History of paper currency Part 2 of 2

[jikwan3jikwan2]

so i dont get it how does the bank benfit from this current system ?

[TheByronDaleChannel]

@jikwan3jikwan2 Please watch our two part video on how banks create money, it should help you understand.

[Rico8458]

if Obama were a real man and a true american he would declare that one dollar equals = 0.00456 grams of gold.

[Adriaan1950]

Please watch:

youtube.com/watch?v=n_bKjVwS_0­g

[valegorn]

I'd like to see a model of this, I don't know how'd you do it, but watching it in action helps me understand it better (I think many others are in the same boat as I)

Thanks

[DetroitLove4U]

The whole key to a monetary system - generally how much gold and silver a country has is what backs up its currency. Bills changed because times call for a change. The surreptitious nature of our government has always been evidenced in what you have elucidated within the very context of our paper money. Right now our country is pitted with debt and inflation. Our currency is truly fleeting. Just look at for example - it cost more to make a penny above its actual face.

[ratnuig]

Finally people are starting to figure this out!

Agree 100%!! GO BYRON...

[kmarinas86]

"This guy want the government to have total control over the means of production? That's communism."

Transportation is not the same as the means of production. It is a facilitator of production. Also, all he is proposing here is that the same projects that are necessary in an expanding economy be PAID for using new money, and NOT financed as a LOAN!

[verstwo2]

It's not gold standard currency. The currency IS the standard. would have to be recognized intentionally and need an international standard. (hence the US $ is the international standard not gold)

This guy want the government to have total control over the means of production? That's communism.

This is the exact opposite of what most conspiracy nuts talk about. Moving away from the gold standard...but we don't have a gold standard now. BUt you still need some sort of standard.

[gifteconomy123]

We should demand: THE GIFT ECONOMY! FREE WATER, FREE FOOD, FREE HOUSES... ARE OUR RIGHTS.

Let us work VOLUNTARY for eauch other - out of friendship/passion/love! Wikipedia, linux... go ahead!

[erushbass]

um yeah, that would work for about five minutes.

[gunthaarz]

borrowing money from the FED means having to pay the FED interest on money the FED doesn't have, just prints. if gov spends

money to create something, they order a "chair" or a road from you. you make it, you get money from the gov. the gov gets a road it can

toll or give to you & business so wealth is CREATED. why would gov want to "borrow" money at interest from the FED, money the FED doesnt have, when money's supposed to reflect work thats being DONE, not numbers borrowed.

[svenp]

I don't understand how the money would be 'backed' in Byron's solution. Backing it by production/real wealth of course is perfectly logical but, how exactly does that work? Who set's the exchange rate between production/wealth and dollars?

I like the idea of the issuers of money being constrained by tying the money to tangible commodities of some kind. Perhaps even energy.

[aliensexfiend]

i agree 100%

this is clear, simple explanation of everything that's gone wrong with the united states and every other country that has fallen prey the evil practices of these bankers

its just astonishing that most ppl have no idea what's going on.......

WAKE THE FUCK UP!!!!!!!!!!!!!!!!

fight the global elites, stop the NWO, and it needs to begin right now

the age of REVOLUTION is at hand and its time to take back our power that we gave away to these fucking evil bankers

[fatboybob4]

Huh? Why is everybody so dumbfounded?

It's called the "NEW WORLD ORDER".

Everyone goes into debt and the Elites of the world take over.

What is so hard to understand?

Money is nothing. Euro already happened. amerio has been printed ( I don't think it will circulate).

RFID chip, or god. Your choice drones.

[debtfreecurrency]

thank you for this channel. please google mike montaigne "mathematically perfected

economy". and let me know what you think. his ideas are very similar to byrons

except he would extend interest-free credit for home loans as well as public projects.

[vanityfox451]

Hi Bryon, so, taking into account the existing $53 trillion in associated debts America currently hast, I assume you hyperinflate the currency by 60 decimal places and pay off the debt to foreign parties?

Where again would the other nations sit with this debased currency when America wants to carry on importing the 60% oil it requires to build bridges?

I think the bigger picture is that we aren't begining on a level playing field and starting with a brand-new World. War??Think About that...

[madridisinSpain]

Printing money is a great idea. But it has already been done in some countries. It worked out very well. Like in Mozambique, where Robert Mugabe decided to do exactly that, and everyone in Mozambique went from poor to billionares. The only problem is that a tomato costed 100.000 mozambique dollars. Search Peter Schiff calls 4 weimar on youtube to see the point

[TheByronDaleChannel]

Except all that money was lent into circulation. The interest rate in the Wiemar republic was 900%. Can you imagine if you were a business how much you would have to raise your prices to stay ahead of the interest? Please read our blog found in the description area for more information. The problem was still how that money went into circulation.

[Popodelades]

@madridisinSpain It's in Zimbabwe, not in mozambique..

[madridisinSpain]

@Popodelades yeah sorry i meant that i feel really bad for putting mozambique, of course its zimbabwe. Ty for correcting

[jismjacket]

@madridisinSpain

You mean Zimbabwe

[madridisinSpain]

@jismjacket yes sorry I meant that

[edivdp]

@madridisinSpain

Robert Mugabe is President of Zimbabwe not Mozambique. But your point is correct.

[TheByronDaleChannel]

I am forwarding these questions directly to Mr. Dale. Great question. I'm probably going to do a film on these questions. I will have your answers to these questions as soon as possible.

-Tommy

Thanks for the great questions.

[joelito101]

WHY do we need money? how about a system that money is not needed to do anything. How about a time banking system. Where what I do directly benefits someone?

This money system was obviously easily corruptible. If we start a new system, will it have the same weaknesses?

[sleepyriggles]

Its futile to hope the government can fix an economic crisis that IT caused. If the United States has a chance in hell to recover it needs to start by tearing up NAFTA and get our production jobs back. Allowing american business to hire laborers at slave wages outside of the U.S. only to turn around to sell it back to the american people at lower cost was a great idea for short term record profits but now the people aren't working thus not spending money even for the goods made by slaves.

[taloseh]

And here is where the Amero comes.....

[TheByronDaleChannel]

I've seen a lot of talk of the 'Amero' but I've yet to see any proof that the Amero is being introduced. I'm suspect that the banks may be the ones pushing an Amero myth to keep the people distracted from the root cause of our finacial problems., but it could in fact be real. If anyone can show me proof that the Amero is real, please send me the info.

-Tommy

[MillionthUsername]

You buy gold and silver with 'dollars'. They're certainly not worthless yet.

Then you "buy" gold/silver when you trade your work or products to people who pay you in them.

And what do you buy 'dollars' with when you have none?

[TheByronDaleChannel]

Read my comment on killerkitty777 on how to purchase Federal Reserve Notes.

[MillionthUsername]

Yes, FRNs come from checkbook money, but you don't get them from banks when you don't have any of this money to start with. You get them by selling goods and services to those who have them.

That's how you would get gold and silver money as well - that is, if you wanted to be paid in that form of money.

There's no mystery to it.

[TheByronDaleChannel]

How did those people get the FRN's in the first place? If they got them from someone else where did they get them? Exactly how did the Notes get put into circulation?

[killerkitty777]

every dollar is printed with debt attached...its impossible for anyone to pay off ANY debt like that...really, ppl are blind about this :/

[TheByronDaleChannel]

The Bureau of Engraving and Printing prints all the Federal Reserve notes for the cost of printing (approx 4.5 cents per note reguardless of the number printed on it) and sells them to the FR at that price. From there all other banks have to purchase those notes at face value. Then in order for the consumer to get any FRN's they have to go and purchase them from their local banking institution at face value with their demand deposit money(checking account money).

[TheByronDaleChannel]

In order for any money to be in that checking account that person, or another person in the system had to go into debt(at interest) in order to have any money in their checking account (debt money).

-Tommy

[killerkitty777]

egad-zukes.

I appreciate the details

sad this has gone on so long...its dragging the world down with it...my friends uncle told me 'never invest in cash, it is worthless, buy gold, anything thats not paper currency because all it takes is one good hit and it becomes worthless'

SHIZ....

[OgeronimonominoregO]

You're just replacing one monopoly with another.

Money is merely a technology for facilitating trade. It belongs to people who produce and exchange goods and services. There is no right for any group of people to dictate to everyone else what they can and cannot use to trade with.

Only a free market in money can provide a real check on the danger of centralizing the money power. Only when you are FREE to easily opt out can you "vote" against unsound money systems to keep them honest!

[TheByronDaleChannel]

I agree with you that we can vote our way out of this monetary system, but all the money we use right now is owned by the banks, not the people who produce.

Since Byron's idea is wrong, what do you propose, and can you show me exactly what we would replace it with and how would it work?

-Tommy

[OgeronimonominoregO]

Byron is wrong about the gov't being authorized to issue fiat money, but since they don't follow the Constitution anyway it hardly matters. I'm not against all reforms of the existing system though.

The point is that you have to remove legal barriers like legal tender and coinage laws to allow the free market to work. You don't have to abolish the present system, just allow competition. You do need a transition period for alternatives to take root and shake out the losers.

[OgeronimonominoregO]

There would probably be several types: gold/silver, local or community currency, digital money based on a trade exchange that you belong to (large barter club).

Each has unique features. Gold might be demanded for int'l settlements while local currency would help local economies. Wal-Mart might issue store coupons as payment to its vendors.

You'd likely get networks of groups to consolidate smaller successful systems with perhaps a large clearing facility serving them.

[TheByronDaleChannel]

Can you please answer my next questions then?

Where are you going to get the gold/silver, how much are you going to need, and where are you going to get it?

[MillionthUsername]

You get gold and silver from miners, dealers, private sellers.

You will need as much as the market demands. That's how you find out how much you need of anything - as long as there are buyers/sellers at a price which makes the transaction possible.

As demand for gold goes up, it's price in fiat dollars increases until we find the equilibrium between holders of fiat money and holders of gold (where gold is freely allowed to be monetized).

Smaller denominations will appear as demand soars.

[TheByronDaleChannel]

Are you saying that we should have a fiat gold currency?

If smaller denominations are the results of increased demand just how small of gold coin are you proposing to put into circulation? Can you please show me exactly how the 'market' would put them into circulation?

[MillionthUsername]

Gold fiat? No. Gold is a commodity. What good is "fiat gold"?

I doubt that you would have many gold coins smaller than the current 1/10 oz Eagle as far as size. But you can lower gold content in the smallest coins if that was in demand. I suspect silver would fill that role though, as well as paper certificates.

You put new coins into circulation the way you do anything else. Make them, sell them. Look up "Liberty Dollar". We've been making gold and silver coins for thousands of years.

[TheByronDaleChannel]

I have to agree that fiat gold would be just as bad as what we have now if it was all lent into circulation at interest. Fiat is just a government decree that "something" is to be money. If you monetized gold, you would in fact have Fiat Gold.

Why would you use paper certificates if you're already blaming the problem on paper? The banks did that before and we already know the end result. They ended up owning all of the gold, or close to it.

[TheByronDaleChannel]

The banks never had more than 25% of the gold they lent certificates out on.

One other question, if you're going to make the coins smaller and smaller, wouldn't you eventually hit a point where the coin would have 0 gold in it. If a gold coin was valued at $1, and you only have .002 cents of gold in it, that on it's face is debasement. Are you actually proposing to have a debased currency?

[MillionthUsername]

"If you monetized gold, you would in fact have Fiat Gold."

No. Gold is a commodity. Are you trying to say that anything used for money is "fiat"? That doesn't make any sense. You're making the word meaningless. If you dropped it's use, the meaning would not change, so it's superfluous and doesn't add to any understanding of money.

"Why would you use paper certificates"

Convenience.

"...blaming the problem on paper?"

No. Problem is monopoly, not paper. We use paper for financial instruments.

[TheByronDaleChannel]

Can you show me and miners, dealers, or private sellers, or a complete combination of the three that have enough gold to create a general meduim of exchange for the world?  (we have a global market whether we like it or not, and I personall would preffer a much smaller global market). How would we keep america's share of the gold here with our trade deficite?

[MillionthUsername]

"enough gold...for the world"

Of course there is. If everyone chose to use it, it's price would adjust to the demand. Like everything else available in the market.

"How would we keep america's share of the gold here with our trade deficite? "

When the fraudulent system fails, you'd have to produce goods worth trading.

You do understand that gov't monopoly over money is evil, don't you? I advocate freedom, not another slave system!

[TheByronDaleChannel]

How will this digital money you propose be created and by whom, and for what purpose.

If gold would be used to int'l settlements, how long until all the gold would leave the USA with our current trade deficit? What would you pay them with after all the gold is gone? Where would you get this gold in the first place? Show me.

Why would a vendor want a store coupon to redeem the goods he just sold wal-mart? What good would wal-mart coupons be at a store like target?

[MillionthUsername]

Digital money would be created by the members of a private trade exchange. Everyone has goods and services to trade. They just need a mechanism and a large enough pool of trading partners. That's what every currency is - a facility to allow a large group of people to trade with each other.

The store coupon (or credit) was just a simple example. Now if you link Wal-Mart with Target and Krogers (grocery) + many others into a large retail credit/debit system, those can trade as currency.

[TheByronDaleChannel]

The constituion clearly authorizes our government to issue our currency, but our government has never spent money into circulation in our lifetimes.

The constituion states, Article 1, Section 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

To establish post offices and post roads;

So, we can change things to have Congress "coin" money to build roads.

[TheByronDaleChannel]

Can you show me exactly how removing legal tender laws, and coinage laws(I'm unsure what coinage law you want removed, since we don't have any free coinage right now) would work. I'm 100% open to ideas. If we had dual money systems as you propose, how would it function? Wouldn't it be easier to just fix the glitch in our current system?

[MillionthUsername]

Removing restrictive laws allows people to trade freely. No one has the right to tell anyone what they may or may not use for money. That has nothing to do with freedom, but everything to do with tyranny.

The "glitch" in the system is that it is a top-down monopolistic and predatory system, not necessarily the medium being used. They should return to constitutional money, plus allow the free market to work.

One example - they used a coinage counterfeiting law to shut down Liberty Dollar.

[MillionthUsername]

To coin money means to stamp metals into coinage. It does not mean "issue currency" by fiat paper! You can't put "coin" in quotes! Why bother quoting the Constitution in the first place if you can just change the meaning of words?

The states were prohibited from making coins (of the states) for the sake of uniform ease of trade among them. And they can't emit paper (bills of credit). The feds were given ONLY power to COIN MONEY and fix standards (dollar, dime, ounces, grams, etc)

[TheByronDaleChannel]

How would allowing the individual person to actually OWN the money create a monopoly?

Russel L. Munk from the U.S. Treasury clarified who OWNS our money as follows "You may want to know whether the bank is the one getting the benifit of the new money since the bank OWNS the new money while the customer has merely borrowed the money".

Let me clarify this another way. Lets say I'm make pink bananas, and I'm the only one who makes them. You need a pink banana to pay your neighbor for a -

[TheByronDaleChannel]

chair. I loan you a receipt for a pink banana then demand two pink bananas back in return(interest) for the one you borrowed. You also pledged your house as colatiral. The only choice you have it to either borrow more receipts for pink bananas, or get your friends to borrow more receipts, or I come and forclose on the real wealth because i tricked you into never having the money to pay me back.

Change pink bananas to our current monetary system and realize that both are just as rediculous.

[MillionthUsername]

"How would allowing the individual person to actually OWN the money create a monopoly?"

The monopoly is in the issuance. Money is a good. If you do not allow anyone else to issue it you are a monopolist who outlaws competition. That usurps the money power from people. It is tyrannical.

Or is Byron in favor of free banking?

Would fractional reserve lending and the banking privilege be revoked under his plan?

[TheByronDaleChannel]

Money is not a good, it is a tool. Long term the banking privilege of fractional lending must be revoked, but that is not the first step.

[DaNunn]

The system you advocate would create an even more enormous amount of inflation than we have today. That being said I believe your illustration of the process from wealth to debt is the best I have come across.

[TheByronDaleChannel]

Why would this system create enormous amounts of inflation? Just why would it do that?

-Tommy

[DaNunn]

This system would be essentially the same as we have today. The government would be in total control of the money supply. Therefore, their ability to just print it whenever they wanted to spend it would, in the end, lead to enormous increases in the money supply, which would only drive up prices.

Granted, the money would not be borrowed so the tax payers would not have to pay interest on the debt, but the true wealth in a system like this would still go to the people/companies (cont.)

[DaNunn]

(cont.) that are connected to the government. In other words, wealth would still not be derived from production.

[TheByronDaleChannel]

I agree with you that Byron's system would be free of debt but from everything I've read the private banks control the money supply, can you show me any information to the contrary?

Woudn't this system actually pay the people for doing the work, and in fact build real wealth instead of borrowing all of our currency, paying someone to do the work, then taxing back the entire amount you paid them, plus interest? I'm confused how this would fail to provide/increase wealth. Can you clarify?

[DaNunn]

The money supply is controlled entirely by the Federal Reserve, hence the term "Federal Reserve Note" on all the paper money. Now the Fed is an tricky institution - it was created and given its powers by the government, however, it is my understanding that the big banks have an ownership stake in it.

Regardless, every dollar in circulation was created by the Fed. The creation of money is completely centralized. Now how is it determined how much money is in circulation within the economy?

[TheByronDaleChannel]

The amount of money in circulation is determined by how much money people can borrow. The Department of the Treasury answered that question clearly by stating "Many writers simply state that the fed creates money, without mentioning the banks. This is because they assume that the banks will stay loaned up to the limits of the law, and, in fact, banks do endeavor to put all of their reserves to use because it is profitable. This gives the Fed the policy choice -

[TheByronDaleChannel]

- the opportunity to control the money supply by controlling the amount of reserves available to banks."

[DaNunn]

(cont.) The amount of money in circulation is totally arbitrary. They can print dollars at will.

If I understand Byron's ideas correctly, none of this would change under Byron's system. The creation of dollars would still be completely centralized, therefore, the amount of money in the economy would be totally arbitrary. And it is in this manner that wealth is taken away from the people who produce things.

One of the greatest flaws and one of the greatest evils under our (cont.)

[TheByronDaleChannel]

The Fed can request to have as many FRN's as it is able to pay for but they would still have to be monetized and put into circulation.

Under Byron's proposal (which would be a first in the USA) would monetize the production of our infastructure, free of debt, and money would become, at the very least, final payment, which in my opinion is what money ought to be. Final payment and a representation of wealth, instead of debt.

[TheByronDaleChannel]

Lets imagine that I'm a bank and I spend money to you to dig a ditch for me. I have now given you control of that money, and you receive the benifit of that money. I have a ditch, and you have money. Fair system right? Now under our system, the banks get the goverment to take a loan from them to dig that ditch, and charge interest on it, requiring the borrower to pay back the principal plus interest (the interest is never created, leaving the debt larger than the money supply) -

[TheByronDaleChannel]

- Russel L. Munk Dept of the Treasury said it like this "You may want to know whether the bank is the one getting the benifit of the new money, since the bank OWNS the new money while the customer has merely borrowed the money. The bank does indeed get the benifit of the new money." In other words the banks own and control all the money we have in circulation.

[DaNunn]

(cont.) current system is inflation. Inflation is the expanding of the money supply, which results in higher prices for everything and robs people of their wealth. How does this rob people of their wealth?

It does so by continually making the money you earn today worth less in the future, which creates an incentive not to save and instead go into debt since you will be able to pay the debt off with cheaper dollars. (cont.)

[TheByronDaleChannel]

When talking about inflation I think we should first define the word inflation. To inflate simple means to get larger. I have this inflatable mattress I use when I go camping, when I inflate it, it gets larger, hence it's been inflated. Most economists will tell you that inflation is too much money chasing too few goods or an inflation of the money supply.

[TheByronDaleChannel]

Though there is some truth that there is more money entering the system, it all enters the system as an interest bearing debt and we can clearly see that in our own personal experiences. When the last time you went to a mall and everything was sold out, and there were still lots of people trying to spend money?

[TheByronDaleChannel]

Its obvious that it cant be too much money chasing too few goods. And besides, why would anyone want to trade products or services for something they already have too much of? What most economists say simple fails to make any sense! I think when most people talk about inflation they are usually talking about price inflation.

[TheByronDaleChannel]

Lets take a quote from John B. Henderson Congressional Research Service, Senior Specialist in Price Economics, The Library of Congress. Money is created when loans are issued and debts incurred; money is extinguished when loans are repaid. Lets apply this to the business cycle.

[TheByronDaleChannel]

Imagine youre a business and we all know that interest and taxes are the cost of doing business. As a business pays down the principal, the money supply shrinks, but because of interest, the debt has now grown greater than the money supply. At a point in time, someone is going to have to go into debt, or go deeper into debt just to keep money in circulation, or the business will fail. But the debt has compounding interest, which makes the debt grow all the time, while the money supply does not.

[TheByronDaleChannel]

Collectively our interest load is larger than the year prior. And as that process spreads through the system, businesses in order to stay ahead of their interest, they must either capture someone elses borrowed money, borrow their way out of debt, find cheaper raw materials, lower their wages, or raise their prices. But eventually, and it happens to every borrower in time, in time the debt will grow so large that the interest alone will be greater than the total consumer income.

[TheByronDaleChannel]

Mathematically, that happened at the end of 2008 and in my next video I will show the mathematics that proves that. Can you imagine if youre a business and youre interest load continues to increase all non-stop how much you would have to raise your prices, lower your wages, or as is becoming so obviously clear, find cheaper labor? I hope this helps you understand the true nature/cause of price inflation.

[TheByronDaleChannel]

Im sad to inform you that money does not represent wealth. That has been in fact the biggest lie ever propagandized to the people. Our money in fact represents debt. Another one of the biggest lies, which is heavily pushed by the Austrian School of Economics, is that the government is to blame for our economic crisis. Private corporations known as banks issue and control all of our money. The Treasury agrees, The Library of Congress agrees, and the Federal Reserve agrees.

[TheByronDaleChannel]

And besides if the government issued all of our money, why would the government have any debt at all and leverage such oppressive taxes on us just to service the interest on that debt? Another question is if all we have done is produce wealth for the last 250 years, how in the world did we end up over 53 trillion dollars in debt, and have over 50 trillion in unfunded obligations?

[MillionthUsername]

"Another one of the biggest lies, which is heavily pushed by the Austrian School of Economics, is that the government is to blame for our economic crisis"

Wow! You lost me there! I'm sorry, but you really don't know what you're talking about!

How can you say something like that?????

How do you think the banks are able to create money? THE GOVERNMENT ISSUES THEM A LICENSE! THE GOVERNMENT BORROWS BILLIONS AND TRILLIONS. THEY CREATED THE FED AND GAVE IT POWER! What the hell???

Come on now!

[TheByronDaleChannel]

I'm glad we finally agree that banks create money.

Please clarify you statement "The government borrows billions and trillions". Are you saying the government is the lender or the borrower?

I think we are starting to make some headway now.

[MillionthUsername]

"which makes the debt grow all the time, while the money supply does not. "

Problem here is that money are debt are the same thing. You are operating under a misunderstanding of terms and that's why you think you've discovered something others haven't and why you erroneously criticize the Austrian school.

If the debt grows, THAT IS MONEY SUPPLY. You PAY for things with debt. It's money in the system.

[TheByronDaleChannel]

Have you ever had a loan? Did they loan you the principal and the interest or did they just loan you the principal? If they only loaned you the principal, where does the money come from to pay the interst?

[MillionthUsername]

Of course they don't loan the interest. It comes from the existing money supply, which is always increasing.

I don't know why you're reverting to these basic questions. I've understood all this for a long time. I've been trying to educate people on it.

[TheByronDaleChannel]

But when loans are repaid money is extinguished, therefore the money supply can go down.

Can you show me exactly where money is created to pay the interest? Or do you agree with me that the money to pay the interest is never created?

[TheByronDaleChannel]

Last time I checked, our total money supply was around 7 trillion, and our total debt was 53 trillion. Just how is our total debt money when our total money supply is only 7 trillion. A 1st grade math student can clearly see how rediculous a statement you made.

[MillionthUsername]

"A 1st grade math student can clearly see how rediculous a statement you made."

You said: "the debt grow(s) all the time, while the money supply does not. "

I pointed out that debt is money and grows the supply. I failed to say "over time".

Yet you have to be an ass and tell me that I can't add because you didn't say what you wanted to correctly.

I know that interest owed is not money supply RIGHT NOW!!! Unless defaulted, it will be.

And you say Austrians "lie" in saying gov't is to blame?

[MillionthUsername]

Please tell me what this "lie" is!

It's beyond me how someone concerned and knowledgeable about all this can accuse Austrian economists of LYING for blaming the gov't!

As I said, the banks do this evil magic they do by virtue of STATE LICENSE. Do you think in a free market that people would "borrow" so-called money that was created by these creeps out of nothing? And pay interest?

So how is gov't not to blame?

[TheByronDaleChannel]

I'm uploading a new video tonight for you to watch that explains all of that in detail. I hope it answers your questions.

[utubehayter]

This person has no interest in even knowing what Austrian economists are saying. he does not have all things right and is making wild assumptions about things to suit his pre-determined ideas.

[joelito101]

It is a goverment of the people is it not, so instead of blaming the government we should take it upon ourselves to correct the problem. NO MORE FINGER POINTING. The system has been broken, create a likely replacement that won't easily break, take what we have learned and use it positively.

PEOPLE FIRST, NOT MONEY!!!

[DaNunn]

(cont.) Now inflation is, in fact, a tax. So under Byron's system, even though people will not have to mail a check to the Federal government every February, they will still be taxed because they will have to pay more for everything.

The end result of all this is that the true power and wealth rests in the hands of the individuals who get to create the money. Just think about it ... how wealthy would you be if you could write a number amount - any number amount on a piece of paper (cont)

[TheByronDaleChannel]

I agree with you 100% that the wealth rests with the people who create the money. Byron is trying to allow We The People to create money, instead of just private for profit banks. Are you trying to say that because Byron's proposal would reduce the debt the cost of doing business would increase? Or are you trying to say that the cost of doing business gets cheaper the with the more debt we have?

We could write any number a peice of paper but how does it get into circulation?

[DaNunn]

and go buy stuff with it?

From your response to me I am gathering you are assuming that it is the taxation and interest payments that destroy wealth (please correct me if I am wrong). This is not the case. It certainly does not help matters, however, the fundamental destruction of wealth in our system eminates from problems created by the centralization of the creation of money.

I hope all of this makes sense. I am enjoying this exchange and thank you for engaging in it with me!

[dweber66]

always ask: who benefits? the answer is always the bankers and ultimately the rothschild's federal reserve bank