Money as Debt - Fractional Reserve Banking part 2 of 5

[hahaha44602]

I think we should go back to the time when we consume what we produce and exchange what we produce for other produce, for example exchanging fish for rice and so forth. That has more logic to it than selling our labor for income and working as slaves for the rest of our lives. Wants become needs and people end up wasting their money on what they don't need, while the bankers get richer as the rest of the planet grows poorer. Money is worth nothing now. Inflation is wat we end up with

[pipem4n]

Fractional reserve is not wrong per se. It's not with gold money.

Peter Schiff: the Fed, fractional reserve banking, FDIC, health insurance, and education 8/7/09

and blow your mind for free ? :D

Peter Schiff debates David Epstein of Columbia University -- Nov 11 2009

The truth delivered to You from dark place in soviet EU.

[AwesomeBeatles]

We slaves should be paying zero percent in interest. Banks add no value to anything.

[Charlem8]

@AwesomeBeatles and then what would be their incentive to loan you the money instead of just spending it?

[AwesomeBeatles]

@Charlem8 Watch "America, Freedom to Fascism", or "The Creature from Jekyll Island", for starters, both on You Tube,

[gorealestate]

If your dollar is such "trash" why don't we see you shredding it or burning it?! Better yet, why don't you send ME your "trash" dollars. I have alot of things I can do with your so called "trash".

[ucdconnectq]

"......legal tender laws declare that citizens must accept this fiat money as payment for dept or else the courts will not enforce the obligation. "

[axelasdf]

@gorealestate

Common ignorance. You are forced to pay taxes with it. It has that worth.

[schoolboy4321]

@gorealestate Thats not the entire point. This fiat currency becomes less and less valuable as more money become printed in effect lowering the purchasing power of middle and lower classes. Not to mention, by pumping more money into the system we see inflation in goods.

[gorealestate]

@schoolboy4321 That's NOT what he said. It said that """MONEY IS TRASH""".

[schoolboy4321]

@gorealestate That money is not backed by any real value, i.e. gold silver so in effect it really is not valuable. But you are missing the points of the entire video. Im not arguing with you or trying to get on your nerves but there is more information underlying this video than just "money is trash."

[gorealestate]

@schoolboy4321 : Not backed by any real value?? How assinine is that? Come on....you honestly believe that? Like little sheep, someone makes a stupid statement and every little sheep follows. If you honestly think money has no real value, then why do you work???!!!! ALSO, if your money has no real value, why don't you mail it to me....I'll take your "trash".

[gorealestate]

@schoolboy4321 ALSO.....if money is such trash with no value, let me ask....how the hell do you obtain gold!?!?!

[schoolboy4321]

@gorealestate The only way to obtain gold is by mining it but we havent seen a large influx of gold since the last gold rush. Money has value according to what the consumer believes it to be worth. Before the federal reserve act was signed into law, treasury notes were backed by gold reserves which made prices and the value of these notes stable. Our current legal tender is not redeemable for any true value but is used as a measure to purchase goods. Money printed out of thin air.

[gorealestate]

@schoolboy4321 : You didn't answer my question.....HOW do YOU obtain gold? Do you go out and mine it yourself?? My point is...you have listened to to many of these yahoos who think paper money has no value.

Please answer the question: 1) Why do you work?___________ 2)How do YOU obtain gold/silver?____________ 3) So if your "current legal tender" is not redeemable for any true value, why will you not send it to me? _________

[schoolboy4321]

@gorealestate Ok well lets start with the basics. The reason why gold, and other metals are valuable, is because they have several industrial uses. Not to mention the fact that we cannot create gold out of air. Those who mine gold are therefore mining something of value. I work so I can paid money to but things that I need. You can obtain gold by buying it or finding a mine. Third, as I had previously stated , although not redeemable for any value it is still a measure to purchase goods.

[gorealestate]

@schoolboy4321 Oh brooother! Why are you trying to talk AT me as if I don't know and need to be educated? The sad thing is that you are talking like a sausage!

[schoolboy4321]

@gorealestate Sir no disrespect again, but bottom line is when legal tender paper dollars are backed by something in actual value it is very difficult to devaluate that currency. When the money supply gets flooded by new currency that are not backed by any value, the value of each individual dollar decreases, simple fractions. I have to go back to work now but great chat!

[gorealestate]

@schoolboy4321 Yes, I agree. Nice chat. It's nice to have a debate. (the freedom of speech!) No disrespect on this part either. TTYL

[schoolboy4321]

@gorealestate Modern money -- typical, paper-based fiat currency -- typically does not have any inherent value; its only value is in the head of whomever is doing the buying and selling. Outside of that frame of reference, it's usually pretty much worthless. Lots and lots of items have been used as currency throughout history, although before the past 100 years or so, commodity currency was the standard, meaning it was currency that had worth in and of itself.-Discovery summary, better than mine

[schoolboy4321]

@gorealestate Furthermore, as the value of money diminishes when more is printed, causing inflation, confidence in the dollar also decreases.

[gorealestate]

@schoolboy4321 Yep, yep, yep. That is absolutely true! Beleive that please! More reason to send me your dollars! They are worthless anyway and hopefully your confidence in the dollar is low enough to expect me to do any service to you for all your worthless dollars. Go ahead....send them to me! Please?

[gorealestate]

@schoolboy4321 Yes, I understand the points of the video. You don't have to challenge what was said. HE SPECIFICALLY STATED THAT MONEY IS TRASH. How do you dispute that statement? This clown and anyone who beleives that need their head examed and to think for themselves instead of believing everything they hear. That is the problem with society, they follow along with every goof ball instead of having the balls and thinking for yourself. I guess its easier not to THINK AND EDUCATE YOURSELF!

[SkipLaC]

@gorealestate There is no such thing as think for your self. All conscious human thought involving "words" is a trained phenomenon. Humans can't think for themselves. Humans can "only" put together things they've heard previously in combinations they haven't heard yet. Thinking in words requires that a human has been influenced by others previously. I agree it is not a good idea to believe everything heard but it is impossible to ignore repeated information from multiple sources as well.