Web Of Debt - Ellen Brown Interview With Simon Dixon Part 2 / 3

http://www.BankToTheFuture.com Simon Dixon interviews author of Web Of Debt Ellen Brown on her perspective on Banking Reform and Public Banking.

Although differing in their approach to Banking Reform, Simon Dixon gets Ellen Brown's perspective on why she feels Public Banking is needed in the United States.

This three part interview is brought to you by Bank To The Future.

http://www.BankToTheFuture.com

Category:

News & Politics

Tags:

• Ellen Brown
• web of debt
• simon dixon
• banking reform
• public banking
• monetary reform
• bank to the future
• american monetary institute
• positive money

[joepeeler34]

The Greenback lost over 70% of its purchasing power in a few years' time. Same with debt-free Continental currency. Same with every other fiat paper currency in history.

Don't get me wrong, the Federal Reserve system needs to go, but we had better be careful what we replace it with. I advocate, as Ron Paul, that we legalize competition. I suspect that in a market gold and silver would win out, but we would see. There might be 4 or 5 competing currencies in the end.

End govt. monopoly.

[bankingreform]

@joepeeler34 Gold is only necessary if you still want banks to create money or government to create money as a way to regulate money creation, but neither of them can be responsible for money creation due to conflicting incentives.

Gold is just another way of patching up a system that will never work.

Electronic fiat money is very convenient if independently created for inflation deflation targeting only.

Gold is not banking reform, it is regulation of a system that will collapse.

Simon

[dogbarker1981]

@joepeeler34 this is because it was counterfeited by the British. Colonial Script was destroyed quite the opposite way but you never hear gold bugs talk about Colonial Script only the Continental. The Currency Act of 1764 and Stamp Act of 1765 forced the colonies on a gold standard during the period of Colonial Script. The colonies had little to no gold to pay their taxes in gold. This proves how a gold standard alone could cause tyranny to a nation when the quantity is controlled by a few.

[whahas]

@joepeeler34 No, I was referring to the system proposed in Money as Debt III. A system where a producer can be an Issuer and use is own credit-money as transaction money for his own operations. In that way the economy is flooded with lots of money linked to production as the value of that credit-money is dependent on the ratio demand/production. It has a in-build correcting system.

It's purely digital, but debt-free. Still, I wonder if you would consider it?

This is an oversimplification btw.

[whahas]

@joepeeler34 I would like to see money function merely as an infrastructure. A method to get from A to B through the use of M. It should just be there when we need it. Only our current model doesn't allow us this flexibility, because everything is noted in Money.

It's like stating the importance of the internet merely based on it's connection speed.

Money is also a 'single uniform commodity', I'd like to see that changed.

Money should be created as real value is made: linked to production.

[joepeeler34]

@whahas Money should be storehouse of value, unit of account, and medium of exchange. It's true that in its function as unit of account that it is a debit/credit, but that isnt' money's primary function. Money's primary attribute is as a medium of exchange. All of its other functions derive from that.

[whahas]

@joepeeler34 Shall we agree to disagree? In my opinion, money is just an idea, a social innovation if you will. It's the basis for our economy and should function merely as debit / credit.

Yes, indeed. That's just my idea about an idea...

Money should be neutral and stable.

[joepeeler34]

Further, the competition is what kept the minters honest. Why do you get competition, choice, and quality with coffee, tea, toothpaste, etc.? It's the competition.

As far as "overusage," what stops people from "overusing" (not sure how we can objectively define that) coffee. The pricing structure is what relays scarcity, demand, etc. Money has a price. If supply dwindles, price or purchasing power of money increases. The process self-corrects as with production of eggs or bacon.

[joepeeler34]

@whahas I'm not sure what you mean by "linked to prodcution." You mean the minter of the coin being the distributor? If you want to understant how private mintage gets into the money supply pick up a book called "Good Money." Or look up Templeton Reid and Christopher Bechtel. They were brought silver and gold and for a fee would fashion the bullion into coins that were stamped for their weight and purity.

[joepeeler34]

@whahas I don't pretend to know what the market will choose for monies with certainty. I suspect that gold and silver will win out, but competition and choice will sort it out. Money is a product, it's just a commodity with monetary functions.

Money has to be value for non-monetary uses, be finite, have high unit value per measure of weight, non-corrosive, and other attibutes.

As for taxes, people used to pay in weights of gold and silver. Doesn't matter what minter issued them.

[whahas]

@joepeeler34 Oh, I almost forget. Since you seem to be 'in the know', what should money be, a medium (of exchange) and a good or just a facilitator of trade (a medium)?

Does it have to have intrinsic value?

When is someone allowed to make currency (in your proposal)?

In which currency do people pay taxes if there isn't legal tender and more than one currency?

Are the issuers (of currency) in your proposed system linked to actual production?

[whahas]

@joepeeler34 I have seen so many, that I find it disappointing that not all monetary reformers are working together, because If I understand correctly, they are all against a national debt.

That would be a great start (of further monetary reform).

What is your opinion about the proposals to reject banking and government from money creation?

How do you plan on keeping competition?

It could very well be that one of the currencies becomes overused.

How do they enter the money supply?

[joepeeler34]

@whahas No I am not. What I mean by separation is the government not issuing currency. The govt. has a legitimate role in that it should punish fraud. The govt. can attest to the weight and measure of coins issued by private minters. In this role the government has a negative function.

I've seen all of Bill Still's videos and the one you cite. I've read a great deal about monetary history and economics. You have seen maybe a few videos, right? Maybe I understand it a little better than you.