The Fed obtained $8.4 trillion last year from the auction of Treasury securities---OFF OF THE BOOKS--without Congress and the public being aware of it !!!! The Ponzi scheme Fed does not even report the income as they confiscate the wealth of the people and inflict perpetual indebtedness and national bankruptcy. Search the mathematical inevitability at RIP OFF BY THE FEDERAL RESERVE or 3W scribd dot com, message 48194264
@krzyyysiek "Putting things on an even keel" - that is, keeping things calm and balanced. In the clip, the balance is between high and low interest rates, between encouraging savings and encouraging spending on new investments.
"It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." - Buffet
@delmarian I think that might be a reference to Warren Buffett. That said, perhaps Jimmy Buffett also has some interesting views on the soundness of currency. :)
Until you get falsely charged for high treason agaisn't the Queen or some other head of state and are then hanged nearly dead, drawn and quatered, if you're lucky you just hanged. Still want hangings?
I think we all want fair punishment for unfair action. If I'm shopping and I steal something, I go to jail. If I'm a banker and I steal something, I get the top job at the RBA.
I didn't take arcane1977 literally about hangings (since I don't support capital punishment), but I would love to see the central bankers publicly humiliated somehow. We don't need to kill them: putting them in stocks and letting us throw rotten vegetables at them should suffice. :)
This video is misinformation. Artificially lowering interest rates destroys the value of the currency. You have more currency but it buys you less. It's the difference between value and quantity.
Inflation is rising money supply, not rising prices. Rising prices are the consequence of inflation. Ex: if you print twice as many dollars to buy the same amount of goods, the price of everything doubles.
actually iamgabrielf inflation IS an increase in prices over a given period. it can be caused by printing too much money, or it can be caused by excess demand, or lack of supply.
the consumer price index (CPI), for instance, is the most common measure of inflation and it is calculated by averaging the increases in cost of a "basket of goods" eg. grocery items, petrol, tvs... etc. over a selected period.
misinformation?? anyways...iamgabrielf fails to realize that wages do not keep pace with rising prices, not to mention the windfall involved with inflating the money supply. the people who receive the money first- the big banks, reap their share of the profits before the the money trickles down to the consumer. by then the economy has adjusted to the oversupply of money and the small guy is left working his ass off to buy less. END THE FED. as evil as history will allow.
Strictly speaking gold wouldn't be worth anything, either, if people didn't artificially value it highly. So you can't make the argument that money that's not based on gold is therefore not worth anything unless you make the same argument for a gold-based monetary standard as well...
incrediblejessen: Actually, both gold and paper are subject to the same laws of supply and demand. The difference is that gold is very rare and paper is rather abundant.
OolTube02: The value of gold isn't necessarily "artificial". There are very good reasons we value gold so highly - rarity, purity and robustness come to mind. It's not inherently useful or valuable, but as a basis for money, it's far more honest than the fiat paper "money" we use today.
That was sad for Cramer, because he's only a small part of a bigger media problem, when so many other pundits deserve worse. It was still awesome to watch - reminiscent of Stewart on Crossfire or Colbert annihilating the White House press corps. It's funny because it's true. :)
The full interview should still be on The Daily Show's official site, if anyone hasn't seen it. Great stuff.
Comedy Central is better than cable news and newspapers. They occasionally ask real questions, granted. But to say they are the conscience of society is wrong.
Stewart was 2 years late on questioning Cramer. Why does no one ever say that FED is a private bank and charges us interests on money created out of nothing? Or that the national debt is an illusion. Or that nationalizing our money would immediately dissolve the need for income tax. Where is comedy central on these?
iamgabrielf: I wouldn't really say that people should get their news from Stewart and Colbert, but if you're conditioned on mainstream news, you need something to cut through some of the BS.
Yes, the media does need a social conscience. Yes, central banking is one of the biggest issues in the world today. That said, if we're waiting for Comedy Central to take on that role, it'd be a sad indictment of everyone else... :)
Yes i agree about comedy central. But I think your taking what Shaun said too literally. He was making a joke about the intangibility of modern currency. The only real point he made, apart from pointing out what most people already know about economics, is that we don't have a free market, not really.
And yet everyone keeps weeping about capitalism. When the under-achievers allow for actual laissez faire without socialist welfare systems, then we can blame the free-market.
@Mccnuget The intangibility (or "fiat") of modern currency isn't a joke. I agree that the point about the free market not applying to some people and being subject to their interference is a good one. Nevertheless, the point made at the end that no fiat currency is really worth anything, or at least has no way of holding its value over time, is at least as important.
No it isn't. Thats the premises for all currency, instrinsically. The value of gold is no more tangible than the value of foreign currency. Its just more complicated so people have trouble understanding it.
At the end of the day, the only difference is that the government can more easily control the value under a fiat currency. Percieved value is still conditional, more so if its a commodity currency. I think Shaun was only making the remark because most think Gold is still a crucial part.
@Mccnuget Gold has physical properties that make it useful as a basis of currency (rarity, purity, uniqueness...), and we've known about them for 8,000 years. It's also easier to understand than fiat money (though both are easy): gold is an asset, fiat money is a debt. Also, private banks have more control over currency than governments (because they create more money via compound interest).
Perceived value is conditional, but stability is not. Neither is inflation, for that matter.
@Mccnuget No he understand that Gold is real currency. And has been for thousands of years. The current fiat system which has been in place for 39 years is crumbling.
@Mccnuget No you have it all wrong, the idea od having something tied to gold is so ventral banks can't create to much credit and create too much money that willbe put into corrupt hands because you can have hyper inflation, the money can become worthless and half in value or more.Just like the U.S in the least few year's.The aussie dollar use to be 70 cents U.S now it is 1.10 and rising.That is because of inflation(which actually mean's creation of money as in inflat the money supply)
Fundamentally the issue is deciding how much money the economy should have, to represent the economy's actual value (unless you want to barter with real goods or heavy metals, neither of which is practical). It's not easy because the population keeps changing... if you go from 100 people to 1000, some amount of new money has to be printed.
I think you're looking at this backwards. The population doesn't change the amount of material wealth that a community has (think of land), although it might affect the amount of labour that community can perform.
It's true. It's all smoke and mirrors and it is whatever the rich dicators say it is or worth. It's all a matter of perception and if the rich are feeling generous or not. We're living in the middle ages again.
Hey America, Jim from Canada here. I could issue your currency for half of the interest rate that the Fed charges you, if you like. What a deal! Or I guess.. your congress could issue its own countrys currency and bypass the interest completely! Hmmmm
you blame the bankers but it is the goverment who increase the money supply by spending over budget and financing it by selling bills to discount houses.
Officially, the RBA is owned by the Australian federal government but is not considered a government body. However, this is probably doublespeak: it is likely run by the same old bankers (the current RBA Governor used to work for the Fed). I imagine the reality is similar to that of the Bank of England, which is owned by the UK government and yet run (supposedly) independently - in practice, not as brazenly deceptive as the Fed, but not by much.
Thanks, but I think you are wrong about the bank of england - I am confident that it was the first confirmed rothschild kill.
Run is different than owned. The fed (for sure) is a private bank run for the benefit of the owners, nothing other than that.
The US federal debt owed the owners of the fed is false; the interst paid them on it, one part of about $400 billion per year, is theft of public funds. No money for health care!
Regarding the BoE, what I meant was that it's still owned and run by The Powers That Be.
The BoE is owned by the "ruling class" (government) but still run by the "moneyed class" (bankers), whereas the Fed is both owned and run by the "moneyed class". I think that in this respect, the RBA is more like the BoE than the Fed.
(My use of the expression "ruling class" is ironic, of course...)
I have been trying to find out, there are some refernces 100 years ago to Private Queensland Banks (British run), but this is very unsubstantiated.
Anyways in 1911 the Common Wealth Bank of Australia was formed in 1920 it got central bank powers, in essence created its own money and lent it the other banks plus the public (fantastic profit margins).
I think the date of significance you're referring to is March 15th, 1947. This is when our bank officially lost power to print its own money. This is the point where we transformed into a debt based monetary system, the "Fractional Reserve System".
I had that date as 20 March (House of Reps) and 25 March (Senate), not 15 March.
In any case, that was when Australia became party to the Bretton Woods Agreement, and therefore party to the IBRD (now part of the World Bank) and the IMF.
The federal reserve system as a whole is a mish-mash of private and public which was designed with the intent(which often differs from actual outcome) to derive benefits of both government supervision and privatization.
Its basically the child produced by the marriage of govt. and corporations whose sole function is to loot the producing hard-working section of the society.
As a short-term move to fix all on the right path, it should be illegal for banks to lend against demand deposits (checking accounts, ordinary savings accounts).
Thus no money multiplier could lever this into new credit-based money (inflation).
Only those seeking higher interest payment in other kinds of accounts, should contract to have their money lent.
Yes, but what backs the gold? It has no utility; nearly all of it is used for jewelry and the bizare practice of forming it into blocks or discs with the image of dead people on them and putting them in piles.
Gold is backed by exactly the same delusion that backs all money; you can exchange it for goods and services, therefor it's valuable, therefor you're willing to exchange your goods and services for it. You're just giving the printing press to miners instead of bankers.
That said, gold is a lot rarer, a lot purer and a lot more durable than paper. This makes gold a much better basis for money, since it's much more difficult (but not impossible, of course) to manipulate the money supply. In other words, precious metals are considered honest money, whereas paper money printed out of fiat is not.
"That said, gold is a lot rarer, a lot purer and a lot more durable than paper."
And that's a bad thing if you plan on having economic growth outstripping the growth in supply of nearly useless yellow metal. I'd rather have political constraints on the money supply rather than geological ones.
There's not enough gold unless you arbitrarily inflate the price or use feduciary currency.
In either case, the actual value of the underlying resource is between nothing(paper) and a few percent("precious" metals) and it doesn't really matter to me which is which.
Gold is already way overvalued, look at iridium. It's the rarest metal, most corrosion resistant, incredibly hard even at high temperatures, only 3 tonnes per year is mined, yet it's cheaper than gold.
I want to suggest a site very well worth checking out thats gaining an excellent reputation. The Website has been up and running for quite some time and already has 110,000 hits per month, but its You Tube site is still in its infancy. Google :-
"Chris Martenson"
and complete the
"Crash Course"
or find the films here on :-
"chrismartensondotcom"
I've yet to find anywhere else on the net that explain's in detail where we've been and where we're heading.
Real gold and silver is the only cure. Chosen as the best intermediary commodity of exchange by 6000 years of free markets.
Kennedy exec order made silver certs issued against mint/treasury silver reserves to compete against the Fed Res Notes. Lincoln refused their usurious loans.
Any loans of fiat from thin air are usurious because they are worthless like all fiat is but for the coercive force of govt tender laws
Yes it would work IF ALL central banks did NOT print any extra fiat paper receipts. But then as in ALL Ponzi schemes, first users ie govt, get the full buying power of fresh scrip, while the lumpen get to pay the bid up prices, ie inflation, a stealth tax - and thats on top of the interest paid for the privilege of using one's country's own money.
Indeed see the Ed Griffin "Creature from Jekyll Island" - the latest 7 part-er one is best.
Totally agree. Central banks are the root of all evil today. the cause for national debts, wars, and corrupt governments. Abolish the central banks and get back to sound money (backed by gold) and all our problems are solved.
the Australian Reserve bank is part of the Central banking scam. these private banks are the source of all evil today. all thanks to the Rothschild family and their partners in crime
The whole point of fractional reserve banking of a fiat currency is to create money (for free) at the click of a mouse and then charge people interest on it which can only be repaid by their labour or property/land/business. and ultimately by further borrowing. It is a massive con, a scam.
So true. But you and I do similar things we're charged with pyramid schemes. Hmmm pyramids... wonder if there's some connection? lol
Good comment. Yes, it's a scam- ABOLISH the FED RESERVE, UN, IMF, World Bank, CFR, Trilateral Commission, unconstitutional application of income tax etc, etc, etc.
tally sticks as a means of exchange worked in the UK for hundreds of years before fractional reserve banking stole the national wealth and enslaved the ignorant masses into debt servitude.
Fractional reserve banking of fiat currency IS ultimatly the biggest con on the face of the planet. However one may justify it as a means to stimulate increases in production, ultimately debt growth outstrips productivity growth at which point a crash happens and the banks take back the all wealth.
Increasing money in circulation by cheapening debt is a short term boost if the economy is at below optimum. Once it reaches its natural level the debt has to be paid back plus interest and this forces the economy below its optimal level again by removing demand.
Our current system is inflationary by its very nature. Money is created by debts, debts increase via compound interest, and the only way to pay off interest is growth, which means creating more money by creating more debt, etc.
The gold standard was, in a way, a way of checking growth. It made growth more difficult, but it meant that your money was always worth something. It's not perfect either, sure, but it worked for centuries before our time and I think the world was wrong to abandon it.
The Predatory Capitalism you describe has been around for a long time even before the gold standard was abandoned. There also was compound interest and loan-sharking in the time when the only money was gold pieces.
All that money is, is a means to trade in a way that's more convenient than bartering: Instead of swapping ie a bucket of milk for a couple of loafs of bread, people use official "I Owe You's" (aka paper money).
In this example the value of the money is a bucket of milk, and it can be used to buy something of equal value, ie a few loafs of bread. There's no need for rare resources to get involved in that process, except as yet another good to be traded.
the problem with that is the current paper money is being creted out of thin air by those who do not create REAL products. It's unfair to those who produce... actually it slaves those who produce and save. So it's wrong.
Fixing the supply of money dosnt actually make growth slower. Real growth is the growth in output not in units of account. If the money supply was fixed then the GDP in money terms of a nation would always be identical whether it produced 100 cars or 200 cars in a year. The only difference is they would cost half as much.
The point of backing a currency by a precious metal isn't growth: it's protecting the value of money in the long term. Neither the existing fiat money system nor your "(potential) supply of goods and services" could ever be considered honest money. (The economy can still grow if you find more gold.)
Besides, growth exists mainly to create the money to pay the interest on the debt created by creating the money in the first place. That sounds like "nonsense" too, but that's what really happens.
The economy will always be limited by finite resources, whether that means gold or any other matter. Once you reach these limits - as we are rapidly doing already - the demand for products made from these resources loses its meaning because supply can no longer meet it.
Please conclude this argument, and the 5000+ years of wisdom that has come before it, by explaining to all of us the ideal basis for a stable, sustainable economy based on growth.
That doesn't follow from anything I've ever said or written. The world's economy doesn't run on precious metal now - and just look at the state it's in. :)
It's clear from your comments that you don't understand the historical role of precious metals in the world economy, nor the economic volatility of the last century, nor the centuries of stability that preceded it because of the pound sterling. I suggest you read "Gold Wars" by Ferdinand Lips, or what Chris Martenson's "Crash Course".
"The world's economy doesn't run on precious metal now"
But you think the world's economy should be limited by the availability of gold.
We could run out of gold so that according to you no more money should be printed, even if there would still be other resources that - with labor invested - would grow the economy - yet in the system you propose it would not be allowed to grow.
If you hit a max amount of gold in circulation then each piece of gold is worth more and can buy more because there is a lower supply than demand. Don't forget there is also silver or even platinum.
As I posted before, though, the question isn't whether the economy *should* be limited by gold or anything else. The question is whether an economy based on growth is sustainable at all. Sure, there's finite amount of gold et al, but there's also a finite amount of raw materials from which to make products.
Remember, it's the promise of things to invest in, without the things themselves, that has caused our current economic mess.
The problem with those goods and services is that they don't preserve their value very well - they degrade, they break, they perish. There is a great deal of wisdom to suggest that gold (and silver, and platinum) are good choices for money - for example, rarity, purity, durability - whereas things like are not.
What a gold standard would do (and has done in the past) is make it more difficult for central bankers to cheat. As it stands, money is created from thin air, and the excess money causes inflation (which is really theft) and forces growth to pay off debt.
It's still non-trivial to equate a broad and ever-changing modern economy to gold or silver, but it's far more trustworthy than leaving it to the banks.
But a gold standard would do exactly what the interviewee is doing by raising interest rates: constrict the money supply, potentially choking businesses and consumers.
If you lived in fear of INflation then I could understand your distaste of fiat currency. But a growing economy based on a metal whose supply doesn't increase significantly would cause deflation and incentivize people to hoard cash rather than invest in manufacture and trade...
Instead of governments charging a tax on its citizens they could issue money to pay their employees at the same rate of the growth of GDP That way the money supply will grow in a equal rate to what is needed and we wont have to pay taxes no more which will increase efficiency of everyone's bottom line even further. Of course governments would be required to not get greedy with this proposal.
OolTube, you mix, and match deflation, and inflation. Falling prices are just falling prices. Deflation is not inherently a bad thing, because it could simply mean that the money can buy more, or has more buying power. Inflation in money supply creates higher prices, stable money, prices simply get cheaper, because the existing money simply increases in value. Same reason why few US dollars can buy a lot more than any other currency of the same number. Things cost cheaper back then, than today.
I don't have a transcript on hand that I can send you. Send me a private message and let me know which parts you have trouble with, and I'll see what I can do.
intresting..
mlevi2538@gmail.com
mlevi2538 3 months ago
like this if you laughed at his "i wasted my life" face at the end
FrankFisticuffs 10 months ago
The Fed obtained $8.4 trillion last year from the auction of Treasury securities---OFF OF THE BOOKS--without Congress and the public being aware of it !!!! The Ponzi scheme Fed does not even report the income as they confiscate the wealth of the people and inflict perpetual indebtedness and national bankruptcy. Search the mathematical inevitability at RIP OFF BY THE FEDERAL RESERVE or 3W scribd dot com, message 48194264
oldereb38 11 months ago
That was awesome.
ajuk1 11 months ago
He says keel, it stabilises boats. On an even keel means keeping everyithing balanced.
nanopope 11 months ago
END THE FED.
iannetta11 1 year ago
This would be funny except ...... it is 100% true The RBA is an invention to keep you poor - and that is all it is. Good night and thank you Sean.
OzTrackDays 1 year ago
what does he say in 0:58.... it's about putting things on uneven .... what? %$^@#4?
krzyyysiek 1 year ago
@krzyyysiek "Putting things on an even keel" - that is, keeping things calm and balanced. In the clip, the balance is between high and low interest rates, between encouraging savings and encouraging spending on new investments.
AaronGNielsen 1 year ago
Now that is one damn intelligent sketch.
orangejuuz 1 year ago
not a freemarket because reserve m=bank is interfering...so it's not capitalism, it's a sham!
newperm 1 year ago
@newperm It's free-market capitalism for those who need socialist welfare, and socialist welfare for those who need free-market capitalism.
AaronGNielsen 1 year ago
LOL I nearly wet myself!!!
NeoVamp 1 year ago
The reserve bank needs to be destroyed or we are doomed to be enslaved
damnedcarrot 1 year ago
"It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." - Buffet
nikanj 1 year ago
@nikanj Did Jimmy Buffet say that?
delmarian 1 year ago
@delmarian I think that might be a reference to Warren Buffett. That said, perhaps Jimmy Buffett also has some interesting views on the soundness of currency. :)
AaronGNielsen 1 year ago
......CAPITALISM.....
OVOJEJUGOSLAVIJA 1 year ago
... Cunt...
TheArchmage44 1 year ago
Nice one Shaun, money ehh? Funny how the less you have of it the more valuable it is.
Damothedevo 1 year ago
ahh!! Excellent :D
kennymelodica 1 year ago
two legendary funny fellows! old odd humour .. love it or hate it
Fryman1982 1 year ago
Funny stuff. Micallef is a genius!
You should check out my youtube channel "Variety Garage". We're just starting out, but hopefully we can even approach the funnyness of this video.
varietygarage 1 year ago
; ) i saw this sketch on TV over 2 years ago and just like fine wine - it just gets better with time :) love it ;D
artyfarty3 2 years ago
newstopia is the best
Gannondalf 2 years ago
Excellent!
calumcoburn 2 years ago
Ask Khemlani!!!!
timtufuga 2 years ago
Oh, so true!!! Damn Heath Robinson control filibusterer PRICKS.
timtufuga 2 years ago
This is just to damn good
Erod154 2 years ago
@thtshtsbutiful: Which of us are you talking about?
AaronGNielsen 2 years ago
brilliant!
zeusvalentine 2 years ago
cunt!
Zarathustra06 2 years ago
Funny vid. High interest rates leads to lower housing prices though, not higher.
bobbyb1978 2 years ago
lol! i love shaun!
biglooneytic 2 years ago
fuck tony frof, cunt
nervs777 2 years ago
Also, giant picture of the map of Australia behind the presenter, hint?
doctawho42 2 years ago
cunt
nervs777 2 years ago
"cunt"
AlpinKirkonen 2 years ago
Gotta love Shaun. Brilliant!
slackologist 2 years ago
too much! far to funny! how sad it is people dont understand the evil of the fed bankers
makkertakker 2 years ago
Reserve Bank is a criminal corporation. An illegal one at that. We need a good ol'fashion public hanging me thinks.
arcane1977 2 years ago
Until you get falsely charged for high treason agaisn't the Queen or some other head of state and are then hanged nearly dead, drawn and quatered, if you're lucky you just hanged. Still want hangings?
afteq 2 years ago
I think we all want fair punishment for unfair action. If I'm shopping and I steal something, I go to jail. If I'm a banker and I steal something, I get the top job at the RBA.
I didn't take arcane1977 literally about hangings (since I don't support capital punishment), but I would love to see the central bankers publicly humiliated somehow. We don't need to kill them: putting them in stocks and letting us throw rotten vegetables at them should suffice. :)
AaronGNielsen 2 years ago
But that's so archaic. "Crucify them"
afteq 2 years ago
This video is misinformation. Artificially lowering interest rates destroys the value of the currency. You have more currency but it buys you less. It's the difference between value and quantity.
Inflation is rising money supply, not rising prices. Rising prices are the consequence of inflation. Ex: if you print twice as many dollars to buy the same amount of goods, the price of everything doubles.
iamgabrielf 2 years ago
"Misinformation"? I think the word you're looking for is "satire".
I'm glad, though, that most of the people who have commented here don't need a lesson on what inflation really is.
AaronGNielsen 2 years ago
actually iamgabrielf inflation IS an increase in prices over a given period. it can be caused by printing too much money, or it can be caused by excess demand, or lack of supply.
the consumer price index (CPI), for instance, is the most common measure of inflation and it is calculated by averaging the increases in cost of a "basket of goods" eg. grocery items, petrol, tvs... etc. over a selected period.
smurfmanhybrid17 2 years ago
and yes its also satirical so dont take shit so seriously!
smurfmanhybrid17 2 years ago
Satire is serious, that's kinda the point.
doctawho42 2 years ago
misinformation?? anyways...iamgabrielf fails to realize that wages do not keep pace with rising prices, not to mention the windfall involved with inflating the money supply. the people who receive the money first- the big banks, reap their share of the profits before the the money trickles down to the consumer. by then the economy has adjusted to the oversupply of money and the small guy is left working his ass off to buy less. END THE FED. as evil as history will allow.
TheAxeman757 2 years ago
Strictly speaking gold wouldn't be worth anything, either, if people didn't artificially value it highly. So you can't make the argument that money that's not based on gold is therefore not worth anything unless you make the same argument for a gold-based monetary standard as well...
OolTube02 2 years ago
gold is not artifically valued. it's value is based on the laws of supply and demand. the value of paper money is not.
incrediblejessen 2 years ago
incrediblejessen: Actually, both gold and paper are subject to the same laws of supply and demand. The difference is that gold is very rare and paper is rather abundant.
OolTube02: The value of gold isn't necessarily "artificial". There are very good reasons we value gold so highly - rarity, purity and robustness come to mind. It's not inherently useful or valuable, but as a basis for money, it's far more honest than the fiat paper "money" we use today.
AaronGNielsen 2 years ago
It pisses me off that comedians now(Stewart,Colbert,Newstopia...) are the social conscience of society now.
THAWK3 2 years ago
It says a lot that people who get their TV news from Comedy Central are better informed than those who watch NBC, CNN or Fox.
AaronGNielsen 2 years ago
I know,who watched Stewart CRUSH Jim Cramer?
THAWK3 2 years ago
That was sad for Cramer, because he's only a small part of a bigger media problem, when so many other pundits deserve worse. It was still awesome to watch - reminiscent of Stewart on Crossfire or Colbert annihilating the White House press corps. It's funny because it's true. :)
The full interview should still be on The Daily Show's official site, if anyone hasn't seen it. Great stuff.
AaronGNielsen 2 years ago
Comedy Central is better than cable news and newspapers. They occasionally ask real questions, granted. But to say they are the conscience of society is wrong.
Stewart was 2 years late on questioning Cramer. Why does no one ever say that FED is a private bank and charges us interests on money created out of nothing? Or that the national debt is an illusion. Or that nationalizing our money would immediately dissolve the need for income tax. Where is comedy central on these?
iamgabrielf 2 years ago
iamgabrielf: I wouldn't really say that people should get their news from Stewart and Colbert, but if you're conditioned on mainstream news, you need something to cut through some of the BS.
Yes, the media does need a social conscience. Yes, central banking is one of the biggest issues in the world today. That said, if we're waiting for Comedy Central to take on that role, it'd be a sad indictment of everyone else... :)
AaronGNielsen 2 years ago
@AaronGNielsen
Yes i agree about comedy central. But I think your taking what Shaun said too literally. He was making a joke about the intangibility of modern currency. The only real point he made, apart from pointing out what most people already know about economics, is that we don't have a free market, not really.
And yet everyone keeps weeping about capitalism. When the under-achievers allow for actual laissez faire without socialist welfare systems, then we can blame the free-market.
Mccnuget 1 year ago
@Mccnuget The intangibility (or "fiat") of modern currency isn't a joke. I agree that the point about the free market not applying to some people and being subject to their interference is a good one. Nevertheless, the point made at the end that no fiat currency is really worth anything, or at least has no way of holding its value over time, is at least as important.
AaronGNielsen 1 year ago
No it isn't. Thats the premises for all currency, instrinsically. The value of gold is no more tangible than the value of foreign currency. Its just more complicated so people have trouble understanding it.
At the end of the day, the only difference is that the government can more easily control the value under a fiat currency. Percieved value is still conditional, more so if its a commodity currency. I think Shaun was only making the remark because most think Gold is still a crucial part.
Mccnuget 1 year ago
@Mccnuget Gold has physical properties that make it useful as a basis of currency (rarity, purity, uniqueness...), and we've known about them for 8,000 years. It's also easier to understand than fiat money (though both are easy): gold is an asset, fiat money is a debt. Also, private banks have more control over currency than governments (because they create more money via compound interest).
Perceived value is conditional, but stability is not. Neither is inflation, for that matter.
AaronGNielsen 1 year ago
@Mccnuget No he understand that Gold is real currency. And has been for thousands of years. The current fiat system which has been in place for 39 years is crumbling.
billsaintkilda 1 year ago
@Mccnuget Why is it important for the government to control the value of money?
fergus247 1 year ago
@Mccnuget No you have it all wrong, the idea od having something tied to gold is so ventral banks can't create to much credit and create too much money that willbe put into corrupt hands because you can have hyper inflation, the money can become worthless and half in value or more.Just like the U.S in the least few year's.The aussie dollar use to be 70 cents U.S now it is 1.10 and rising.That is because of inflation(which actually mean's creation of money as in inflat the money supply)
RussMaxable 7 months ago
It has become a sad state of things, when comedy is the only truthfulness left
Azurenai 2 years ago
Free book on the "FED" available at: MeetTheSystem(dot)ORG
Learn how our "monetary system" works and you'll realize we've all been had.
realjoeplummer 2 years ago
hahahahaha this is great.
micallef is a legend
jabbid111 2 years ago
lol
2Crystalight 3 years ago
KILL THE BANKERS!!!!!!!!!!!!!
JoeTube27 3 years ago
Check out the book: The Creature from Jeckyl Island by G. Edward Griffin. . All abut the "Fed". . Everyone needs to know the Truth written here.
phitnessjim 3 years ago
LOL Great Video!
Save America END the Wars; END the FED!
s35wf 3 years ago
Fundamentally the issue is deciding how much money the economy should have, to represent the economy's actual value (unless you want to barter with real goods or heavy metals, neither of which is practical). It's not easy because the population keeps changing... if you go from 100 people to 1000, some amount of new money has to be printed.
perfectionbox 3 years ago
I think you're looking at this backwards. The population doesn't change the amount of material wealth that a community has (think of land), although it might affect the amount of labour that community can perform.
AaronGNielsen 3 years ago
It's true. It's all smoke and mirrors and it is whatever the rich dicators say it is or worth. It's all a matter of perception and if the rich are feeling generous or not. We're living in the middle ages again.
Licmycat 3 years ago
Buy gold, buy silver, and when shit hits the fan, smile.
TheRealJakeKool 3 years ago
Love it.
KMSbear 3 years ago
Pray that ALL central bankers end up like Tony, otherwise we don't have ANY hope.
experimentsingeekdom 3 years ago
Hey America, Jim from Canada here. I could issue your currency for half of the interest rate that the Fed charges you, if you like. What a deal! Or I guess.. your congress could issue its own countrys currency and bypass the interest completely! Hmmmm
fatmoleman 3 years ago
Kennedy tried to that and look what happened to him.
larstup 3 years ago
How does the Reserve Bank decide which piece of plastic is going to be worth $5 and which ones will be worth $10.
Of course the real special pieces of plastic get made into $100 dollars bills.
There must be a quality grading system because plastic that is not up to speed for bank notes gets made into plastic milk bottles.
I'm glad the Reserve Bank can tell the diference cause I sure as hell can't.
$ Notes in Aus are plastic
TodMcInerney 3 years ago
Huh.. that is a strange post
The plastic our notes are printed on is very special, you can't buy it anywhere (of course). See the NPA site for more info
TheRealJakeKool 3 years ago
The paper, and ink our bills are made of is very special too.
No shop can supply it.
Is that where its value comes from?
They used gold in old days. But now we use very rare plastic and paper.
For the bankers that kind of plastic is very cheap of course.
They can make as much as they want.
And the number on it adds the value.
It is much easier done just by adding a value to a account of choice.
john1230 3 years ago
you blame the bankers but it is the goverment who increase the money supply by spending over budget and financing it by selling bills to discount houses.
benmcpeatfield 2 years ago
This is the best explanation of centeral Banks I've seen! It's hilarious!
shooter348 3 years ago
The facial expressions say it all ;-)
I'm not sure if the reserve banks in Australia and New Zealand are private. We're probably not supposed to know these things.
rippedangels 3 years ago
Is the reserve bank private?
CNN911Fakes 3 years ago
The US Federal reserve is a private bank, but I'm not sure about Australia and NZ.
rippedangels 3 years ago
Officially, the RBA is owned by the Australian federal government but is not considered a government body. However, this is probably doublespeak: it is likely run by the same old bankers (the current RBA Governor used to work for the Fed). I imagine the reality is similar to that of the Bank of England, which is owned by the UK government and yet run (supposedly) independently - in practice, not as brazenly deceptive as the Fed, but not by much.
AaronGNielsen 3 years ago
AaronGNielsen
Thanks, but I think you are wrong about the bank of england - I am confident that it was the first confirmed rothschild kill.
Run is different than owned. The fed (for sure) is a private bank run for the benefit of the owners, nothing other than that.
The US federal debt owed the owners of the fed is false; the interst paid them on it, one part of about $400 billion per year, is theft of public funds. No money for health care!
CNN911Fakes 3 years ago
CNN911Fakes,
Regarding the BoE, what I meant was that it's still owned and run by The Powers That Be.
The BoE is owned by the "ruling class" (government) but still run by the "moneyed class" (bankers), whereas the Fed is both owned and run by the "moneyed class". I think that in this respect, the RBA is more like the BoE than the Fed.
(My use of the expression "ruling class" is ironic, of course...)
AaronGNielsen 3 years ago
CNN911Fakes
I have been trying to find out, there are some refernces 100 years ago to Private Queensland Banks (British run), but this is very unsubstantiated.
Anyways in 1911 the Common Wealth Bank of Australia was formed in 1920 it got central bank powers, in essence created its own money and lent it the other banks plus the public (fantastic profit margins).
It then spilt into two 1959
1) Resevere Bank of Australia
2)C.B.A bank - publicly listed
TodMcInerney 3 years ago
Thanks TodMcInerney and AaronGNielsen.
I look forward to learning more. However, I think I should still call for a shuttering of the fed and repudiation of the debt.
CNN911Fakes 3 years ago
I think the date of significance you're referring to is March 15th, 1947. This is when our bank officially lost power to print its own money. This is the point where we transformed into a debt based monetary system, the "Fractional Reserve System".
thedon169 3 years ago
I had that date as 20 March (House of Reps) and 25 March (Senate), not 15 March.
In any case, that was when Australia became party to the Bretton Woods Agreement, and therefore party to the IBRD (now part of the World Bank) and the IMF.
AaronGNielsen 3 years ago
"Is the reserve bank private?"
The federal reserve system as a whole is a mish-mash of private and public which was designed with the intent(which often differs from actual outcome) to derive benefits of both government supervision and privatization.
soylentgreenb 3 years ago
Thanks to Aaron for posting this vid. Chris Powell at Gata posted the link - probably why your hit count has gone wild in the last 24 hours.
Aaron not only have u posted a good clip but you can also carry on intelligent discussion about central banking being a insider run ponzi scheme.
TodMcInerney 3 years ago
Its basically the child produced by the marriage of govt. and corporations whose sole function is to loot the producing hard-working section of the society.
experimentsingeekdom 3 years ago
Shaun Micallef is a comsdian's comedian, a comic genius. Thanks for the post..
MandoMohan 3 years ago
A devastating parody of central banking - HILARIOUS. Killer stuff, couldn't even breath afterward...GENIUS.
disobeytoday 3 years ago
that is awesome great video! peace in greece.
marcosxag 3 years ago
As a short-term move to fix all on the right path, it should be illegal for banks to lend against demand deposits (checking accounts, ordinary savings accounts).
Thus no money multiplier could lever this into new credit-based money (inflation).
Only those seeking higher interest payment in other kinds of accounts, should contract to have their money lent.
TruthAxe 3 years ago
LOL! The Aussie's are not in the dark about central banks.
GalacticAlignment 3 years ago
Yes, but what backs the gold? It has no utility; nearly all of it is used for jewelry and the bizare practice of forming it into blocks or discs with the image of dead people on them and putting them in piles.
Gold is backed by exactly the same delusion that backs all money; you can exchange it for goods and services, therefor it's valuable, therefor you're willing to exchange your goods and services for it. You're just giving the printing press to miners instead of bankers.
soylentgreenb 3 years ago
That said, gold is a lot rarer, a lot purer and a lot more durable than paper. This makes gold a much better basis for money, since it's much more difficult (but not impossible, of course) to manipulate the money supply. In other words, precious metals are considered honest money, whereas paper money printed out of fiat is not.
AaronGNielsen 3 years ago
"That said, gold is a lot rarer, a lot purer and a lot more durable than paper."
And that's a bad thing if you plan on having economic growth outstripping the growth in supply of nearly useless yellow metal. I'd rather have political constraints on the money supply rather than geological ones.
soylentgreenb 3 years ago
There's not enough gold unless you arbitrarily inflate the price or use feduciary currency.
In either case, the actual value of the underlying resource is between nothing(paper) and a few percent("precious" metals) and it doesn't really matter to me which is which.
Gold is already way overvalued, look at iridium. It's the rarest metal, most corrosion resistant, incredibly hard even at high temperatures, only 3 tonnes per year is mined, yet it's cheaper than gold.
soylentgreenb 3 years ago
I've already had this debate about gold with rspawn. Check the earlier comments about limits to growth.
AaronGNielsen 3 years ago
Hi Aaron,
I want to suggest a site very well worth checking out thats gaining an excellent reputation. The Website has been up and running for quite some time and already has 110,000 hits per month, but its You Tube site is still in its infancy. Google :-
"Chris Martenson"
and complete the
"Crash Course"
or find the films here on :-
"chrismartensondotcom"
I've yet to find anywhere else on the net that explain's in detail where we've been and where we're heading.
Cheers,
Paul
vanityfox451 3 years ago
Thanks, Paul. I actually downloaded his Crash Course DVD - well worth it.
AaronGNielsen 3 years ago
Real gold and silver is the only cure. Chosen as the best intermediary commodity of exchange by 6000 years of free markets.
Kennedy exec order made silver certs issued against mint/treasury silver reserves to compete against the Fed Res Notes. Lincoln refused their usurious loans.
Any loans of fiat from thin air are usurious because they are worthless like all fiat is but for the coercive force of govt tender laws
No fiat = no wars
marxbitesall 3 years ago
Yes it would work IF ALL central banks did NOT print any extra fiat paper receipts. But then as in ALL Ponzi schemes, first users ie govt, get the full buying power of fresh scrip, while the lumpen get to pay the bid up prices, ie inflation, a stealth tax - and thats on top of the interest paid for the privilege of using one's country's own money.
Indeed see the Ed Griffin "Creature from Jekyll Island" - the latest 7 part-er one is best.
Banksters are gangsters. No fiat = no wars.
marxbitesall 3 years ago
That was beautiful
andrewebisu 3 years ago
Totally agree. Central banks are the root of all evil today. the cause for national debts, wars, and corrupt governments. Abolish the central banks and get back to sound money (backed by gold) and all our problems are solved.
batgirl791 3 years ago
Brilliant!
LiveFractal 3 years ago
moreeeeeeeeeeeeeeeee!
turboredcart 3 years ago
Love Shaun Micallef... He's a funny bastard... Very educated and very funny....
openmindedaussie 3 years ago
the Australian Reserve bank is part of the Central banking scam. these private banks are the source of all evil today. all thanks to the Rothschild family and their partners in crime
brianconcannon44 3 years ago
Spot on! Read: Synagogue of Satan for proof
drcloak 3 years ago
I like the end where it dawn on the banker how fed everything is
Monkor001 3 years ago
why do we keep paying them anything.
countesscristo 3 years ago
All sovereignty will be abolished, all economies will be global...
"And he causes all, small and great, to receive a mark in their hand or their
forehead, and no one will be able to buy
or sell except he who has the mark.."
Think about it...
esgmydas 3 years ago
Check out 'The Money Masters' on my favorites. That will explain everything.
germanicelt 3 years ago
The whole point of fractional reserve banking of a fiat currency is to create money (for free) at the click of a mouse and then charge people interest on it which can only be repaid by their labour or property/land/business. and ultimately by further borrowing. It is a massive con, a scam.
dogzzz3 3 years ago
So true. But you and I do similar things we're charged with pyramid schemes. Hmmm pyramids... wonder if there's some connection? lol
Good comment. Yes, it's a scam- ABOLISH the FED RESERVE, UN, IMF, World Bank, CFR, Trilateral Commission, unconstitutional application of income tax etc, etc, etc.
anyusmoon1 3 years ago
tally sticks as a means of exchange worked in the UK for hundreds of years before fractional reserve banking stole the national wealth and enslaved the ignorant masses into debt servitude.
Fractional reserve banking of fiat currency IS ultimatly the biggest con on the face of the planet. However one may justify it as a means to stimulate increases in production, ultimately debt growth outstrips productivity growth at which point a crash happens and the banks take back the all wealth.
dogzzz3 3 years ago
Increasing money in circulation by cheapening debt is a short term boost if the economy is at below optimum. Once it reaches its natural level the debt has to be paid back plus interest and this forces the economy below its optimal level again by removing demand.
The money supply needs to be stable.
daniel987878 3 years ago
A perfect explanation of the current state of the world economy.
angpetru 3 years ago
And a perfect ending for the bankster involved :-),self imposed of course- we law abiding types believe in fair trials, right? :-)
anyusmoon1 3 years ago
Our current system is inflationary by its very nature. Money is created by debts, debts increase via compound interest, and the only way to pay off interest is growth, which means creating more money by creating more debt, etc.
The gold standard was, in a way, a way of checking growth. It made growth more difficult, but it meant that your money was always worth something. It's not perfect either, sure, but it worked for centuries before our time and I think the world was wrong to abandon it.
AaronGNielsen 3 years ago
The Predatory Capitalism you describe has been around for a long time even before the gold standard was abandoned. There also was compound interest and loan-sharking in the time when the only money was gold pieces.
rspawn 3 years ago
All that money is, is a means to trade in a way that's more convenient than bartering: Instead of swapping ie a bucket of milk for a couple of loafs of bread, people use official "I Owe You's" (aka paper money).
In this example the value of the money is a bucket of milk, and it can be used to buy something of equal value, ie a few loafs of bread. There's no need for rare resources to get involved in that process, except as yet another good to be traded.
rspawn 3 years ago
I dont think anyone is advocating adopting bartering as opposed to currency on a mass scale. I think people just want a stable money supply.
daniel987878 3 years ago
the problem with that is the current paper money is being creted out of thin air by those who do not create REAL products. It's unfair to those who produce... actually it slaves those who produce and save. So it's wrong.
Kelvin701Lakeland 3 years ago
I think you will find that countries that used paper money for long periods of time end up going back to precious metals.
Unfortunately the ideals of a limited in supply paper currency are overcome by greed and corruption.
Hence we go back to something with value a relatively limited supply.
In the last few hundred years its been private banking cartels that have taken us away from sound money.
The Bank of England is private, 1945 onwards ?
Federal Reserve is private.
TodMcInerney 3 years ago
Fixing the supply of money dosnt actually make growth slower. Real growth is the growth in output not in units of account. If the money supply was fixed then the GDP in money terms of a nation would always be identical whether it produced 100 cars or 200 cars in a year. The only difference is they would cost half as much.
daniel987878 3 years ago
"Given a fixed exchange rate, you wouldn't be allowed to mint any more money than there exists gold with which to exchange it."
So then the economy would *not be allowed to grow* even though there's demand for and (potential) supply of more goods and services.
That's exactly why i think the gold standard is nonsense.
rspawn 3 years ago
The point of backing a currency by a precious metal isn't growth: it's protecting the value of money in the long term. Neither the existing fiat money system nor your "(potential) supply of goods and services" could ever be considered honest money. (The economy can still grow if you find more gold.)
Besides, growth exists mainly to create the money to pay the interest on the debt created by creating the money in the first place. That sounds like "nonsense" too, but that's what really happens.
AaronGNielsen 3 years ago
"The economy can still grow if you find more gold"
So you tie the size of the economy to the amount of gold on this planet.
I can only hope most people will see that's pointless.
rspawn 3 years ago
The economy will always be limited by finite resources, whether that means gold or any other matter. Once you reach these limits - as we are rapidly doing already - the demand for products made from these resources loses its meaning because supply can no longer meet it.
Please conclude this argument, and the 5000+ years of wisdom that has come before it, by explaining to all of us the ideal basis for a stable, sustainable economy based on growth.
AaronGNielsen 3 years ago
"The economy will always be limited by finite resources, whether that means gold or any other matter."
So according to you, if there would be no gold on this planet, then there should be no economy.
rspawn 3 years ago
That doesn't follow from anything I've ever said or written. The world's economy doesn't run on precious metal now - and just look at the state it's in. :)
It's clear from your comments that you don't understand the historical role of precious metals in the world economy, nor the economic volatility of the last century, nor the centuries of stability that preceded it because of the pound sterling. I suggest you read "Gold Wars" by Ferdinand Lips, or what Chris Martenson's "Crash Course".
AaronGNielsen 3 years ago
"The world's economy doesn't run on precious metal now"
But you think the world's economy should be limited by the availability of gold.
We could run out of gold so that according to you no more money should be printed, even if there would still be other resources that - with labor invested - would grow the economy - yet in the system you propose it would not be allowed to grow.
rspawn 3 years ago
If you hit a max amount of gold in circulation then each piece of gold is worth more and can buy more because there is a lower supply than demand. Don't forget there is also silver or even platinum.
LivingWithUncleRay 3 years ago
As I posted before, though, the question isn't whether the economy *should* be limited by gold or anything else. The question is whether an economy based on growth is sustainable at all. Sure, there's finite amount of gold et al, but there's also a finite amount of raw materials from which to make products.
Remember, it's the promise of things to invest in, without the things themselves, that has caused our current economic mess.
AaronGNielsen 3 years ago
"As I posted before, though, the question isn't whether the economy *should* be limited by gold or anything else.
The question is whether an economy based on growth is sustainable at all."
If the question is about the sustainability of economic growth, then why bring up the gold standard?
I know there's a lot wrong with the economy and money system as it is.
All i'm saying is that a gold standard does not solve those problems.
rspawn 3 years ago
Fixing the money supply would fix these problems. The money to borrow would have to come from savings and you couldnt have credit bubbles either.
daniel987878 3 years ago
Yeah, expanding and contracting the money supply is the cartel banksters plot to gain more and more control over a nation.
germanicelt 3 years ago
You won't see this on American TV.
WOLF333999 3 years ago
It's true that money isn't worth much, because there is way to much of it.
But fuck gold - all that's needed to back the money is the goods and services that are traded using that money.
rspawn 3 years ago
The problem with those goods and services is that they don't preserve their value very well - they degrade, they break, they perish. There is a great deal of wisdom to suggest that gold (and silver, and platinum) are good choices for money - for example, rarity, purity, durability - whereas things like are not.
AaronGNielsen 3 years ago
"goods degrade, they break, they perish"
Even more so, many goods are consumed in their normal use, ie food.
Generally speaking it's not a problem that goods do not last forever, because new goods can be made.
If gold is to be used as money, then how are you going to assure that the amount of money (gold) is equal to the value of the economy?
rspawn 3 years ago
What a gold standard would do (and has done in the past) is make it more difficult for central bankers to cheat. As it stands, money is created from thin air, and the excess money causes inflation (which is really theft) and forces growth to pay off debt.
It's still non-trivial to equate a broad and ever-changing modern economy to gold or silver, but it's far more trustworthy than leaving it to the banks.
AaronGNielsen 3 years ago
That does not answer my question:
How are you going to assure that the amount of money (gold) is equal to the value of the economy?
rspawn 3 years ago
Given a fixed exchange rate, you wouldn't be allowed to mint any more money than there exists gold with which to exchange it.
AaronGNielsen 3 years ago
But a gold standard would do exactly what the interviewee is doing by raising interest rates: constrict the money supply, potentially choking businesses and consumers.
If you lived in fear of INflation then I could understand your distaste of fiat currency. But a growing economy based on a metal whose supply doesn't increase significantly would cause deflation and incentivize people to hoard cash rather than invest in manufacture and trade...
OolTube02 2 years ago
Instead of governments charging a tax on its citizens they could issue money to pay their employees at the same rate of the growth of GDP That way the money supply will grow in a equal rate to what is needed and we wont have to pay taxes no more which will increase efficiency of everyone's bottom line even further. Of course governments would be required to not get greedy with this proposal.
supreme600 2 years ago
OolTube, you mix, and match deflation, and inflation. Falling prices are just falling prices. Deflation is not inherently a bad thing, because it could simply mean that the money can buy more, or has more buying power. Inflation in money supply creates higher prices, stable money, prices simply get cheaper, because the existing money simply increases in value. Same reason why few US dollars can buy a lot more than any other currency of the same number. Things cost cheaper back then, than today.
PontiffMystic 2 years ago
hahaha "2:18" you could only get away with that on SBS.
jonzot 3 years ago
LMAO!! OMG last scene XD
BlueLotusPagana 3 years ago
hahahaha the end is pure genius..the RBA guy's expression is like "Ohh shittt!!" then hangs himself..lmao
Sensitive78 3 years ago
"...cunt"
LOL
gloomyoutlook 3 years ago
Zeitgeist - The Movie. See it now for an explanation on the fraud of fiat currency...
deadkennedys555 3 years ago
Also, check out "Money As Debt". "Zeitgeist" covers other topics as well as money, but it's still more than worthwhile.
AaronGNielsen 3 years ago
Funny stuff. Fiat currency is valuable however because it is the only accepted means of payment for tax.
Micallef is brilliant.
nikanj 3 years ago
RBA is a fraud, this video is brilliant, Shaun is great!
ST0PandL00K 3 years ago
Are there somewhere scenarios for those shows? I am not native speaker, and I don't get some sentences...
szopen76 3 years ago
I don't have a transcript on hand that I can send you. Send me a private message and let me know which parts you have trouble with, and I'll see what I can do.
AaronGNielsen 3 years ago
facts can be so ridiculously funny. So amazing we are at this point.
wolfhybred 3 years ago