Jake Explains the Fed
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Good video. Terrible sound quality. Buy a mic.
audeyisaacs 2 years ago
The goal is to have just enough money printed to facilitate exchange in an economy.
When we used Colonial Script and Greenbacks, the economy boomed. These systems, when properly operated, work well to help an economy function good.
I suggest either a greenback system,
or go back to being on a Gold and Silver standard where people could take their gold to a government mint and have it minted for free and figure out a way to outlaw usury fees, yet award people for loaning money.
LiquidSmooth 2 years ago
Greenbacks would be like the Federal Reserve money we have now, except it would be printed interest free.
Greenbacks, if operated the way Lincoln intended, would have limited inflation since it would be printed according to rate of production of goods and services.
Usury fees cause a constriction of money. A constriction of money causes depressions. SO merely being on a Gold Standard doesn't fix this cause unless usury fees are elimianted, the same thing happens.
LiquidSmooth 2 years ago
-So the Greenback would pretty much be the same as minted coin? It would be government issued currency instead of currency issued by the private federal reserve?
-Other than the obvious weirdness of a private entity controlling public currency; why would a Greenback system work any different than our system now?
-If both are subject to deflation/inflation what is the advantage of having the government issue the currency?
ColtonDean 2 years ago
Well, the Greenback system Lincoln wanted to use, would basically get rid of alot of usury fees. This is a problem, even on the Gold standard. There were still depressions.
I would like to see a Greenback System used. And then would advice people to invest in Gold to set aside as insurance.
Fiat money is fine to use, as long as you arent going to hold onto it for long periods. If you are, then use that money to buy Gold.
Economy thrived on interest free Greenbacks and Colonial Script
LiquidSmooth 2 years ago
-Would you suggest we should go back to a tangible money like gold or a certificate that represents gold or other tangible commodity?
-If I'm not mistaken, the only REAL money is our minted coins because it is authorized by the constitution. Whereas paper money and credit is controlled by the Federal Reserve system.
-Do you think we should start minting more $1, $5, $10, $20 and so on denominations of coins?
ColtonDean 2 years ago
Fractional Revserve banking wasn't used back when we had gold. Also this is part of the reason FDR put a gun to people's head and made them surrender their gold.
One point abour the Federal Reserve System. There is always more DEBT than there is money. Our dollar bills are basically like credit cards. All the moneny created is created through LOANS. ANd eventually, unless more loans are made, the money constricts. There is alot of debt. ANd all the money there is couldnt cover it.
LiquidSmooth 2 years ago
HAHAHAHA You know what's funny about this video...That is actually how it all works.. A bunch of puppets informed by the elite running our money and country:)
cmbsounds 3 years ago
-How did it work when US currency was backed by gold?
-Did it mean that the $1 million check to the Fed Reserve (Bananas) was worth $1 million of gold; and at anytime you could go get $1 million in gold?
-But if people wanted to get their $10 million in cash it would reduce the value of gold by 10%? Thereby limiting inflation to the worldwide value of gold?
-Am I close? Correct me if I'm wrong.
ColtonDean 3 years ago
They print money from nothing Joe.
It's been a gradual process the American people have been put through, a gradual deception, generational.
The FED was created, then backed notes were presented, that could be redeemed at any time with the backing(much like a check).
Later, Roosevelt confiscated all gold and declared it illegal for use as a monetary unit, but the backing remained.
Then Nixon finished it off, by removing the all backing standards once and for all.
There's no backing.
vudumojo 4 years ago