If gold is a bubble, why do so few own it? (1%?). Why have gold stocks not exploded? In fact, why has gold itself not exploded upwards. It was a very steady climb over the last ten years. This doesn't mean gold can't go down, but I'm saying it doesn't have the characteristics of how bubbles are usually defined.
Larry, think this through. Would every check written in the US have to be uniquely backed against a quantity of gold in the bank's vault or would you allow checks to be written if a fraction of the amount is in the vault? If you want 100 % backing, then don't alliances of billionaires now owning most gold and gold mines obtain power to inflate or deflate circulation at will? Or, if is gold the legal reserve, as in the historical gold standard, does not that multiply power to manipulate?
@oldickeastman Dick, I am stuck here at 500 characters to answer you. It isn't good. Is there another way to contact you where I can write without being stuck with that 500 limit? You are asking some very involved questions, and I need more room to explain myself. Larry
David Krynicki to a gold-standard libertarian": "How do you get to create new money just because you own some gold? I say. If you want to go into the money lending business and your gold is worth $100,000 then sell it so you will have the money to lend. But you want to keep your gold and still lend $100,000 just on its value while your gold is hidden in your vault. You indeed have created new money, lent it out at interest, and consequently assumed no risks in the transaction. Parasite.
@oldickeastman You are responding to someone who wants to "create new money." I don't, and given our current laws, would not use such "money," if that's the right word for it. Right now, there are no practical barter instruments but the precious metals, and as such, they would be used, rather than hidden in vaults. All such metals can be lent out with interest, just as they are. "Creating new money," or barter instruments, has no practical application in our current situation. Larry
Gold is not a bubble. It has never returned to its 1932 price. Nor has silver. The prices have fluctuated due to trading, buyer confidence, and dollar swings, but none of the precious metals have crashed as bubbles. Anyone who buys them can rely both on strong traditions, and commercial values. Their ongoing power is proof that they make fabulous choices for use as money, and other things. Larry
@larrycohen50 In September 1979 silver at $11 an ounce. The price climbed to over $50 an ounce then fell. The market had been manipulated, "cornered," by two sons of an oil tycoon. It was a bubble. You must be a young man, Larry, to be a gold and silver broker and not remember the Hunt Brothers. As for gold not returning to Harding-Coolidge-Hoover level of $20, you are, of course, right. But R-child scams work gold vs $ prices from cycle to cycle, not absolute prices over long periods
@oldickeastmanyakima It was not a "bubble." It was a "market manipulation," because the silver was worth manipulating. You obviously cannot figure out the difference. A bubble would have dropped the prices to the 1930 level. What you are giving me is proof that silver is worth buying, since compared to paper money, it will retain market value even with market distortions. Wouldn't it be nice if your "social credit" dollars attracted crooks? It would prove their real value. Larry
@larrycohen50 Larry, if there was going to be hyper-inflation then any real commodity is a hedge against it, not just gold or silver. Land, tools, food, medicine, seed etc. True bubbles always result of market manipulation, of exploitation of "asymmetrical information" - not "mal-investment" but deceived investors. The big mistake is to call it a bubble when a solid economy based on good investment is "hollowed out" by net interest drain that kills purchasing power, demand and remuneration.
@oldickeastman I am not against investing in other commodities. Gold and silver have properties as "money" that the others don't have. Hence their traditions as "good money." You are the one suggesting a highly questionable "social credit" paper money with no use as "legal tender" or barter, for that matter, at this time. Social credit is a dream of yours that might have a chance if you'd bother putting some out as barter tools. Larry
Look what happened to JFK for even thinking about breaking the Banking Fed Empire system. Our money supply should be adjusted and tied to GDP, this would stop inflation and the manipulation that a gold standard would create.
@YenTrader2 Senator Robert L Owen had written into his version of the Federal Reserve Act a provision requiring the powers of the Reserve System "be employed in the service of commerce and to promote a stable price level" which was in keeping with the sound Irving Fisher monetarism of the time -- but that mandatory provision was struck out in the House by Carter Glass. Of course the money power wanted it to be legal to inflate to steal savings, then deflate to increase debt burden and asset ..
Our country is run by politicians- we don't elect the candidate we want to represent us- we elect the lesser of 2 evils which the media has chosen for us. The media and the banks control the politicians. The politicians will never go in for something good for our country and bad for them.
@YenTrader2 I am sorry to tell you it is worse than that. The politicians are rubber stamps for what staffers really working for international financiers want accomplished. The media, like all major corporations, are tools of the banks - their CEO's and board directors merely middle-men carrying out the policy of the Rothschild group. It has been this way since the Civil War. US history is the war between Jefferson and Hamilton -- between the interests of the people and Rothschild interests
@wwwCrashJPMcom Yes, endless contraction unless the problem is solved in the way I suggest: Repudiation, National Fiat Currency, origination of all new money through free-and clear fiat dividend deposits to accounts of each individual of each household. But if you choose to be blind to all I am saying then, yes, total collapse is inevitable. You have a "total collapse website?" Then you must be making money off the collapse. No wonder you didn't get it. You didn't want to get it.
@bassa1965 Let's follow through on this. What does a decrease in money supply lead to? And how can we have printing-press deflation at home when 1) money is bank loan deposits that must be paid back plus interest; 2) interest-collecting usurers do not invest their interest earnings here; and 3) all of our recent loans are second mortgages taken out to pay debt that reduced income does not cover. You see, massa1965, we are not in an inflationary condition. Bailouts and QE never this way come
@oldickeastman The problem is we do not have decrease in money supply, we have money destruction due to bad loans and bankruptcies with people taking the loss. Then new money supply created by stimulus packages,created out of thin air. Velocity of money must be increasing in order to keep system going. Mortgages that were created from minimal bank cash reserves were made from people excess profit from fruit of peoples labor, When Lehman's was leveraged 80 to 1,where did that money come from?AIR
@bassa1965 What counts is money in circulation in the domestic economy --a flow of dollars through store checkout stands and factor payroll offices. Consumers can spend income, save income or overspend income. So can businesses and government. All money in the flow comes from bank loans. All loans must be paid back plus compound interest. Loan money expands out of thin air, it is true. But leakage of principal to the financial sector contracts money flow an equal amount, and interest more!
@bassa1965 Yes, if required reserve is 10% and Betty deposits $10 bill, that's $10 of excess reserves that allows bank with those deposits to lend $9 more keeping $1 reserve, which loan is deposited in bank, making $19 in system, but new $9 is now excess reserves of which 90% can be lent, which is $8.10 more, which becomes excess reserves allowing $7.29 more to be lent etc. until $100 new dollars are in circulation. Answer to question: Banks are contracting loans - so it all goes backwards
The goldbugs should note that recently a huge vein of gold was discovered in Germany. The story I saw stated that it would be about 16 years before they could begin extracting it. Gold will be yet another bubble to be popped. The question is, when? Sixteen years from now, or will it be sooner?
@LLMorse1 View this "Austrian economics explains nothing solves nothing just sells gold in a deflation Copy this to youtube search engine: sYZO-A1tncs
The net interest drain of usury makes consumer sovereignty impossible and perpetual decay of household and production sectors inevitable. See also ftT9BmUx7MY (copy to yt search engine)
My economics is Irving Fisher. See fQLvvXzsyEU and x70p0sNA-4k and uCpztSxuSaM and sGm-mmVmtfc and eO8mlnZQCjg and YIxYWnj-gBc
@ik999 As deflation due to interest drain bankrupts businesses monopoly concentration increases. The rise of inefficient corporations over efficient proprietorships happened because of this flaw. The explanation is here Ha-3xYcu5Yw&NR=1 (put that in You Tube search engine
@ik999 As deflation due to interest drain bankrupts businesses monopoly concentration increases. The rise of inefficient corporations over efficient proprietorships happened because of this flaw. The explanation is here Ha-3xYcu5Yw&NR=1 Put that in search engine on this page
@ik999 As deflation due to interest drain bankrupts businesses monopoly concentration increases. The rise of inefficient corporations over efficient proprietorships happened because of this flaw. The explanation is here Ha-3xYcu5Yw&NR=1
Gold= the shiny too heavy metal that you pay to own and pay to insure and pay to vault and transport and it just sits on a shelf collecting dust. Then when you want to have it in your possession you will get killed by someone who believes that it is worth stealing from you.. Will somebody really trade you the last hamburger on earth for it?
I can understand the argument for some kind of National Credit scheme, however your presumptions about the price of Gold are incorrect.
YES... Deflation is here. However, you are making the common mistake of equating the word 'Deflation' with a decrease in ALL prices. This is not always the case!
'Deflation' is defined simply as a shrinking supply of money. In a deflationary environment, the value of money increases. GOLD IS MONEY. That is why Gold is increasing in value, not inflation!
@SuperiorBullion This is addressed in every video I have made. In this very video I state that price increases occur because of monopoly pricing and reduction of economic pie which the deflation triggered. Deflation is less money and increased demand for money (reciprocal of velocity in Fisher equation) Gold is not money. Gold is a constraint on money creation imposed by gold monpolists -- who also pay people to be Austrian School Economists etc.
@oldickeastmanyakima Anything can be used as money. Salt, seashells, wooden stakes... all have been used with varying degrees of success. Paper money can work, too. The problem today is that all of our paper money is collapsing in value, and no one uses salt, seashells or wooden stakes anymore. I see people comment in this forum that gold is too heavy. How heavy would the equivalent in salt be? Do you have a 3-mast frigate to transport it?? Gold is simply much more convenient.
@christopherw303 Not as convenient as thin air. But more important, one neglected fact about gold is that a very few families control most of it. In order to get some we have to borrow "from Rothschild." Why when fiat treasury can be had for free? Why hock everything you own to eat with gold knives and forks and dishes when ceramic dishes hold the food just as well? Do you really think a problem for American's will that their gold weighs too much for them to carry around? It me it's absurd
@colony14 Yeah -- but he gets all of my letters for years -- and never answers them. Same with Rockwell. They can't. I've taken North apart again and again. He attacks straw men. Look at your ignorance on the subject -- and you follow North. The Austrian solution for depressions is criminal. They want the liquidation of all debt and the transfer of all liquidated assets to the creditors. Then they want gold disallow reflation. Don't imagine you are investing when you bet on gold.
Every American needs to see this excellent video thanks for posting this. As the Bible says: My children parish for lack of knowledge.
Talk to people on the street and they no absolutely nothing about our monetary system and have never heard of 'fractional reserve banking' and how it enslaves them.
Usury or 'compounding interest' is the greatest evil ever to be created by the 'money changers' to enslave humanity.
Our economic problems are being caused by our legal tender laws, our debt-based paper money system, and our refusal to take on some of the inconveniences of gold and silver coins. For you to tell people to use "social credit" money, which doesn't exist, is like telling them to fly by flapping their arms. Gold and silver can be bought and used for private trading. They have never been in a "bubble" before, and probably won't be in the future. Let your viewers now see some intelligence.
@larrycohen50 Assume that in 1913 one person put $100 in paper money in a safe deposit box and another placed gold coins worth $100. Skip ahead to 2011. Open the safe deposit boxes. Who is wealthier? Would it be the person with the paper money that is now worth about 4 percent of what it was worth in 1913? Or the person with the gold coins, now worth about $9,000?
I rest my case. Others may believe in paper money that loses its value, but I will keep gold, silver, guns, ammunition, food, etc.
@colony14 You apparently misread me. I am advocating gold and silver coin, not to mention the other precious metals. I am in agreement with you. I'm not sure how you got the idea I favor paper money, but I don't. Larry
@colony14 So you are the foolish servant who buried his talants in the safe deposit box. In Jesus parable the foolish servant was chastised for not investing his talant. At 8% that would be $219,976. Money is for transacting, not for storing. Also, with that $100 taken out of circulation for 100 years the economy will have lost the economy millions due to diminished demand for American enterprise. But more important -- you neglect business cycles -- alternating inflation and deflation...
@colony14 So you're the foolish servant who buried his talents in the safe deposit box. In Mat 25 the foolish servant is chastised for not investing his talent. At 8% that would be $219,976. Money is for transacting, not storing. Also, $100 taken out of circulation for 100 years would cost the economy millions in diminished demand (money multiplier) in enterprise. But more important - you neglect business cycles -- alternating inflation and deflation - inflation always swallowed by int.
@colony14 I've read and watched North's pathetic attempts to refute Social Credit, on which, with modesty, he claims to be the world's foremost authority! He's a hidebound ideologue, not a seeker after truth--hence, not worthy of my attention.
@robertaklinck Thank you, Robert Klinck. It's lonely defending the middle class in spite of itself, isn't it? To call social credit socialist is the greatest of all absurdities. Social Crediters are not libertarians because libertarians defend households in a market system as liberines protect a fair maiden's chastity. North calls us socialists, when the fact is that it is the governments job to enforce contracts -and honest money requires enforced uniformity of the standard. Gold is volatile
Cool! I sit home on my butt and the government prints money and gives it to me! What's not to like?
Um, except what happens when all 308 million people are sitting home doing nothing? Who manufactures the products and raises the crops and stocks the shelves?
It matters little to me whether it is Ben Bernanke or Timothy Geithner or Obama or Dick Eastman prints the money. It doesn't work. Wealth is created by productive work, not by printing pieces of paper.
@colony14 See attached video for answer. Socal credit provides the missing purchasing power to keep businesses from bankruptcy. Better to study a thing before criticizing.
thanks dick, no one can argue against a socail credit system , unless your a person making huge undue profits from the current system... i been reading your stuff years and i agree with your position on most everything
@finefilth No one can argue against it? I will! His system stinks because it doesn't exist , and secondly because there's no objective standard to measure the value of social credits. If you buy gold and silver, you'll have something that exists, and it has an objective measure, including historical traditions going back thousands of years.
@larrycohen50 Many have fallen for leftist Ellen Brown's absurd welfare state scheme. The only difference between them and Nancy Pelosi is that they object to borrowing money to fund their schemes. They just want to print it interest free. That is still ridiculous. You cannot get something for nothing, and printing money that is backed by nothing is an attempt to do so. Idiots all.
@colony14 Why post that here, Larry, since I have said the same thing to Ellen in letters many times. Ellen is closer to Lyndon LaRouche than to me. One more thing. Suppose an isolated country has not metal. Suppose they use barter and have a state that taxes their production. Then suppose King Irving gets a bright idea and prints up paper money -- and establishes it by having the state accept it in payment of taxes. In such a case the kingdom would gain immeasurably. Convenience is wealth
@oldickeastmanyakima What if they have nothing to barter with? What if there's no paper? What if there's no King irving? What if there's no air? Have such conditions existed in modern times? If there's no metal in the country, then import it. In the meantime, use what works. Does social credit money work? Show me that it even exists! Don't let Eastman convince you his "money" is worth your time of day. We have better answers. Larry
@larrycohen50 Forgive me, Larry. I was following the example of Rothbard, who develops system from Robinson Crusoe and Friday. Economics requires simplification. You must control conditions to see order - in a laboratory and reasoning through relationships among economic variables. Token systems are established easily -w. chimps and prisoners but also, more to the point, when a government declares the token will be accepted for taxes. Import metal with what? A Rothschild loan at interest?
@oldickeastman Would you stop using Robinson Crusoe and Friday as examples? You're giving me a stupid, ignorant comparison, considering the current conditions in our modern society. Yes, if you're stuck on an island by yourself, then follow the example of Robinson Crusoe. You wouldn't need any money at all, since there's no one to trade with. Does this take a genius to figure out? Larry
@larrycohen50 But Larry, I didn't use Crusoe, Murray Rothbard and von Mises did. I just reminded you of that to make the point that simplifying assumptions are necessary to handle complexity of of the economy -- we must isolate different relationships among variables all interaction. Econmics make much use of partial derivatives in systems of simultaneous equations. It is useful to talk in terms of "an economic pie" to explain inflation and deflation of a currency. Also, Crusoe had Friday.
@oldickeastman You mentioned Crusoe to "explain" things, didn't you? And Rothbard, as if you agreed with them. Why don't you mention Ayn Rand? You don't "simplify" things by citing ridiculous, fictitious scenarios that cannot be compared to our current mess. Why don't you put out your own "social credit money" for people to buy and then have the choice of using them as barter instruments? It would show me you're somewhat plugged into reality. Larry
@larrycohen50 Larry, you say, "Don't let Eastman convince you his "money" is worth your time of day. We have better answers." Wouldn't it be a good idea to name the school of thought or institutional group you you refer to as "we"? I 'd like to learn "better answers." Do you know anyone willing to present those better ideas here? -- ideas that don't involve liquidating all middle class assets or submission to a Rothschild-controlled gold-standard or continued dearth of purchasing power
@oldickeastman I told you already what works, and I'm already using it. When you say, "Rothschild-controlled gold standard," I'm not advocating such a thing. You're spinning your own fantasy world around what I've already made clear. There are five precious metals, and none of them are completely controlled by any one dynasty. Moreover, once you buy them, you control them. The prices are subject to some manipulation, but have always had a strong market value. Larry
@larrycohen50 You haven't stated exactly what you are advocating. I have. I also state that if you have a gold standard then the few families who own most of the gold and set its price will control the level of economic activity and will have the power to inflate and deflate the economy at will, as they did during the two banks of the United States of the early republic and following the National Bank Act of 1863. Gold and debt money with gold as a reserve go hand in hand.
@oldickeastman I am advocating the use of all five precious metals, and a "few families," as you put it, do not own or control most of it. The prices are presently controlled by futures contracts, and mass buying and selling by the many people, like myself, who deal with those metals. I am not dealing with a central bank, and I'm not sure why you even mentioned the two of the 19th century. Today, we have independent dealers. Larry
Individualism is not for the few. The gold system is theft. Metallic currency is a constraint that destroys the benefits that a market economy can give us. The Bank of England was created by the bullion brokers in order to rob England and the world. Ha-3xYcu5Yw Only government should be entrusted with regulation of the currency. Metals are for production, not for finance. The monetary system should be regulated to keep constant purchasing power, not be pegged to minerals.
@oldickeastman Any man-made medium of exchange will require human labor, ingenuity, and honesty. One way or another, you'll be paying for it, and the honest management of it. If we cannot get an honest, value-based paper system from our Treasury, then another option is to use an independent, market-based commodity such as gold. It, or its cheaper counterparts, are already available for anyone to buy and use. You are writing like a Communist - where the State is indispensable. Larry
@larrycohen50 ILarry, since William Paterson lent William III gold and silver on condition that the King's IOU become the basis for legal lending ("money") by the bank of that amount - which was the beginning of "The Bank of England" - always has been MISMANAGED in terms of interests of the British nation and people -- as were the gold-standard US central banks in the times of Hamilton and Biddle and the 1864 National Bank Act and the Fed Res. And gold commodity money is huge waste of labor
@oldickeastman Gold commodity money is not a "waste" of labor. It is a product of labor, for the sake of a valuable form of money. Can it be abused? Any man-made product can be abused. If you abolish and prohibit all legal tender laws, and let people issue and choose their own currencies. you'll have only the best winning out. Otherwise, you're stuck with Patersons and his ilk monopolizing the money and wrecking the society. Larry
@larrycohen50 So, it's the conniving shyster Patersons, is it? So we need to end tyranny of government regulating money to stabilize purchasing power with a uniform currency, do we? (Legal tender laws enable tokens to become legal money) So no govt would leave the gold price level up to the "free market," would it? And having mean sweat in mines to obtain metals that will only be buried again in vaults is smart, is it? Ever play Monopoly, Larry? Why does monopoly money work w/o backing?
@oldickeastmanyakima Monopoly money works because you're playing a highly restrictive game. Try buying food with it. It works because the game won't let anyone break the rules. No one is allowed to just print more money for himself without limit. Is the dollar being "stabilized" by government? Then why has it lost most of its purchasing power since 1930? Why is gold at $1633 an ounce? This is "stabilized purchasing power" to you? Larry
@larrycohen50 First thanks, Larry. Your the only fellow discussing any of my videos. I appreciate it. Yes, monopoly money is suitable only for one purpose, that for which it was created. Now in the Real Economy we seem to have allowed on of the players, Rothschild by name, mix the "bank" with his own funds. Did you know that ALL HYPERINFLATIONS HAVE BEEN THE WORK OF ROTHSCHILD CENTRAL BANKS and not governments. Governments don't control government printing presses. The bullion monopoly does
@oldickeastman As soon as the metals come into our hands, the metals are ours, and they have value both as barter tools, and trading with those industries that use them. Their prices will be affected by those trading with them, including those trying to corner the markets, and the mining industries. I recognize some of the risks, but what you are proposing, social credit, is total risk, and a dreamworld. It might also require abolishment of our legal tender laws, which I favor. Larry
@oldickeastmanyakima What if they have nothing to barter with? What if there's no paper? What if there's no King irving? What if there's no air? Have such conditions existed in modern times? If there's no metal in the country, then import it. In the meantime, use what works. Does social credit money work? Show me that it even exists! Don't let Eastman convince you his "money" is worth your time of day. We have better answers. Larry
This is absurd. Everyone who bought into this nonsense is an idiot. I may hate the Federal Reserve for a lot of reasons, but it should be replaced with sound money practices - not another crazy money-printing scheme.
Stop reading that lunatic Ellen Brown, a supporter of Hitler's national socialist economics. Brown is a Leftist. There is nothing even remotely free market or conservative about her. She wants a welfare state funded by paper money. Period. Don't fall for her garbage.
@oldickeastman I have studied economics since 1964, and I have seen all the schemes - including Ellen Brown's. You can't get something for nothing. Grow up.
@colony14 Ellen is for government spending. I am for a consumer demand driven economy. I am only putting back what interest drains away. I became an economics major at Lake Forest C in 1968 -went on to complete two years towards the doctorate @ Texas A & M and taught money and banking, micro and marcro at a four year college -- and I can tell you that what I am talking about was systematically omitted from text books etc. I am giving you a chance to correct a deficiency in your education
@oldickeastmanyakima We already have a consumer demand driven economy. How in the world can you imagine an end to interest? Interest is nothing more than a fee for the use of someone else's money. Did they teach you that you can borrow money for nothing at Lake Forest and Texas A&M? You should have gone to Hillsdale College, where one does not study economic mythology.
The video and the concept is all B.S. It ignores reality.
@colony14 Home construction used to drive this economy -- and that is investment, not consumption. War has taken up the slack -- but what has driven the economy in the last decade was Americans trading their home equity for purchasing power. As for Hillsdale I knew George C Roche and attended von Mises Lecutre series regularly -- when von Hayek was there we discussed his theory of psychology (I was at Western Mich. At Texas A & M I pushed Austrian econ course. Read Human Action? I have.
@robertaklinck One can hardly fault someone for doing what a government forces him to do! I use paper dollars backed by nothing because I am forced by the government to do so. That does not make me or von Mises hypocrites; it makes us servants of the state. I would much rather use gold and silver coins and have a government that is unable to engage in deficit spending financed by a Federal Reserve that creates money with accounting entries, thereby reducing the value of all dollars.
@robertaklinck One can hardly fault someone for doing what a government forces him to do! I use paper dollars backed by nothing because I am forced by the government to do so. That does not make me or von Mises hypocrites; it makes us servants of the state. I would much rather use gold and silver coins and have a government that is unable to engage in deficit spending financed by a Federal Reserve that creates money with accounting entries, thereby reducing the value of all dollars.
@oldickeastmanyakima Home construction was artificially accelerated by absurd federal policies. It is not capitalism or business cycles that cause recessions, booms, and busts - it is government.
@colony14 Ellen is for government spending. I am for a consumer demand driven economy. I am only putting back what interest drains away. I became an economics major at Lake Forest C in 1968 -went on to complete two years towards the doctorate @ Texas A & M and taught money and banking, micro and macro at a four year college -- and I can tell you that what I am talking about was systematically omitted from text books etc. I am giving you a chance to correct a deficiency in your education
@colony14 "You can't get something for nothing." To be consistent with this assumption (which is the height of human arrogance), I hope you will stop consuming all that free air soon!
@colony14 Social Credit National Dividends would be distributed to fill the gap between the rate of accumulating productive costs and the rate of distribution of consumer purchasing power. Obviously if nothing is being produced then there is no rational for distributing credit to facilitate its consumption! If you want a fuller explanation, consult the Wikipedia article on "Social Credit", which is a good general summary.
By the way, it has nothing to do with Nazi anthems!
@robertaklinck Put away your leftist books by Ellen Brown. She is an economic idiot, but she is making money selling books to idiots who believe they can get something for nothing.
@colony14 Sorry to disillusion you, but I've never read one of her books. I know her to be an advocate of "full employment", which, in an age of robotic production, is enough to convince me that she's an ideological dinosaur.
The horst wessel lied? Really?
jefflisaacs4472 2 weeks ago
If gold is a bubble, why do so few own it? (1%?). Why have gold stocks not exploded? In fact, why has gold itself not exploded upwards. It was a very steady climb over the last ten years. This doesn't mean gold can't go down, but I'm saying it doesn't have the characteristics of how bubbles are usually defined.
deanmat 2 months ago
Larry, think this through. Would every check written in the US have to be uniquely backed against a quantity of gold in the bank's vault or would you allow checks to be written if a fraction of the amount is in the vault? If you want 100 % backing, then don't alliances of billionaires now owning most gold and gold mines obtain power to inflate or deflate circulation at will? Or, if is gold the legal reserve, as in the historical gold standard, does not that multiply power to manipulate?
oldickeastman 4 months ago
@oldickeastman Dick, I am stuck here at 500 characters to answer you. It isn't good. Is there another way to contact you where I can write without being stuck with that 500 limit? You are asking some very involved questions, and I need more room to explain myself. Larry
larrycohen50 4 months ago
David Krynicki to a gold-standard libertarian": "How do you get to create new money just because you own some gold? I say. If you want to go into the money lending business and your gold is worth $100,000 then sell it so you will have the money to lend. But you want to keep your gold and still lend $100,000 just on its value while your gold is hidden in your vault. You indeed have created new money, lent it out at interest, and consequently assumed no risks in the transaction. Parasite.
oldickeastman 4 months ago
@oldickeastman You are responding to someone who wants to "create new money." I don't, and given our current laws, would not use such "money," if that's the right word for it. Right now, there are no practical barter instruments but the precious metals, and as such, they would be used, rather than hidden in vaults. All such metals can be lent out with interest, just as they are. "Creating new money," or barter instruments, has no practical application in our current situation. Larry
larrycohen50 4 months ago
Gold is not a bubble. It has never returned to its 1932 price. Nor has silver. The prices have fluctuated due to trading, buyer confidence, and dollar swings, but none of the precious metals have crashed as bubbles. Anyone who buys them can rely both on strong traditions, and commercial values. Their ongoing power is proof that they make fabulous choices for use as money, and other things. Larry
larrycohen50 5 months ago
@larrycohen50 In September 1979 silver at $11 an ounce. The price climbed to over $50 an ounce then fell. The market had been manipulated, "cornered," by two sons of an oil tycoon. It was a bubble. You must be a young man, Larry, to be a gold and silver broker and not remember the Hunt Brothers. As for gold not returning to Harding-Coolidge-Hoover level of $20, you are, of course, right. But R-child scams work gold vs $ prices from cycle to cycle, not absolute prices over long periods
oldickeastmanyakima 5 months ago
@oldickeastmanyakima It was not a "bubble." It was a "market manipulation," because the silver was worth manipulating. You obviously cannot figure out the difference. A bubble would have dropped the prices to the 1930 level. What you are giving me is proof that silver is worth buying, since compared to paper money, it will retain market value even with market distortions. Wouldn't it be nice if your "social credit" dollars attracted crooks? It would prove their real value. Larry
larrycohen50 5 months ago
@larrycohen50 Larry, if there was going to be hyper-inflation then any real commodity is a hedge against it, not just gold or silver. Land, tools, food, medicine, seed etc. True bubbles always result of market manipulation, of exploitation of "asymmetrical information" - not "mal-investment" but deceived investors. The big mistake is to call it a bubble when a solid economy based on good investment is "hollowed out" by net interest drain that kills purchasing power, demand and remuneration.
oldickeastman 4 months ago
@oldickeastman I am not against investing in other commodities. Gold and silver have properties as "money" that the others don't have. Hence their traditions as "good money." You are the one suggesting a highly questionable "social credit" paper money with no use as "legal tender" or barter, for that matter, at this time. Social credit is a dream of yours that might have a chance if you'd bother putting some out as barter tools. Larry
larrycohen50 4 months ago
Look what happened to JFK for even thinking about breaking the Banking Fed Empire system. Our money supply should be adjusted and tied to GDP, this would stop inflation and the manipulation that a gold standard would create.
YenTrader2 5 months ago
@YenTrader2 Senator Robert L Owen had written into his version of the Federal Reserve Act a provision requiring the powers of the Reserve System "be employed in the service of commerce and to promote a stable price level" which was in keeping with the sound Irving Fisher monetarism of the time -- but that mandatory provision was struck out in the House by Carter Glass. Of course the money power wanted it to be legal to inflate to steal savings, then deflate to increase debt burden and asset ..
oldickeastman 5 months ago
Our country is run by politicians- we don't elect the candidate we want to represent us- we elect the lesser of 2 evils which the media has chosen for us. The media and the banks control the politicians. The politicians will never go in for something good for our country and bad for them.
YenTrader2 5 months ago
@YenTrader2 I am sorry to tell you it is worse than that. The politicians are rubber stamps for what staffers really working for international financiers want accomplished. The media, like all major corporations, are tools of the banks - their CEO's and board directors merely middle-men carrying out the policy of the Rothschild group. It has been this way since the Civil War. US history is the war between Jefferson and Hamilton -- between the interests of the people and Rothschild interests
oldickeastman 5 months ago
Here comes the Total Collapse...
TotalCollapse . com
wwwCrashJPMcom 5 months ago
@wwwCrashJPMcom Yes, endless contraction unless the problem is solved in the way I suggest: Repudiation, National Fiat Currency, origination of all new money through free-and clear fiat dividend deposits to accounts of each individual of each household. But if you choose to be blind to all I am saying then, yes, total collapse is inevitable. You have a "total collapse website?" Then you must be making money off the collapse. No wonder you didn't get it. You didn't want to get it.
oldickeastman 5 months ago
Increase in money supply
Leads to devaluation in purchasing power of dollar
leads to inflation
too much money in system leads to hyperinflation
bassa1965 5 months ago
@bassa1965 Let's follow through on this. What does a decrease in money supply lead to? And how can we have printing-press deflation at home when 1) money is bank loan deposits that must be paid back plus interest; 2) interest-collecting usurers do not invest their interest earnings here; and 3) all of our recent loans are second mortgages taken out to pay debt that reduced income does not cover. You see, massa1965, we are not in an inflationary condition. Bailouts and QE never this way come
oldickeastman 5 months ago
@oldickeastman The problem is we do not have decrease in money supply, we have money destruction due to bad loans and bankruptcies with people taking the loss. Then new money supply created by stimulus packages,created out of thin air. Velocity of money must be increasing in order to keep system going. Mortgages that were created from minimal bank cash reserves were made from people excess profit from fruit of peoples labor, When Lehman's was leveraged 80 to 1,where did that money come from?AIR
bassa1965 5 months ago
@bassa1965 What counts is money in circulation in the domestic economy --a flow of dollars through store checkout stands and factor payroll offices. Consumers can spend income, save income or overspend income. So can businesses and government. All money in the flow comes from bank loans. All loans must be paid back plus compound interest. Loan money expands out of thin air, it is true. But leakage of principal to the financial sector contracts money flow an equal amount, and interest more!
oldickeastman 5 months ago
@oldickeastman
Banks, the Fed create Money is created out of thin air.
Banks leverage 10 to 1 fractional banking
Goldman Sachs 13.5 to 1
This money is created out of thin air. So how can you say we have deflation when money is created so easily.
bassa1965 5 months ago
@bassa1965 Yes, if required reserve is 10% and Betty deposits $10 bill, that's $10 of excess reserves that allows bank with those deposits to lend $9 more keeping $1 reserve, which loan is deposited in bank, making $19 in system, but new $9 is now excess reserves of which 90% can be lent, which is $8.10 more, which becomes excess reserves allowing $7.29 more to be lent etc. until $100 new dollars are in circulation. Answer to question: Banks are contracting loans - so it all goes backwards
oldickeastman 5 months ago
The goldbugs should note that recently a huge vein of gold was discovered in Germany. The story I saw stated that it would be about 16 years before they could begin extracting it. Gold will be yet another bubble to be popped. The question is, when? Sixteen years from now, or will it be sooner?
eiwaz 5 months ago
Deflationary. Yes, with large dollar items requiring loans. (i.e. auto, house)
Inflationary. Yes, consumables. (i.e. fuel, grocery and basic human need items.
Another point. Socialism leads to communism. Perhaps you might say then Captialism leads to facism.
To this I say yes, to All Of The Above.
Good night, and good luck
LLMorse1 5 months ago
@LLMorse1 View this "Austrian economics explains nothing solves nothing just sells gold in a deflation Copy this to youtube search engine: sYZO-A1tncs
The net interest drain of usury makes consumer sovereignty impossible and perpetual decay of household and production sectors inevitable. See also ftT9BmUx7MY (copy to yt search engine)
My economics is Irving Fisher. See fQLvvXzsyEU and x70p0sNA-4k and uCpztSxuSaM and sGm-mmVmtfc and eO8mlnZQCjg and YIxYWnj-gBc
oldickeastmanyakima 5 months ago
mike maloney never told me this!!!
so there any assets that go up during deflation then, besides FRNs?
ik999 5 months ago
@ik999 As deflation due to interest drain bankrupts businesses monopoly concentration increases. The rise of inefficient corporations over efficient proprietorships happened because of this flaw. The explanation is here Ha-3xYcu5Yw&NR=1 (put that in You Tube search engine
oldickeastmanyakima 5 months ago
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@ik999 As deflation due to interest drain bankrupts businesses monopoly concentration increases. The rise of inefficient corporations over efficient proprietorships happened because of this flaw. The explanation is here Ha-3xYcu5Yw&NR=1 Put that in search engine on this page
oldickeastmanyakima 5 months ago
@ik999 As deflation due to interest drain bankrupts businesses monopoly concentration increases. The rise of inefficient corporations over efficient proprietorships happened because of this flaw. The explanation is here Ha-3xYcu5Yw&NR=1
oldickeastmanyakima 5 months ago
Gold= the shiny too heavy metal that you pay to own and pay to insure and pay to vault and transport and it just sits on a shelf collecting dust. Then when you want to have it in your possession you will get killed by someone who believes that it is worth stealing from you.. Will somebody really trade you the last hamburger on earth for it?
jadrummer110 5 months ago
I can understand the argument for some kind of National Credit scheme, however your presumptions about the price of Gold are incorrect.
YES... Deflation is here. However, you are making the common mistake of equating the word 'Deflation' with a decrease in ALL prices. This is not always the case!
'Deflation' is defined simply as a shrinking supply of money. In a deflationary environment, the value of money increases. GOLD IS MONEY. That is why Gold is increasing in value, not inflation!
SuperiorBullion 5 months ago
@SuperiorBullion This is addressed in every video I have made. In this very video I state that price increases occur because of monopoly pricing and reduction of economic pie which the deflation triggered. Deflation is less money and increased demand for money (reciprocal of velocity in Fisher equation) Gold is not money. Gold is a constraint on money creation imposed by gold monpolists -- who also pay people to be Austrian School Economists etc.
oldickeastmanyakima 5 months ago
@oldickeastmanyakima Anything can be used as money. Salt, seashells, wooden stakes... all have been used with varying degrees of success. Paper money can work, too. The problem today is that all of our paper money is collapsing in value, and no one uses salt, seashells or wooden stakes anymore. I see people comment in this forum that gold is too heavy. How heavy would the equivalent in salt be? Do you have a 3-mast frigate to transport it?? Gold is simply much more convenient.
christopherw303 5 months ago
@christopherw303 Not as convenient as thin air. But more important, one neglected fact about gold is that a very few families control most of it. In order to get some we have to borrow "from Rothschild." Why when fiat treasury can be had for free? Why hock everything you own to eat with gold knives and forks and dishes when ceramic dishes hold the food just as well? Do you really think a problem for American's will that their gold weighs too much for them to carry around? It me it's absurd
oldickeastman 5 months ago
Take the time to read Gary North's articles about Ellen Brown's absurd money schemes. He destroys all of these "ideas."
colony14 5 months ago
@colony14 Yeah -- but he gets all of my letters for years -- and never answers them. Same with Rockwell. They can't. I've taken North apart again and again. He attacks straw men. Look at your ignorance on the subject -- and you follow North. The Austrian solution for depressions is criminal. They want the liquidation of all debt and the transfer of all liquidated assets to the creditors. Then they want gold disallow reflation. Don't imagine you are investing when you bet on gold.
oldickeastmanyakima 5 months ago
Every American needs to see this excellent video thanks for posting this. As the Bible says: My children parish for lack of knowledge.
Talk to people on the street and they no absolutely nothing about our monetary system and have never heard of 'fractional reserve banking' and how it enslaves them.
Usury or 'compounding interest' is the greatest evil ever to be created by the 'money changers' to enslave humanity.
Debt that can never be paid-off.
AffinityNetNews 5 months ago
Our economic problems are being caused by our legal tender laws, our debt-based paper money system, and our refusal to take on some of the inconveniences of gold and silver coins. For you to tell people to use "social credit" money, which doesn't exist, is like telling them to fly by flapping their arms. Gold and silver can be bought and used for private trading. They have never been in a "bubble" before, and probably won't be in the future. Let your viewers now see some intelligence.
larrycohen50 5 months ago
@larrycohen50 Assume that in 1913 one person put $100 in paper money in a safe deposit box and another placed gold coins worth $100. Skip ahead to 2011. Open the safe deposit boxes. Who is wealthier? Would it be the person with the paper money that is now worth about 4 percent of what it was worth in 1913? Or the person with the gold coins, now worth about $9,000?
I rest my case. Others may believe in paper money that loses its value, but I will keep gold, silver, guns, ammunition, food, etc.
colony14 5 months ago
@colony14 You apparently misread me. I am advocating gold and silver coin, not to mention the other precious metals. I am in agreement with you. I'm not sure how you got the idea I favor paper money, but I don't. Larry
larrycohen50 5 months ago
@larrycohen50
I understood and agree. I was making my point for other readers. Sorry... I did not make that clear.
colony14 5 months ago
@colony14 So you are the foolish servant who buried his talants in the safe deposit box. In Jesus parable the foolish servant was chastised for not investing his talant. At 8% that would be $219,976. Money is for transacting, not for storing. Also, with that $100 taken out of circulation for 100 years the economy will have lost the economy millions due to diminished demand for American enterprise. But more important -- you neglect business cycles -- alternating inflation and deflation...
oldickeastmanyakima 5 months ago
@colony14 So you're the foolish servant who buried his talents in the safe deposit box. In Mat 25 the foolish servant is chastised for not investing his talent. At 8% that would be $219,976. Money is for transacting, not storing. Also, $100 taken out of circulation for 100 years would cost the economy millions in diminished demand (money multiplier) in enterprise. But more important - you neglect business cycles -- alternating inflation and deflation - inflation always swallowed by int.
oldickeastmanyakima 5 months ago
@colony14 I've read and watched North's pathetic attempts to refute Social Credit, on which, with modesty, he claims to be the world's foremost authority! He's a hidebound ideologue, not a seeker after truth--hence, not worthy of my attention.
robertaklinck 5 months ago
@robertaklinck Thank you, Robert Klinck. It's lonely defending the middle class in spite of itself, isn't it? To call social credit socialist is the greatest of all absurdities. Social Crediters are not libertarians because libertarians defend households in a market system as liberines protect a fair maiden's chastity. North calls us socialists, when the fact is that it is the governments job to enforce contracts -and honest money requires enforced uniformity of the standard. Gold is volatile
oldickeastman 5 months ago
When will we have an existence stipend available with something for everyone?
pjrsullivan 5 months ago
@pjrsullivan When you parasites have 51 percent of the vote, enabling you to enslave the producers.
colony14 5 months ago
Cool! I sit home on my butt and the government prints money and gives it to me! What's not to like?
Um, except what happens when all 308 million people are sitting home doing nothing? Who manufactures the products and raises the crops and stocks the shelves?
It matters little to me whether it is Ben Bernanke or Timothy Geithner or Obama or Dick Eastman prints the money. It doesn't work. Wealth is created by productive work, not by printing pieces of paper.
colony14 5 months ago
@colony14 See attached video for answer. Socal credit provides the missing purchasing power to keep businesses from bankruptcy. Better to study a thing before criticizing.
oldickeastman 5 months ago
@oldickeastman
thanks dick, no one can argue against a socail credit system , unless your a person making huge undue profits from the current system... i been reading your stuff years and i agree with your position on most everything
finefilth 5 months ago
@finefilth No one can argue against it? I will! His system stinks because it doesn't exist , and secondly because there's no objective standard to measure the value of social credits. If you buy gold and silver, you'll have something that exists, and it has an objective measure, including historical traditions going back thousands of years.
larrycohen50 5 months ago
@larrycohen50 Many have fallen for leftist Ellen Brown's absurd welfare state scheme. The only difference between them and Nancy Pelosi is that they object to borrowing money to fund their schemes. They just want to print it interest free. That is still ridiculous. You cannot get something for nothing, and printing money that is backed by nothing is an attempt to do so. Idiots all.
colony14 5 months ago
@colony14 Why post that here, Larry, since I have said the same thing to Ellen in letters many times. Ellen is closer to Lyndon LaRouche than to me. One more thing. Suppose an isolated country has not metal. Suppose they use barter and have a state that taxes their production. Then suppose King Irving gets a bright idea and prints up paper money -- and establishes it by having the state accept it in payment of taxes. In such a case the kingdom would gain immeasurably. Convenience is wealth
oldickeastmanyakima 5 months ago
@oldickeastmanyakima What if they have nothing to barter with? What if there's no paper? What if there's no King irving? What if there's no air? Have such conditions existed in modern times? If there's no metal in the country, then import it. In the meantime, use what works. Does social credit money work? Show me that it even exists! Don't let Eastman convince you his "money" is worth your time of day. We have better answers. Larry
larrycohen50 5 months ago
@larrycohen50 Forgive me, Larry. I was following the example of Rothbard, who develops system from Robinson Crusoe and Friday. Economics requires simplification. You must control conditions to see order - in a laboratory and reasoning through relationships among economic variables. Token systems are established easily -w. chimps and prisoners but also, more to the point, when a government declares the token will be accepted for taxes. Import metal with what? A Rothschild loan at interest?
oldickeastman 5 months ago
@oldickeastman Would you stop using Robinson Crusoe and Friday as examples? You're giving me a stupid, ignorant comparison, considering the current conditions in our modern society. Yes, if you're stuck on an island by yourself, then follow the example of Robinson Crusoe. You wouldn't need any money at all, since there's no one to trade with. Does this take a genius to figure out? Larry
larrycohen50 5 months ago
@larrycohen50 But Larry, I didn't use Crusoe, Murray Rothbard and von Mises did. I just reminded you of that to make the point that simplifying assumptions are necessary to handle complexity of of the economy -- we must isolate different relationships among variables all interaction. Econmics make much use of partial derivatives in systems of simultaneous equations. It is useful to talk in terms of "an economic pie" to explain inflation and deflation of a currency. Also, Crusoe had Friday.
oldickeastman 5 months ago
@oldickeastman You mentioned Crusoe to "explain" things, didn't you? And Rothbard, as if you agreed with them. Why don't you mention Ayn Rand? You don't "simplify" things by citing ridiculous, fictitious scenarios that cannot be compared to our current mess. Why don't you put out your own "social credit money" for people to buy and then have the choice of using them as barter instruments? It would show me you're somewhat plugged into reality. Larry
larrycohen50 5 months ago
@larrycohen50 Larry, you say, "Don't let Eastman convince you his "money" is worth your time of day. We have better answers." Wouldn't it be a good idea to name the school of thought or institutional group you you refer to as "we"? I 'd like to learn "better answers." Do you know anyone willing to present those better ideas here? -- ideas that don't involve liquidating all middle class assets or submission to a Rothschild-controlled gold-standard or continued dearth of purchasing power
oldickeastman 5 months ago
@oldickeastman I told you already what works, and I'm already using it. When you say, "Rothschild-controlled gold standard," I'm not advocating such a thing. You're spinning your own fantasy world around what I've already made clear. There are five precious metals, and none of them are completely controlled by any one dynasty. Moreover, once you buy them, you control them. The prices are subject to some manipulation, but have always had a strong market value. Larry
larrycohen50 5 months ago
@larrycohen50 You haven't stated exactly what you are advocating. I have. I also state that if you have a gold standard then the few families who own most of the gold and set its price will control the level of economic activity and will have the power to inflate and deflate the economy at will, as they did during the two banks of the United States of the early republic and following the National Bank Act of 1863. Gold and debt money with gold as a reserve go hand in hand.
oldickeastman 5 months ago
@oldickeastman I am advocating the use of all five precious metals, and a "few families," as you put it, do not own or control most of it. The prices are presently controlled by futures contracts, and mass buying and selling by the many people, like myself, who deal with those metals. I am not dealing with a central bank, and I'm not sure why you even mentioned the two of the 19th century. Today, we have independent dealers. Larry
larrycohen50 5 months ago
@larrycohen50
Individualism is not for the few. The gold system is theft. Metallic currency is a constraint that destroys the benefits that a market economy can give us. The Bank of England was created by the bullion brokers in order to rob England and the world. Ha-3xYcu5Yw Only government should be entrusted with regulation of the currency. Metals are for production, not for finance. The monetary system should be regulated to keep constant purchasing power, not be pegged to minerals.
oldickeastman 5 months ago
@oldickeastman Any man-made medium of exchange will require human labor, ingenuity, and honesty. One way or another, you'll be paying for it, and the honest management of it. If we cannot get an honest, value-based paper system from our Treasury, then another option is to use an independent, market-based commodity such as gold. It, or its cheaper counterparts, are already available for anyone to buy and use. You are writing like a Communist - where the State is indispensable. Larry
larrycohen50 5 months ago
@larrycohen50 ILarry, since William Paterson lent William III gold and silver on condition that the King's IOU become the basis for legal lending ("money") by the bank of that amount - which was the beginning of "The Bank of England" - always has been MISMANAGED in terms of interests of the British nation and people -- as were the gold-standard US central banks in the times of Hamilton and Biddle and the 1864 National Bank Act and the Fed Res. And gold commodity money is huge waste of labor
oldickeastman 5 months ago
@oldickeastman Gold commodity money is not a "waste" of labor. It is a product of labor, for the sake of a valuable form of money. Can it be abused? Any man-made product can be abused. If you abolish and prohibit all legal tender laws, and let people issue and choose their own currencies. you'll have only the best winning out. Otherwise, you're stuck with Patersons and his ilk monopolizing the money and wrecking the society. Larry
larrycohen50 5 months ago
@larrycohen50 So, it's the conniving shyster Patersons, is it? So we need to end tyranny of government regulating money to stabilize purchasing power with a uniform currency, do we? (Legal tender laws enable tokens to become legal money) So no govt would leave the gold price level up to the "free market," would it? And having mean sweat in mines to obtain metals that will only be buried again in vaults is smart, is it? Ever play Monopoly, Larry? Why does monopoly money work w/o backing?
oldickeastmanyakima 5 months ago
@oldickeastmanyakima Monopoly money works because you're playing a highly restrictive game. Try buying food with it. It works because the game won't let anyone break the rules. No one is allowed to just print more money for himself without limit. Is the dollar being "stabilized" by government? Then why has it lost most of its purchasing power since 1930? Why is gold at $1633 an ounce? This is "stabilized purchasing power" to you? Larry
larrycohen50 5 months ago
@larrycohen50 First thanks, Larry. Your the only fellow discussing any of my videos. I appreciate it. Yes, monopoly money is suitable only for one purpose, that for which it was created. Now in the Real Economy we seem to have allowed on of the players, Rothschild by name, mix the "bank" with his own funds. Did you know that ALL HYPERINFLATIONS HAVE BEEN THE WORK OF ROTHSCHILD CENTRAL BANKS and not governments. Governments don't control government printing presses. The bullion monopoly does
oldickeastman 4 months ago
@oldickeastman As soon as the metals come into our hands, the metals are ours, and they have value both as barter tools, and trading with those industries that use them. Their prices will be affected by those trading with them, including those trying to corner the markets, and the mining industries. I recognize some of the risks, but what you are proposing, social credit, is total risk, and a dreamworld. It might also require abolishment of our legal tender laws, which I favor. Larry
larrycohen50 4 months ago
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@oldickeastmanyakima What if they have nothing to barter with? What if there's no paper? What if there's no King irving? What if there's no air? Have such conditions existed in modern times? If there's no metal in the country, then import it. In the meantime, use what works. Does social credit money work? Show me that it even exists! Don't let Eastman convince you his "money" is worth your time of day. We have better answers. Larry
larrycohen50 5 months ago
This is absurd. Everyone who bought into this nonsense is an idiot. I may hate the Federal Reserve for a lot of reasons, but it should be replaced with sound money practices - not another crazy money-printing scheme.
Stop reading that lunatic Ellen Brown, a supporter of Hitler's national socialist economics. Brown is a Leftist. There is nothing even remotely free market or conservative about her. She wants a welfare state funded by paper money. Period. Don't fall for her garbage.
colony14 5 months ago
@oldickeastman I have studied economics since 1964, and I have seen all the schemes - including Ellen Brown's. You can't get something for nothing. Grow up.
colony14 5 months ago
@colony14 Ellen is for government spending. I am for a consumer demand driven economy. I am only putting back what interest drains away. I became an economics major at Lake Forest C in 1968 -went on to complete two years towards the doctorate @ Texas A & M and taught money and banking, micro and marcro at a four year college -- and I can tell you that what I am talking about was systematically omitted from text books etc. I am giving you a chance to correct a deficiency in your education
oldickeastmanyakima 5 months ago
@oldickeastmanyakima We already have a consumer demand driven economy. How in the world can you imagine an end to interest? Interest is nothing more than a fee for the use of someone else's money. Did they teach you that you can borrow money for nothing at Lake Forest and Texas A&M? You should have gone to Hillsdale College, where one does not study economic mythology.
The video and the concept is all B.S. It ignores reality.
colony14 5 months ago
@colony14 Home construction used to drive this economy -- and that is investment, not consumption. War has taken up the slack -- but what has driven the economy in the last decade was Americans trading their home equity for purchasing power. As for Hillsdale I knew George C Roche and attended von Mises Lecutre series regularly -- when von Hayek was there we discussed his theory of psychology (I was at Western Mich. At Texas A & M I pushed Austrian econ course. Read Human Action? I have.
oldickeastmanyakima 5 months ago
@oldickeastmanyakima Yes, I have read Human Action. Von Mises never advocated printed money with no backing and passing it out like candy.
colony14 5 months ago
@colony14 You know, I hope, that von Mises was financed by the Rockefellers. I'm sure he found their "cheques without backing" suited him just fine!
robertaklinck 5 months ago
@robertaklinck One can hardly fault someone for doing what a government forces him to do! I use paper dollars backed by nothing because I am forced by the government to do so. That does not make me or von Mises hypocrites; it makes us servants of the state. I would much rather use gold and silver coins and have a government that is unable to engage in deficit spending financed by a Federal Reserve that creates money with accounting entries, thereby reducing the value of all dollars.
colony14 5 months ago
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@robertaklinck One can hardly fault someone for doing what a government forces him to do! I use paper dollars backed by nothing because I am forced by the government to do so. That does not make me or von Mises hypocrites; it makes us servants of the state. I would much rather use gold and silver coins and have a government that is unable to engage in deficit spending financed by a Federal Reserve that creates money with accounting entries, thereby reducing the value of all dollars.
colony14 5 months ago
@oldickeastmanyakima Home construction was artificially accelerated by absurd federal policies. It is not capitalism or business cycles that cause recessions, booms, and busts - it is government.
colony14 5 months ago
@colony14 Ellen is for government spending. I am for a consumer demand driven economy. I am only putting back what interest drains away. I became an economics major at Lake Forest C in 1968 -went on to complete two years towards the doctorate @ Texas A & M and taught money and banking, micro and macro at a four year college -- and I can tell you that what I am talking about was systematically omitted from text books etc. I am giving you a chance to correct a deficiency in your education
oldickeastmanyakima 5 months ago
@oldickeastmanyakima You are a smug SOB, aren't you?
colony14 5 months ago
You are a smug SOB, aren't you?
colony14 5 months ago
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You are a smug SOB, aren't you?
colony14 5 months ago
@oldickeastmanyakima You are a smug and arrogant SOB, aren't you?
colony14 5 months ago
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@colony14 "You can't get something for nothing." To be consistent with this assumption (which is the height of human arrogance), I hope you will stop consuming all that free air soon!
robertaklinck 5 months ago
@oldickeastman The videos never showed up -- so copy these to the search engine ftT9BmUx7MY and
Ha-3xYcu5Yw&NR=1
oldickeastmanyakima 5 months ago
@colony14 Social Credit National Dividends would be distributed to fill the gap between the rate of accumulating productive costs and the rate of distribution of consumer purchasing power. Obviously if nothing is being produced then there is no rational for distributing credit to facilitate its consumption! If you want a fuller explanation, consult the Wikipedia article on "Social Credit", which is a good general summary.
By the way, it has nothing to do with Nazi anthems!
robertaklinck 5 months ago
@robertaklinck Put away your leftist books by Ellen Brown. She is an economic idiot, but she is making money selling books to idiots who believe they can get something for nothing.
colony14 5 months ago
@colony14 Sorry to disillusion you, but I've never read one of her books. I know her to be an advocate of "full employment", which, in an age of robotic production, is enough to convince me that she's an ideological dinosaur.
robertaklinck 5 months ago