Gold standard debunked - Interview with Byron Dale part 2 of 3

Byron Dale is asked how The Ludwig von Mises Institute is advocating a gold standard, and can we or can't we go to a gold standard. Mr. Dale lays down the hard facts.

http://www.wealthmoney.org

Category:

Education

Tags:

• Byron
• Dale
• Wealth
• Money
• Debt
• gold
• standard
• debunked

[BlueSkies360]

This makes me think... may be loans themselves are a problem? Nobody should expand their business beyond their means. Nothing on Earth is so urgent that can't wait for 3 months or a year or 5 years until money accumulates.

[TheByronDaleChannel]

The problem is that all money is created as interest bearing loans. There is no money until someone has borrowed it. How can we save money if the only way we can get any is by borrowing it into exsistance?

[honestann]

All debts contracted since 1913 are in terms of the counterfeit, unconstitutional FederalReserveNotes. Therefore, all debts are owed by the counterfeiters - the owners of the central banks. Therefore, to pay off ALL debts contracted since 1913 can be honestly settled the following way:

#1: take and sell all property of every owner of ever central bank.

#2: pay off all debts by paying the owed parties newly printed FederalReserveNotes AND that property.

#3: abolish FederalReserveNotes.

[TheByronDaleChannel]

Where would the money come from to purchase all that property?

After you abolish the FRN's, are you going to continue to allow Bank Credit to be our form of money?

[OgeronimonominoregO]

And what prevents Barney Frank from expanding the definition of "infrastructure" in order to benefit everyone with this free font of money? Why limit to roads and bridges?

How will you know that projects are in demand when then there is no market mechanism? Will you put in 200 bridges in Pittsburgh when the real demand for them is only 20? More bridges means more money to "stimulate" the local economy. Why would any politician limit the number of projects since there is NO COST?

[hmsixsixsix]

@BlueSkies360 no, the problem is allowing a private entity to create the money to lend out of THIN FUCKING AIR and then expect to get payed back with interest.

[AComfortableHammock]

@farhadekoohkan Bank issued "competing currencies" will compete with interest rates. Even 1% interest on gold/silver/oil/platinum/cocon­uts will create at least one victim as MORE DEBT is always owed than money in circulation. Interest is the problem, not paper.

[cfweho]

This is really BS....Money is not created by loans. It is created by federal government spending.

First, understand that money is just a medium of exchange, an IOU. Second, we need money to operate our economy in a complex society. I think the world population is now 7 Billion people.

when a bank makes a loan it shows a debit... at the same time that deposit is a credit. It is a Vertical transaction that nets to zero. Money creation from a fractional reserve banking system is a myth.

[farhadekoohkan]

What if, Government allowed "competing Currencies" and let the chips fall where they may?

[BRYAN351]

@durhamdf both you and Quinvarious make good points, but neither of you has the complete picture. You both need to go watch Bill Still's classic documentary "THE MONEY MASTERS" on YouTube.  It will clear up a lot of questions for you.

[durhamdf]

@Quinvarius Ok try to go to your local 7-11 drop a flake of gold on the counter and ask for a pack of cigarettes...see what happens

[Quinvarius]

@durhamdf And yes. I can go anywhere on the planet and spend my gold on anything I want or need. The whole world recognizes gold as money.

[Quinvarius]

@durhamdf Unlike gold, Dollars are created from nothing when people borrow from a bank or when the government borrows from the Fed. Banks don't loan out deposits. They create money from debt. If they create too much money, the dollar loses value. If loans are not paid back, there is no demand for the dollars and they lose value. That is why gold holds it value in inflation and deflation. That is why gold has always been used as the bedrock of the international banking system.

[durhamdf]

@Quinvarius how is the dollar "unpayable debt"? The dollar isn't a promise any more... it is just money. Can you go to the store and buy a soda with a flake of gold? What makes gold valuable? You have yet to answer this question. It has no inherent value other than what we have placed on it IN DOLLAR FIGURES!

[Quinvarius]

@durhamdf The dollar is in the most massive bubble that ever existed. It isn't money. It is a unit a unpayable debt for which there will be no demand in a default or a printing binge. Stop assigning it a value against gold. It has no value against gold. Gold is money. Gold is used in our banking system and by our government's as money because it is a permanent indestructable store of wealth. Gold's role is as money and it is why we have a concept of money.