Raw Footage of Doug Casey Interview from The Panic of 2008

[moleccccular]

when was this recorded?

[TWSceptic]

Same ideas many other Austrian economists have. Hopefully one day people will recognize and admit Austrian economics was right.

[Tasadaru]

The problem with fractional reserve - in its current state - is that banks can make money out of nowhere. For every 100 dollars in paper the banks can magnify 900 dollars out of nowhere. So, you got the Federal Reserve printing 100 and the possibility of banks making another 900.

[Samsgarden]

@Tasadaru

Fractional reserve banks are technically bankrupt. 

[Cas91989]

Could you imagine if mainstream media put him on? Our population of uneducated citizens would learn a lot

[kessass83]

@Cas91989 Or they would think that some communist or nazis invaded America, because they wouldn't grasp about what he is talking about.

[yoyuepz]

@Cas91989 wow your hot!

[Cas91989]

@yoyuepz Thank you but who are you talking about? The girl or the guy b/c there two people in my profile picture.

[yoyuepz]

@Cas91989 the girl not the guy im not that way inclinded, if you want my number just send me a pm thanks :)

[pretorious700]

@Cas91989 you are a beautiful and remarkably insightful young woman

[EconCat88]

@Cas91989

It won't happen as he is the perfect opposite of what crony capitalists, welfare parasites, and gov't goons believe.

[batmanthe]

I can't remember the last time I disagreed with Doug Casey but I think he's wrong on fractional reserve banking. If a bank offers higher interests and you have a contract that says that they are a 90% fractional reserve bank, there are plenty of people who would be willing to give their money to the bank. I know this because there are plenty of people willing to take risks and a max 10% loss isn't a huge risk. No way would any banks survive with 10% reserves as they do now though.

[TenTonHorse]

@batmanthe Yeah, I agree with you. Roger Garrison did one of these interviews where he pretty much said that fractional reserve banking is only a bad thing with central banking and/or the restriction of the competition of free banking.

[rumco]

@batmanthe If a bank told the customer that all funds are loans and owned by the bank and may be available upon request at any time, that's fine. FRB by its definition hides behind deposits (reserves) which are actually loans. People think they own their account deposits, they do not.

In a free market, FRB notes would have less purchasing power (deemed riskier and probably more of them in circulation). And competing full reserve banks or customers would "bank-run" them.

[buddahbubba]

Was the word "banished" meant to be cut at 27:31?

[YJohannM]

@buddahbubba "punished", I believe.

[buddahbubba]

Reposted on FB as well. ;)

[IskalkaQuest2010]

Thanks for posting this. I re-posted on my FB page. Needs to go viral!

[Leofus1986]

first. sorry...