A Pro-Free-Market Program for Economic Recovery | George Reisman

[TorontoLibertarian]

I like how they start out a speech on capitalism by advertising the books and tapes for sale.

Noice.

Just keepin it real.

[Nyarmith]

Dope talk, yo. I love these austrian explanations because they're far from that coercive pablum on da TV, dawg.

[CytherLynx]

i really want reisman's book. but its like $70 :/ ... i'll wait, i can afford it, but better not yet.

it's almost worth getting a portable pdf reader, and getting it for free.. not sure what his position is on intellectual property rights though

[Rico8458]

of the four Tigers: korea, taiwan, hong kong, singapore, only korea is doing better today with their car manufacturing of hyundai and kia to the usa.

[M0rbidlyObese]

wow, what a breath of fresh air, its amazing how the austrian view of economics can explain so clearly and consisely the problems of the global financial system.

[MRSketch09]

@Vid

I was thinking about this 'gold standard'.

Reisman talks about how it would "reign" in governments ability to print money out of thin air.

We had a gold standard before, and they separated the two. Didn't stop them then, wouldn't stop them now. The man is a fool to believe so.

OF course I actually do support what he's saying... Its a great idea. I wish my fiat money would quit being devalued. I wish I could save with no fear.

Politicians have an addiction to spending money.

[Sm3rti]

@MRSketch09

You confuse matters. With respect to the Bretton Woods it were not the US citizens who were allowed to redeem money for gold but only the central banks of the member states (in this context also notice the triffin dilemma). You don't seem to have grasped the operation of a real gold standard system so far. Of course the government has no chance to inflate the money supply, since the people would choke off any attempt to do so by simply redeeming their dollars.

[MRSketch09]

@Sm3rti Yeah, I definitely have not grasped as much as I have wanted to, so I'm still learning.

[Panpiper]

That was a brilliantly concise, and simple plan for action. If the political will existed, George Reisman demonstrated that it would be almost trivially easy from a policy point of view to get the country back on track. What is NOT simple of course, is mustering the political will and wisdom to enact such policies. As he himself pointed out, a necessary precondition is to convince the public of the fallacy of Marxian exploitation theory, and 'that' could be a long haul.

[MRSketch09]

@Panpiper

I agree.

Well, they say the fish rots from the head, as the old saying goes.

I think its actually a two pronged move.

Politicians and Public.

I believe starting in the schools with the kids is the way to really change the country.

[PersianPaladin]

Fractional reserve banking is NOT capitalism. Where is the damned capital?

[realisoph]

19:03 "As a result of the credit expansion..."

...stop right there. No need to speak any further.

Whatever comes next is secondary... be it Keynesian or Mises or whoever proposing secondary solutions to ignored primary root causes.

[realisoph]

Please Mr. Reisman, speak of fraud, of unsustainability, of 1% reserves will never do, neither would 99%. Say OUT LOUD that credit expansion is FRAUD and to be outloawed... make a move in your old days!

This is NOT about housing bubbles. They're mere symptoms. It's not about 'malinvestments', it is about fraudulous expansion of the money supply!

Do you not dare to be policiy makers, do you not possess the qualities it takes to suggest workable solutions?

What's the point of such a talk?

[printo69]

Hey MisesMedia, can you provide transcripts for all these videos you post?

[ForTehNguyen]

US basically declared bankruptcy in 1971 when it said it would refuse to abide by the Brenten Woods agreement and redeem gold. That was essentially declaring bankruptcy, but in a nice way.

[patrikkorda]

Unfortunately you are mistaken. Federal Reserve Notes (Dollars) are still the exclusive medium of exchange for all gold / oil transactions. As long as this monopoly exists the Dollar will maintain its status as the Worlds Reserve Currency. However, those days are very numbered. Yet, dont get me wrong, in no way am I saying that going off the gold standard was a good thing. Printing money is a tax against the poor / is used to finance warfare / welfare; both of which are counter-productive.

[chris3443]

Excellence.

[JessicaBelle81]

Pretty good plan. But how do you account for all of the cash balances not held in finacial institutions and back them with gold?

Plus what about Government debt? Wouldn't this cause all of our gold reserves to be drained by foreign creditors?

[func0il]

1)What cash do you mean ? Isn't all cash deposited in some bank account ?

2)Your government will probably default one way or another.

[Hashishin13]

What do people where you are from not use bills anymore? Lots of people use cash and some, have massive amounts, like drug dealers haha.

[JessicaBelle81]

Ummm I don't keep my cash in the bank. lol

[mattgeb84]

let the federal government declare bankruptcy, who needs the fed anyway, fuck em

[JessicaBelle81]

They will never declare bankruptcy to the world. They will do exactly what the Weimar Republic did when they had to pay war reparations.....print the money.

[mattgeb84]

people should just start buying gold and silver so when the dollar goes bust they can have some real money to use. people like peter schiff have been warning us to purchase gold and silver for some time now, if some American's didn't head the warning and go broke when the dollar collapses then the hell with them, i say let the fed print the dollar into oblivion, the quicker they do that the quicker we can get rid of them

[jaffijoe]

Hahaha. Gold reserves...

[ForTehNguyen]

only way is to introduce a new currency which is gold backed, and have it offered in parallel to compete with the fiat. Let the market choose once again. Pretty obvious which people are going to choose. During this time you can freely exchange b/t the currencies. Of course I'd be dumping all my fiat to the new commodity based currency

[KraljevicPavle]

That's a quick way to get rid of all the gold. Gresham's Law man.

[stealthswimmer]

Actually, not true. That only happens if there's a fixed exchange rate that undervalues the gold. A free exchange rate would allow the better money to out-compete the bad money.

There's a good vid on this "The Private Supply of Money" on Youtube from the misesmedia channel, by George Selgin

[func0il]

Great video ! Rate !

[Rico8458]

it was government involvement in themarkets that created the collapse

[Scientisticsoviet]

@Rico8458 Especially in the Asian Tigers... O WAIT...