnant. Some industry rise, shine and die! What is the ratio of US farmers per population in the US today? But stores shelves are filled with products and low prices. In contrast in some third world countries, 80% of the population is made up of farmers, still they suffer from famine or malnutrition! Your argument doesn't make any sense at all bro!
AFRIKTODAY 2 years ago
America was founded on successful paper fiat currency issued by the State colonies (i.e. Colonial Scrip). There is nothing wrong with paper money as long as it issued publically as proper money ), rather than privately and\or as credit\debt. When the British found out about the success of Benjamin Franklin's currency, they outlawed it. The American Revolution was linked to the abolition of sovereign currencies. Gold is under the control of the European elites and always has been.
PersianPaladin 2 years ago
America was not founded on "Fiat money"! Read the constitution please: Gold and silver are the sole and unique medium of exchange! And, guess what :" Anyone caught {counterfeiting} shall be put to death" Issuance of paper is counterfeiting!
Monetary policy, FIAT for the matter is controlled by a "monopoly", the government! It has nothing to do with private credit. You don't make any sense at all! Gold doesn't have any master, foreign or local! You don't make any sense bro!
AFRIKTODAY 2 years ago
As a result, Parliament hurriedly passed the Currency Act of 1764. This prohibited colonial officials from issuing their own money and ordered them to pay all future taxes in gold or silver coins. In other words, it forced the colonies on a gold and silver standard. This initiated the first intense phase of the first "Bank War" in America, which ended in defeat for the Money Changers beginning with the Declaration of Independence, and concluded by the subsequent peace Treaty of Paris 1783.
PersianPaladin 2 years ago
You need to learn your history.
Watch the documentary "The Money Masters".
PersianPaladin 2 years ago
You, not me, needs to learn history and monetary policy bro. I have gotten a few readings for you:
-The panic of 1819.
-An austrian perspective in the history of economic thought
-A history of money and banking in the USA. All these books by Murray Rothbard
and,
Money, bank credit and economic cycle by Jesus Huerta de soto.
Also watch the video: Money, banking and the federal reserve!
The first Nation to experience FIAT inflation is China and that's why chinese in general don't trust banks!
AFRIKTODAY 2 years ago
Rothbard is from the Austrian school of economics. The Austrians base their entire theory on Menger. If you go to the American Monetary Institute site, you will find that Menger's theory has been refuted by Stephen Zarlenga.
PersianPaladin 2 years ago
No wonder the man is barely known. Even wikipedia barely mentions him! Zarlenga! (lol)
Dude, please, you are asking a cure from a snake oil salesman and that's why your analysis is very much confused!
Zarlenga is a statist for he thinks that money originate from governmental policy; that's utterly wrong since money is the product of barter; mere exchange of goods between people. If you add up the origin and function of government into the analysis, you crush zarlenga's view with one punch!
AFRIKTODAY 2 years ago
I was hoping this was just more Y2K type fear mongering but things keep getting worse and nothing is getting better. Whats really terrible is how we keep being told that everything is fine and its all getting better because of the stimulus.
jimmi161 2 years ago
the world is fucked, do what you can, prepare as much as you can, this shit is devolving fast
Marspyramids 2 years ago 2
The Chinese have been building hundreds of thousands of high rise buildings in China...
The Chinese can't build hospitals?
Come on.
frickadele 2 years ago
Americans are going to Russian for health care.
Cheekymonkey888
frickadele 2 years ago
uhh the Russian and Chinese governments kill off their own people on a whim ... build hospitals?
CheekyMonkey888 2 years ago
the Frogs went about their business every day without taking
the slightest notice of their new King Log lying in their midst.
But this did not suit them, so they sent another petition to Jove,
and said to him, "We want a real king; one that will really rule
over us." Now this made Jove angry, so he sent among them a big
Stork that soon set to work gobbling them all up.Better no rule than cruel rule.
rblwoaclu 2 years ago
I agree. However, all of his ideas are based upon Integrity, trust, principle, fairness and basic human goodness. It would mean the eradication of scourge from the world.
anything is better than basing the economy upon thin air.
good comment jaguar
Jesuspwndsatan 2 years ago
great interview!
sexylady2584 2 years ago 2
Wow!! Did anyone hear that? A guest on the Alex Jones Show who gets to speak without being constantly interrupted!
defconobamacorp 2 years ago 14
thats cuz jason did the interview. i always liked jason more, i know alex has done so much fighting these elitists but jason is more polite to guests and more engaging,instead of butting in all the time.still gotta love alex though.lol
216gutsy666 2 years ago
lol yea, for sure. I actually feel as if the points were brought to a conclusion and I learned something. Stellar concept.
Jesuspwndsatan 2 years ago
This has been flagged as spam show
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ImRichBitch1994 2 years ago
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TheDoctaFoo1 2 years ago 13
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rblwoaclu 2 years ago
What a STUPID Comment.
Keep drinking the fluoride.......
Wow, you spell good also.....
yayashua1 2 years ago 4
cracka did i say i wus in a spellin b? Dis aint no essay 4 skool, so shut yo white ass up
ImRichBitch1994 2 years ago
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yayashua1 2 years ago
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wingnut4427 2 years ago
lol
dmj481 2 years ago
Nice one ^^. That made my day. Thank you xD
Teaautomat 2 years ago 2
Glad I could help. lol
wingnut4427 2 years ago
Obviously, you can speak in which ever manor you want, but realize that you are judged based on your words and deeds. If you aspire to be an ignorant buffoon, don't expect anyone to put any stock in anything that you have to say.
mhaneline 2 years ago