Gold standard debunked - Interview with Byron Dale part 3 of 3

[farhadekoohkan]

His example on Competing moneys is wrong. If I am going to New Jersey, I will try and get some New Jersey money before I go there just like when you go to Europe and buy Euro before you go there. Besides with Debit cards you can always go to an ATM and get the currency of wherever you are.

[TheByronDaleChannel]

@farhadekoohkan Would you be willing to have a phone conversation?

[Quinvarius]

All this guy did was prove we need a gold standard.

[trex65ghia]

i got here watching a doc about the wizard of oz......this is the 3rd video of this man i watched... he is getting a lot of slack, but at 2:41 is where hes right....

[lomocan]

Gov/FED "creating" money dilutes the currency since there'll be more & more US dollars on the world market, further, as I've said, it devalues ordinary people's savings, the only people that benefit from "creating" money are gov & bankers because they're the FIRST ones to get hold of that money.

Please watch this video >>> watch?v=ToEgZnMUuno Every so called "problem" with gold standard has been exaplained & why it'd be the best & soundest form of currency we can have.

[g4macdad]

@lomocan

The government has NEVER "created " money. Did you even WATCH the video?

[lomocan]

It's laughable that he doesn't realize that "creating money" IS a form of tax on citizens. Let's say there's $1000 worth of US currency in the market & whole of US can let's say buy 10 goods while a certain American has $100 as savings so accordingly, he can buy 10% of what US can buy, next day, FED prints $500 so US currency is $1500 now but there're only 10 goods on the market but now the American can only buy 6.67% of what whole of america can buy, BECAUSE THE CURRENCY & SAVINGS ARE DEVALUED

[GnomesAmok]

@lomocan

So what?

[lomocan]

His solution is for FED to wave their magic wand & "create" money but he doesn't realize that it's really an erroneous belief, in fact, this is EXACTLY why US is in enormous amount of debt; don't've enough money for Social security - just "create" it, don't've money for benefits - just "create" it, but eventually it MUST be paid & this attitude of creating money only get US into deeper debt & destroy America.

[lomocan]

There's no such thing as "gov printing money according to production", FED DOES have a monopoly over money since it can print money at will. We can abolish FED tomorrow & stop printing of all new currency & still, production wouldn't be affected because people'll still put their money to produce things which'll create goods/services so now since there're more goods/services in supply, the prices will fall & that's it, even if quantity of money is stagnant, it has no effect on production process

[morrismosseri]

Speculation is less of an issue with a commodity backed currency, because regardless of anything, that paper is backed by a fixed amount of commodity. Currently this is not the case, and speculation drives much of the moves in currencies. If something is measured in gold the prices of everything would adjust relative to the amount of gold available on the market. If gold became more scarce prices would fall, just as dollars are becoming more abundant and prices in dollars are rising.

[Blackjack555]

There is not enough gold and silver in existence to fund the monetary requirements of modern economies. Trying to restore a metallic currency that never really existed in sufficient quantity since this nation was founded would only replace control of the economy by the banking system with control by gold and silver speculators.

[gscash]

awesome video. byron knows more about money and it's creation than you dipshits would ever know.

[adriansrfr]

Youtube search this if you want an easy to understand story of how money comes into being and how it works and how it is corrupted. You will easily see the fallacies involved in Byron Dale's presentation.

Search youtube:

How an Economy Grows and Why It Doesn't (by Irwin Schiff)

[iamgabrielf]

I'm aware of Schiff and his son. I'm a former goldbug. If you really want to debunk Dale's position, debunk the Bank of North Dakota. ND borrows money from itself at 0% interest. ND has paid zero cents in interest since 1919. In 2009, ND had its largest budget surplus - 1.3 billion dollars! It is the Benjamin Frankling and Abraham Lincoln banking system.

[adriansrfr]

It is better than the current system, but free market banking would be even better, provided that the state would prosecute fraudulent fiat banking at the private level.

[iamgabrielf]

I agree.

[videocruzer]

funny how it comes back at you.

you guys have always wanted something for nothing and now when your slaves do it. you say there is something wrong.

[phospheneca]

"notified, certified, and publicized, and ya still cant trust em." indeed.

[gunthaarz]

people have to work to get the money. which means that when people have worked for the government, gov should pay them with money they DIDNT loan from the FED. Whats happening now is that the FED and the banks want the gov to pay them back money they created out of nothing PLUS the interest, and the only way to do that is to tax the people by making their dollars less worth through printing more money i.e. "bailouts". this has to happen every ten years or so since it can never be paid in full.

[BlueSkies360]

THANK YOU!

[BlueSkies360]

This is very informative. I never heard anything like this. Thsi will make me think for a while.

[honestann]

This guy is a criminal agent of the global gangster banksters who initially pretends he is on "our" side by saying a few sound-bites designed for that purpose.

I have thought ALL things through (that legitimately matter), and a pure, unadulterated gold standard is the only honest and practical system to ADJUNCT the basic system of trade, which is BARTER (trade of any good for any another).

Some other real, physical item *could* substitute, but gold has the best combination of properties.

[TheByronDaleChannel]

Then show me how it would work.  I'm all ears.

[TheByronDaleChannel]

Is that why the bankers sent 42 cops to his house and beat the heck out of him, then they even testified that they only went there to "take him out"?

[debtfreecurrency]

go back to barter..nobodys stopping you. just because wal-mart won't accept

your "goods" in trade doesn't mean someone else won't. you've got your freedom to chose what you'll offer or accept as payment. so barter away!

(Sure seems to me like it makes life ALOT more complicated and difficult though) I mean why even consider gold as a standard? Just trade whatever you got for whatever you want! 6 billion competing currencies sounds like real economic freedom to me! Howbout you?

[OgeronimonominoregO]

"you've got your freedom to chose what you'll offer or accept as payment"

We don't have that freedom.

1) We must accept unconstitutional FRNs in payment of debt in place of real money.

2) The gov't raided the Liberty Dollar establishment because they made gold and silver coins and certificates.

3) The IRS raided a business for paying employees in US gold coins rather than FRNs.

4) The IRS also forces barter exchanges to report on participants, and they treat barter credits like cash.

[lomocan]

@honestann

"This guy is a criminal agent of the global gangster banksters who initially pretends he is on "our" side by saying a few sound-bites designed for that purpose"

Agreed, he's a puppet for the elites & bankers to fool people into thinking that gov controlling printing money is good a thing, I'm just feel annoyed that so many people fall for this.

I agree though that gold standard along with 100% reserve banking makes for a sound currency that gov & banksters can't fiddle with

[OgeronimonominoregO]

And is he going to ban other currencies? Sounds like it. "You can't have more than one in each country." Why not? "If I go to NJ..." So use your gov't money, genius! Use what they accept.

When credit cards came out, some places took MasterCharge, some would not. Then others like Visa and Discover came. Could you use Discover everywhere? You can use subway tokens for subway rides, but maybe not for lunch - unless the guy wants the tokens.

Leave people alone! It's none of your business!

[TheByronDaleChannel]

Would if you only have the alternate currency?

Credit cards only use bank credit, which is what we all use for money.

[OgeronimonominoregO]

If you don't have the currency they take, you won't be able to buy.

And what if these Pelosi Dollars flood the market? Will you force me to use them and shop owners to take them?

And won't people starve because FRNs are worthless now that Pelosi Dollars are the gov't scrip? Won't they have to beg the gov't to pay for a bridge before they can buy bread? :-/

The credit card example shows how payment systems can gain acceptance over time. The unit of account is irrelevant to the point.

[TheByronDaleChannel]

I'm asking you how a duel monetary system would actually work. I'm glad to see that you admitted that a dual system wouldn't work.

"If you don't have the currency they take, you won't be able to buy."

[OgeronimonominoregO]

"I'm glad to see that you admitted that a dual system wouldn't work."

According to Dale's logic, it won't. So you can never introduce a new currency. He proved it during his tirade against gold. Did you miss that part?

People will starve as they wait for Barney Frank to decide which infrastructure projects (such as distributing condoms and cutting babies into pieces) are the most worthy of his beneficence.

Remember, FRNs are worthless now. Who would take them? Barney might be slow.

[TheByronDaleChannel]

Please send me all of your FRN's. I'll take them.

[OgeronimonominoregO]

"Please send me all of your FRN's. I'll take them"

You're conveniently forgetting to follow the argument. Mr Dale says that you can't introduce gold currency while we have FRNs because then no one will want FRNs. Did you post these things without viewing them?

Therefore, according to his logic, when you introduce the Central Committee Scrip the same thing will happen. Commerce will grind to a halt and the world will end.

Is that not the substance of his deep analysis of dual currency?

[TheByronDaleChannel]

You said they are worthless, if they are so worthless, just send them to me. Why would you want to keep something that is worthless?

-Tommy

[adriansrfr]

Look up Gresham's law on wikipedia.

[TheByronDaleChannel]

His entire basis is based off what the Austrain LVM's have said. If you have a different plan from them I would love to hear it!

[OgeronimonominoregO]

"His entire basis is based off what the Austrain LVM's have said."

What does that even mean? He just claims there isn't "enough" gold and you can't introduce a new currency. What does that have to do with Austrian economics?

"If you have a different plan from them I would love to hear it!"

I already told you.

But I'm not sure what the "plan from them" means. Gold is fine by me but there are many different ideas out there.

[adriansrfr]

Send me all your gold coins that say $20, and I'll send you all my $20 FRNs =-).

[TheByronDaleChannel]

Under the Minnesota Transportation Act, the local governments decide on their transportation needs NOT Barney Frank, or any of these other people you mention. If you want I can email you a copy of the bill so you can read it for yourself.

[TheByronDaleChannel]

Credit cards use the exact same currency that America has used ever since the congress suspended the free coinage act. Bank Credit.

[OgeronimonominoregO]

Really? I thought they used fish guts for money.

[debtfreecurrency]

no, actually they use gold plated fish guts, the only "real" money in the world! and remember the fish guts to be used must be from the "relatively

scarce" Austrian psychoMises suckerfish, the only fish that'll do! Gold plating must be applied by an authorized agent of any private international central bank that charges usury otherwise its considered "fiat money".

[OgeronimonominoregO]

Government is not a monopoly! Oh that's the best one yet!

Barney Frank and Nancy Pelosi and Chris Dodd have lots of friends who do important work, and I'm sure they would LOVE to spend trillions on them. This guy says, go ahead! Just print, print, print!

This is just socialism. The corrupt politicians are gonna print money based on "production". Of course, "production" means whatever they want it to. What price will they pay for something? Doesn't matter. Infinite supply of "money"!

Nuts.

[OgeronimonominoregO]

No price structure here. You have a "buyer" of goods and services (the gov't) which is NOT a producer! Where do they get the money? They create it. Infinite supply. What does a project cost? What does it matter? They will decide what it costs. They will set prices.

The price for something will be what the gov't will pay. That's why our medical costs are astronomical right now.

This is a centrally planned economy. The politically connected (as in the stimulus) will get money first.

[TheByronDaleChannel]

Banks create all our money. The Treasury agrees, the federal reserve agrees, the library of congress agrees, but they don't agree with you!

The Stimulus is nothing but a loan, that's all it is, from the very private banks that you seem to defend so much.

[OgeronimonominoregO]

I defend the banks? Are you insane? I hate the banks! I despise the Federal Reserve System! I have for 20 years! I'm on here all the time trying to educate people about this rotten system! What the hell are you talking about?

"but they don't agree with you!"

Banks are creatures of the state. The Treasury "sells" a bond to the Fed which THEY CREATED BY THEIR CLAIMED SOVEREIGN POWER. Fed "buys" it with...what? The "money" that is created to match the face value of the bond.

Word games.

[OgeronimonominoregO]

Why don't you explain something for a change.

How did the Fed come to be? They descended from heaven? They are a free market institution? Gov't has no role?

How can the banks create money out of nothing? How come a hardware store can't loan $100,000 at 6% based on $10,000 they keep in their store? Maybe they are unaware that anyone can create money? It certainly can't be against the law! We all know the gov't has no role to play here, so why don't people know they can create money?