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@roswellralph, I apologize for my aggressiveness. As for your comment... yup. IOUs chasing IOUs. Its ramifications are criminal. The crime is that private banks charge an interest on money they do not have. I believe and advocate, as did Benjamin Franklin, that only gov't should have the power to create credit. This is the system that eliminated all forms of taxation and the revocation of which sparked the American revolution.
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@iamgabrielf In the US, the Fed creates money (literally out of thin air) to purchase assets from private dealers (usually Treasuries, but can be any asset) by writing the dealers a check drawn on the Fed itself. The dealer deposits the newly created money in the bank. Under the current fractional reserve system, banks have the ability to loan funds in excess of the reserve requirement – potentially increasing the money supply up to almost 10x the original deposit (with the current multiplier).
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@iamgabrielf No need to get defensive. I don't question your knowledge, I just wanted clarification of how you reference the terms to better frame a response. Under the current fiat system, we use a fiduciary media of IOUs backed by IOUs as money...only because people trust our economy will produce enough to support those IOUs. Here's my understanding in simple terms:
(and I'm interested to hear your assessment of the ramifications.)
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@iamgabrielf Not an error, Perry asked him to help him @ the time. Fox serves the Neo Con agenda so though GB seems like a true blue American he does so in the box of the establishment and leaves out much- He did screw over Medina I was soo pissed- He used to call RP a nut. I just hate how so many 40/50 year old types buy all his sh!t hook line and sinker. RudyMcCRomney will not change a thing.
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@lushfauna, the Michael Moore of the right lol. A thing that concerns me about GB is that he never dicusses the creation of money. He talks about deficits and borrowing money, but he never once mentions that the gov't doesn't need to borrow, it can print. Current law allows the treasury to issue gov't notes without borrowing. I'm also concerned that he's fostering racism by incessantly showing the black panther idiots. He also shot down Deborah Medina. Yet I still don't know if it's just error.
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@iamgabrielf It's more of what he doesn't tell you he'll cover lots of accurate stuff and then say- Oh the Reps do it too or Bush was just as bad , without delving Into it he's lik a mike Moore of the right. He says- Don't worry bout the Bilderbugers and tries to say it all about "progressives" which is a real thing but is only the vomit world of the left- He don't get into 911 truth, He backs the Zionist, won't talk about the vast world empire that's killing us- Like what Ron Paul always says.
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@roswellralph, I know quite well how money originates. There are different vehicles, but there is only one meaning. Money is the medium of exchange, nothing more. So I will make another attempt at my question: how does the medium of exchange ENTER the economy?
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@iamgabrielf Do you want to know 1) how something originates as money in an economy, 2) how the money supply is increased/decreased in the US economy today, or 3) how wealth is created in any economy. All three have very different answers, so I would ask for you to be specific in your definitions of 'money' and 'the economy'. These terms sometimes have different meanings to different people so I just want to get a definition of your terms.
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@roswellralph, When I hear someone refer to others as ignorant on the economy I often ask them this simple question: how does money enter the economy?
I begin with that question because the ramifications of its answer have the effect of dissolving ideologies.
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@lushfauna, sincere question. What stuff has Glenn Beck made up?
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Teaser rates and ARM interest rates are low? What about adjustable credit card and consumer loans? Debt, debt, debt...
Gov't share of GDP in 1979 = 19.5%
Gov't share of GDP in 2009 = 20..5%
S&P 500 Composite Index in 1979=307.63
S&P 500 Composite Index in 2009=955.05
(and yes it is adjusted for inflation...data from Robert Shiller at Yale)
Even with Great Recession, 210% positive growth in stock market between 1979 and 2009.
income share of Top 0.5% in 1979 = 7.1%
Income share of Top 0.5% in 2007 = 19.31%
Rich have made a KILLING...a 171.5% increase!!!