Peter Schiff: the Fed, fractional reserve banking, FDIC, health insurance, and education 8/7/09

recorded from http://www.revolutionbroadcasting.com/

Category:

News & Politics

Tags:

• Peter
• Schiff
• federal
• reserve
• fractional
• fdic
• health
• insurance
• education
• ron
• paul

[victoriaous]

Bravo, Amazing, this man makes so much sense. Get this man in Congress, we need minds like this in government, so he can shrink it.

[pee6984]

I would disagree with him on fractional reserve banking. The periods in american history when we didn't have a central bank we still had many depressions every 20 years or so because commercial banks were able to lend out their fictional commercial bank notes expanding the money supply. I am for a 100% gold backed currency. NO atificial expansion of the money supply and you will end the boom bust cycle. Other than that I still support the man. Lets get rid of that crook Chris Dodd. Schiff 2010!

[feelthewyrd]

@tothemax01

debt is money if it is exchangeable for cash or goods. Debt created by banks under the FRB system IS legally exchangeable. A debt loaned to a customer can be deposited in another bank under FRB, & then relent again just like any other deposit. It makes no difference if the customer deposits a loan (created by another bank) or cash. Both are valid deposits & both can be used to create a loan or buy something. Therefore under FRB debt is money just like cash. That is FRB

[tothemax01]

@feelthewyrd Debt is not money. Deposits are debts owed by banks to customers. Money can be settled no further, debt can, therefore debt is not money. All citizens are within their rights to write 'My loans' on a notebook, and issue and accept debt by writing dues into the book - this is all banks do, and this is what merchants historically did. 'Gold backed money' is no money at all. Gold is the money, the banknote is a debt contrac, and the backing of the banknote is contract law.

[feelthewyrd]

Schiff supports FRB. How is that gold backed money? It is a multiplying factor of commercial money to central bank money by definition. FRB is a license to create money that banks aint got! The issuing of such licenses is transparently corrupt. Citizens arent allowed to multiply money using FRB with their friends

FRB functions just as easily with fiat or gold currency if the central banks are complicit. Schiff clearly states that he supports the expansion of the money supply by a central bank.

[PositiveMoneyUK]

A biggest public campaign has started to abolish fractional reserve system. Visit POSITIVE MONEY website and support the campaign.

[20Proff]

Hey AroundSun, that quote is lifted from zeitgeist. You would have to have written that down or been watching it at the time. Lol. True though...

[AroundSun]

Amongst all of social institutions we are borned in, directed by, and conditioned with, there seems to be no other system taken for granted and so misunderstood as the monetary system. Taking on nearly religious proportions, the established monetary institution exists as one of the most unquestioned forms of faith there is. How money is created, the policies by which it is governed, and how it truly effects society are unregistered interests of the great majority of the population.

[TheAttackRat]

People should be made aware of FRB and it should be allowed to continue at people's own risk.

So, for example. lets say we abolish the FED but allow FRB to continue ONLY if those banks made it clear what it was doing, and how much will be kept on reserve. Perhaps people will continue, but it would likely lead to banking collapses and then people will start trusting only high reserve banks, and full reserve banks.

[deltapunk21]

The purpose was not beneveolent it wasa creature of the communists namely Wilson and his gang to destroy American banking.

[PontiffMystic]

I don't agree with FRB personally. I agree with Rothbardian view of FRB in that FRB banking is just legalized embezzling. Such embezzling is illegal in other types of commerce such as grain storage. Since made illegal to issue paper backed fractional grains, bankruptcy involving grain vanished. Fed standardized FRB, and the government made it legal, when it should of been made illegal versus legal. Inflationist support FRB. There is no such thing as full reserve these days. Extinct.