I was the paralegal for the Federal Reserve Bank of New York. A lot of people mix them up with the Treasury. Not the same thing at all. They were fine people, paid little, and very honest and dedicated, BUT I THINK their time has come and gone. A reversion to a gold standard would be better, and I lecture to economics, law and business English students outside Paris, France about this. TPTB want the status quo, but the young ones are willing to tough it out for a better way.
The Fed IS a group of private banks. Congress has little control over what the Fed does. Our president/government (who has a revolving door with Government Sacs) elects the Fed Chairman. Alan Grayson said it best; paraphrasing here; "Its hard to oversee/regulate the people who are writing you $5000 checks". The Fed IS mostly PRIVATE!!!
It would be great if you could link to the organizations/people interviewed so we can quickly see more on their views. Now I cut and paste into google but it would be pretty awesome if I could just clink a link in the description bar. Great work (and I am one of those mean ol' investment banker types).
@DonVoghano You forgot all about disease so I hope you're not offended I added that in. Your points were valid but the list seriously needed medicine & survival tools of today being added in. Compass, HAM radio, infrared camera/googles, glow-sticks, may as well put actual batteries in the list too - all improve quality of life (especially saving your life) which stone-age life could not provide (much as I do credit those who survived it)
2/6 they were merely restricted from using 10 of 100 to do the rest of their magic, and it is indeed conjuring. That remaining 90 is not lent out: it is pumped up into a much larger amount that did not exist before. The banks do not lend 9 dollars for every 1 they hold, they lend 9 dollars minimum for every dollar they have ever received. Meaning that 10 of 100 becomes 0.1 (a dime) of a dollar in reserve to 90 lent out. Fractional reserve is NOT
@EndTheFedRes That is aside from the fact that free markets were just as inexistent in the 1800s as they were in the 1950s, the main difference simply being the size of the military. State planning, investment and protectionist trade policies allowed industrialization, in gross violation of free market principles. Indeed the conflict between Northern industrialists in need of protection and Southern land owners wanting free trade to export their cotton was a leading cause of the civil war.
Why not allow banks to set their own reserves but be forced to show them. And enforce private audits whenever customers or shareholders deem fit? She makes a 10% requirement sound like a cushion. You really think banks that say "we only have 10% of the money you gave us" will get a lot of customers? Even with 80-90% reserves you'd see things like the Knickerbocker trust incident of 1907 become impossible.
By Mr Diamond, shes talking about Mr Jamie Diamond. This woman should read about the Bria patch rabbit story and realize that just because the corporatist republicans are against an issue doesn't mean it is right. End the FED and go back to sound money, no more fiat money scams
@GeminiK If a big govt can be bought, military and legal system included, what makes you think that a smaller govt would not be bought even more easily? Incidentally that's similar to what happened in countries in Latin America, South East Asia and Africa, with the US imposing Friedmanite reforms through the IMF and the likes. What you advocate ends up looking like feudalism. So the question is not so much the size, but how much direct democratic control can we have over govt.
3/6 simply holding a fraction of a deposit to not lend it. Fractional-reserve is to lend out more dollars, manufactured with approval from the legal-tender, banking and federal reserve/central banking laws, money which did not exist at all. 100 becomes 10 & 90, 90 becomes 900, and 900 gets lent while 10 is held in reserve. That's why fractional reserve is a fraud and that's why a run on the bank collapses the bank. They can not at any time deliver
@charliemctruth I'm about to use fractional posting. The old DOS program "edit" is still in older versions of Windows and allows this trick: edit /450 myfile.txt Now every "line" is 450 chars long. Now you edit each to add something like 2/6 3/6 and so on to the end. Save and re-load in Notepad. Copy, paste, repeat.
@EndTheFedRes actually some options are not just a valueless entity, some are conditional value which actually makes sense - if you wanted to be sure you could get a good price you could buy an option and exercise it. The condition is that if the price you picked isn't as good as how the market turns out later, your exercising the option is allowed but pointless as the market price is even better for you. HOWEVER, if you're good with money you've lost no serious cash & assured an inventory
@MrStephenRBrown it's not as complex as you think. the only thing keeping prices so high is the inflation from printed money, where that printed money got routed. As soon as the money is removed, hopefully destroyed, then prices can return down where they belong to match incomes. You are not drowning in choices and offerings. Nothing is real that is priced beyond you, any more than a promise of fruitful fields of corn which today are empty.
@DonVoghano using gold and silver as money is step 1 to dismantling the power centers. A refusal to do this is a refusal to ever dismantle the power centers and I mean it's a refusal that lasts forever.
@DonVoghano #1 if you agree money should be long-lasting and not wear out or rot or somehow expire, then gold is about the best money you can get. If you don't agree with this premise of not expiring, then you've got a bizarre concept of money. #2 Gold can't be printed, it must be mined which is difficult even if you're sure where it is and often people are very wrong on their locale or OTHER factors (strikes, civil war, safety regulation) reduce (even to zero) the viability of the site. (more)
This is the Idea, Regardless of the currency we use, we just want to get away from central planning. Personally, I am disgusted by the egomaniacs that want the power to control our lives though our currencies. Any system that is controlled though a central planning organization is not a "Free Market" system, which has proven to be the most successful economic system ever in the advertised history of the would.
Sub prime mortgages were repackaged and resold (up to 100x) of the initial loan value. A 100k home could end up as a 1 billion dollar derivative. And its not just mortgages. Corporate debt, consumer debt, auto, home, etc were all part of this derivative mess. America could have handled a bunch of bad mortgages, it was the fact that banks repackaged and resold these loans (at a much higher value) than the initial loan amount.
@EndTheFedRes so in this case of options to put or call, for commodities of actual value, you would be at serious risk using leverage and serious risk at roll-over in paper value. BUT if you actually need the commodity because you produce something from it, or sell bread wholesale after making it using flour bought using the option, you now have assured supply. If you're Weston Bakeries your business DEPENDS on having incoming flour so the Option is no fraud there, it's an assurance.
@superfuzz To have gold and silver backed currency would not over inflate the prices and create a bubble, because the supplies of gold/silver can not be manipulated like paper money. Gold and silver have to be mined; mining costs money; and this would stabilize the currency. Not to say banks or governments wouldn't try to manipulate the standards of weights and measures. Going back to a gold standard will not be "without problems", but it will be much better than what we currently have.
@DonVoghano The Golden Age you are quoting is Keynesian (claimed) economics. The Austrians tell a different story. I believe the Austrians side illustrates our debt/gdp and gdp growth. As illustrated in the following. Not stating either or is wrong.
@DonVoghano co-operative federalism is not what "we" were talking about. "we" (righttotruth, myself) didn't start with it, and it was injected, not by myself, and rejected, directly by me, as being workable and I'll clarify I never suggested it even as a topic.
@Lexman00 a resource-based economy, including honestly made & traded products from those resources, is the best way to go. We can't escape the use of money but money should also be one of the resources. e.g. gold, silver, uranium, thorium, wheat are all resources. Even paper is a resource but the alleged (fradulently so) value of paper money is far above the intrinsic value of the actual paper.
@DonVoghano Now when you make your comparison's of the two (quality of life) are you "including" technological advances? Such as sanitary, electricity, television, mass radio, etc?
This is all very interesting. I have to say, I don't know a whole lot about finance. Maybe that's the idea... One question, though: wouldn't it be better to start this movement from the grassroots (i.e.- build credit unions and LETS schemes and whatnot) rather than try to democratize the Fed? I mean, if a president actually DID try to change federal monetary policy, wouldn't banks just remove all of their capital from the economy and send us into a recession?
In summary, fractional reserve defies nature and all economies come from ecologies - resources in what we do and where we get stuff from. In summary, cycles of bust & boom which are small (not dangerous) but frequent are normal in nature (predator/prey, good/bad growing seasons/years) and defying this is suicidal. Working with it carefully is not, but central banking AND free markets are EQUALLY INCAPABLE of doing so.
After Clintons repeal of Glass Steagall in 1999, this allowed bankers to gamble the mortgages (sub prime) as derivatives. What are derivatives...nothing really. derivatives are legalized gambling. Options are derivatives. When you buy an option your not trading the physical commodity (or whatever it happens to be), your selling the "idea of" something. Well how did this affect the "Sub Prime Mortgage meltdown"?
1/6 I can only imagine how long it will take either for this lady to get a clue, or for everyone else to realize her clue is a very, very bad thing for our future. 07m00s It takes a real bankster to claim to have been taxed by being forced to hold on to money. As if people would believe a tax is money you keep instead of lose. What nonsense talk banksters use. Fractional reserve is also not like D'Arista has portrayed: banks don't lend out 90 of 100,
@EndTheFedRes perhaps making corporate money more obvious would be the key: a kind of money identified as being corporate, literally having corporate logos on it, and a kind which is not, literally issued only by the government. The legal key: absolute legal punishment for using corporate money to pay for government services and you can literally see the difference. Not just inks but cryptographic keys in THIS day & age ensure we'd be able to tell the difference like scanning a bar-code.
@DonVoghano to have intrinsic value means to have ANY value at all, period, that is NOT dependent on human opinion. It may be that if zero humans request such a need then zero value is the situation BUT this is a very special case, like what if you were precisely at 10,232 ft altitude and asking what Co2 concentration should be there. The REAL importance is that intrinsic value never changes and human opinions do. Gold doesn't. It doesn't wear out like all other money does. It doesn't get (more)
@superfuzz There has never been a shortage of gold and silver to use as money on the planet. The number of goods will not be under or over produced long-term in matching the money supply. That is the only ratio that counts : goods vs monies. Trading goods for goods or services for goods also releaves some pressures on the money supply and personal finances. Even corporations broker stock-for-stock trade deals in mergers so they approve of barter too.
@superfuzz to cover all countries - yes - because many countries produce gold and silver and many other countries produce the things needed IN those gold/silver sourcing countries. That's the nature of trade across borders, each wants some of what the other has so they trade until they balance out to adequate levels of need vs inventory. China will LEAD THE WAY on this as they've already acquired lots of gold for this purpose. It has ALWAYS been done worldwide in a decentralized manner.
@DonVoghano Austrian Economist and scholar Murray Rothbard stated that for the 1880s: Gross domestic product almost doubled from the decade before, a far larger percentage jump decade-on-decade than any time since. Capital investment also increased tremondously during the 1880s, increasing nearly 500%, while capital formation doubled during the decade. Rothbard states that: This massive 500-percent decade-on-decade increase has never since been even closely rivaled. Wikipedia
@Therighttotruth Have you read D'Arista's papers "REFORMING THE INTERNATIONAL MONETARY SYSTEM"(2010), which focuses on using the SDR more or "THE EVOLVING INTERNATIONAL MONETARY SYSTEM"(2009) which addresses the problems of Commodity Backed Currencies? Commodity Backed Currencies are not pro-free-market, having as many (if not more) problems, with regards to destabilizing economies, as the current US$ Reserve system. Her opinion seems to be that using the SDR would be a more viable solution.
@superfuzz Silver and gold prices have varied much lately because of decades of manipulation. Once we let the free market decide, prices will stabilize. Yes we can use notes/receipts as money, as long as they are redeemable in gold or silver. There is plenty of gold and silver to have a "standard". Even if we only had one ounce of gold (in the world) it would be enough. Gold would just have to be revalued at a few quadrillion dollars.
5/6 0950 Darista is leaving out the part that "coin money" ws gold and silver, not paper. That is a CRITICAL detail I otherwise found this time around D'Arista had a lot less nonsense spoken about centralizing banking that screws with everyone. Any kind of fractional reserve is a fraud and any kind of interest rate charged lending out to people is now a tax. An arbitrary and unfair tax. This kind of money supply expansion, when very different than
@DonVoghano #3 every piece of gold of the same purity has the same value and every piece of gold can be purified by a refiner. You can't say the same of paper money: I can't turn a 10 bill into 2 five's, I can only trade one for the others IF anyone has any. Not all paper is created equal. All gold is created equal. #4 value gold has "come to have" - this has not changed at all. Your misperception is a dollar-metric. Dollars have rapidly changed, not gold. I price my gold like kg honey, coffee
@EndTheFedRes "What are derivatives...nothing really. derivatives are legalized gambling." Your concern is warranted but deserves critical detail. All of life is gambling as consequences always follow mistakes and mistakes rarely have big advance warning (which I differentiate from fraud). Fraud is damaging OTHER people, gambling with THEIR lives and savings and not your own. See how that's 2 different things and one is much worse than the other?
@superfuzz There is plenty of gold and silver. It would simply just have to be revalued. i.e. one ounce of gold (if that were all the gold in the world) would have to revalued at a few quadrillion dollars. It's a fallacy that there is not enough gold or silver.
@Therighttotruth actually a co-operative, not a free-market competition system, is the historically proven best working method. HOWEVER, any time centralization is added - which happens in free markets as well as they automatically and ALWAYS form monopolies - you now add a critical failure. It is then only a matter of time.
@furseiseki I suppose...looking at the page of his profile though....just left my brain numb from confusion, only thing I got was that he was not a friend of the Israel lol Like your profile picture by the way!
@EndTheFedRes Bernanke might be able to discern the left shoe from the right, but this does not make him an economic genius. After all wasn't he the one who said "theres no housing bubble", or "I didn't see the financial collapse"?
@heckler73 No, I have not. But, I have heard, that it had some good results proving against commodity based currencies. I was not endorsing Commodity backed currencies. I was simply explaining to someone what they actually were. All I am doing is trying to fight the miss informers out there... There are a ton and they are confusing most of the sheeple we are trying to wake up. My only problem with SDR is the IMF backs it. The IMF is the main reason most the would is economically enslaved.
@ytgv3fc7 Yes but you cannot use gold coinage, it's too cumbersome, so even on a gold standard you'd still be printing volatile paper money "backed by gold." That entails trusting in the fact that you can redeem the note in gold, but you can still have devaluation of the paper or fraud because it's irredeemable. Gold definitely has some intrinsic value, but it's got little to do with its use as money. It was agreed to be precious even when it had 0 practical use...
@superfuzz same way you give change with bits of copper, nickel and such ; you coin different sizes and stick with them for familiarity. You can have gold & silver alongside copper, nickel, etc. for coins. It would not vary in value, it has not varied in value> metals do not vary in value. paper varies in value and you have been using the wrong measuring stick all along. Exchanging gold & silver DID work on a national level in MANY nations in ALL HISTORY, thousands of years. No short falls
@JaCorBoar A Resource Based Economy has its similarities with communism, and I'm not to sure the technological strides in the Venus Project are actually feasible or sustainable. Also, when you look at the basis for capitalism, I don't think they are fundamentally flawed. Additionally, capitalism is a proven concept that works well except when government interferes, compared to RBE's merits consisting of only similarities to the failed communism system.
@DonVoghano hours worked, that kind of thing, and will continue to compare pricing of tangibles / non-paper to gold forever. e.g. 133 kg honey = 1 oz gold = 200 coffee packets I buy (8 oz)
@superfuzz Well I was agreeing with you actually, and wanted to expand on that gold thing. Some people yap about gold standards and don't even know its history, or realize how the thing is mined and with what social, environmental and political costs. Sorry if i come off as confrontational even when I agree XD.
6/6 expansion of inventories of goods & services, when very different from future capacity potential, is a disaster. Cycles of massive recession & boom are worse than frequent booms & busts which are smaller in cost. Everyone would really be better off having gold, silver and similarly tangible, long-lasting assets and be their OWN bank and no longer trust banks. Then we can be done with giant corporate monsters AND central banking.
@superfuzz You obviously don't understand what it means to use gold and silver as competing currencies. It does not mean you actually trade via physical gold or silver, all though you can if you want. A Bank or the Government has large surplus of gold and issues notes that represent a particular amount(note = money). Same with silver, but controlled from a different bank and source. This will make way for other commodity backed currencies to enter the market. A real Free Market.
@EndTheFedRes Technology is at the periphery of quality of life. Pre-industrial life in the North American colonies was not bad at all (if you were white), better than in Europe and certainly incomparably better than at the dawn of industrialization. What quality of life essentially comes down to is being fed, clothed, having a margin of control over your life and a chance to express creativity. Indeed some hunter-gatherer societies with stone age tech lead a more fulfilling life than we can.
@DonVoghano You over-state the control of the diamond or gold cartels. They have not nearly been as powerful as the money-printing cartels. It's not just a question of locale & control of the physical resource site ; with legal-tender laws and printing-protection, anyone else doing it will go to jail. It's beyond economic control, it's legal/guns/force when it comes to paper. The manipulation is not arbitrary; the will to do so is and the effect is muted, outside of paper. Paper is the worst.
@EndTheFedRes Herr no, that's not what I mean at all. What I mean is that by any conceivable measure of quality of life, the Keynesian Golden Age beats the Rothbardian Gilded age. Life in large urban centers at the turn of the century was comparable to that of Phnom Phen today. Incidentally Rothbardian-Friedmanite economics have been the leading doctrines in universities and politics for the past 40 years and have been steadily taking us back to those wretched days.
@ytgv3fc7 And yet the power centers existed even under metal coinage, did they not? Gold didn't stop empires and feudal lords of old, why should it help now? What's different about the way power operates that would greatly weaken it by adopting the same monetary standard that pirates and emperors used?
@DonVoghano no, technology is at the APEX of quality of life - technology includes waterproof clothing that keeps you dry instead of wet, freezing and dying outside in bad conditions, includes insulin produced in e.coli that stops diabetics from dying, includes wind-up flashlights that don't require you keep spare batteries in case of emergency and includes waterproof watches that glow in the dark, glow-sticks and other things which can save your life in part or in whole.
@MrStephenRBrown nonsense talk, in the last 3 years just as with every year, US dollars buy less, not more. US dollars do not go up in purchasing power. Real Estate itself was over-valued but now the values are in question in multiple ways beyond pricing mechanism: #1 how can you sell the house, you can't prove you own it #2 how can you foreclose the house, you can't prove there's even a mortgage #3 how can you price the house, there's printed money chasing mortgage-securities in a fraud scheme
@BankofSpirit I see that all your spiritual attunement and metaphysical vibes do not prevent you from judging and insulting strangers you know nothing about, hastely reducing them to sub-human enemies. If this is your idea of love and respect for life, forgive me if I'm not impressed. The format of the reply is quite interesting, looks like a quasi-poetic approach to insult and ridicule, but its chaotic incoherence somewhat weakens the final effect.
@MrStephenRBrown Name calling, Points without explanation. Here is how you do it. The Fed is bad, because ever since 1913 the dollar has seen a devaluation year in year out. There job was to prevent this from happening. But, like anything Orwellian, they do the opposite of what is intended. If we didn't have the Fed. Then NAFTA and GAT could not exist. If we didn't have NAFTA and GAT, then the over regulation resulting in deindustrialization could not have happened. Your turn.
@DonVoghano lol, I think your reply was based more on emotions rather than rational thinking. Americans do also live in the myth of the 1880's...cowboy. Are you trying to convince me that we had better economic times in the 50's based off a television series? Really?
@martinaoe2 I think this would be much better: the system does have problems but every bank issuing its own paper credits and agreements of exchange is like me having store coupons & trading them and it's my business if I hold/use several, trade them or trade none and keep solid assets to barter/trade as money as well (gold, silver). Everyone should be their own bank and be ready & willing to drop a "currency" that fails to perform
@superfuzz If that is the case then I apologize. I am only here to thwart diss-informers and help people understand the problem that we are in would wide. Happy Holidays!
@DonVoghano 2/2 military or political force; the host is the nation and all its previously free people. The immune system may fail but if it's good that will be unlikely. Your immune system isn't democratic either: it's vicious but it's looking out for your survival.
@ytgv3fc7 Co-operative only looked better because of the "Baby Boom", and the explosive driving force of doubling the populace in such a short period. Not to mention more women went to work time period then any other. What makes the best is not the one that makes the most money, it's the system that is the most sustainable with the most freedoms. IMO Nationalistic systems like co-operative planning is how we got into the mess we are in. Good post, thanks for the sound thought. Happy Holidays!
@Therighttotruth on that point, however, your nationalist commentary is right - being nationalist in any system is being centralized and nature has shown us centralization often fails, though it will be tried from time to time. Nature is our best teacher. A totally decentralized (no central control, no central support) set of people and groups, none ever able to dominate over the others, is what we need for proper co-operative economics, education, innovation/invention and stable investment
@halflifeproductionz Ending the Fed will make our economy more prosperous. You don't really think a group of private bankers somehow has the magic knowledge to set interest rates do you? I'm not all for going in and immediately ending the Fed. Lets introduce competing currencies, and let the market decide. Sound money vs. fiat.
@EndTheFedRes mass radio that is one-way and mass-TV broadcast that is one-way is not an increase to the quality of life. In the beginning it had the potential but now it has returned to its roots - a tool to leverage corporate benefit. That's how Soap Operas got their category/genre - selling soap to housewives watching TV. The real show is the commercial, the rest is just the bait. Today's TV is the same. The washing machine is the most serious quality of life improvement. Next: toaster/CPU
@1010011010is29a You could have coffee or marijuana backed currency. To match crop output it would have to be weighted to other commodities. But first we must change the Constitution to allow this, as the Constitution states....ONLY gold and silver. Even though we unconstitutionally use paper.
@ytgv3fc7 I don't see gold having much intrinsic value apart from people agreeing it's valuable. To me that is the essence of fiat. The fact that you mine it instead of printing it makes it theoretically less arbitrary than paper money, but then again paper money could be just as good with responsible monetary policy...
@worldismorphing Yes we can! But too many people don't have the will or are too brainwashed (that they too might get rich someday) so they are not into leaving the game. A game that killed people for too long!
@BankofSpirit When did this become about evolution? Anyway the way evolution works is not rocket science, I'm 100% sure you're intelligent enough to get it if you take the time to read up on it. I understand where you come from with terms like "lesser" and "greater," but they are nonsensicle when applied to life forms. I have a decent grounding in biology so if you need any help, PM me. I don't understand the Elmer Fudd reference, must be your great spirituality that compels you to mock people.
@BankofSpirit nonsense talk - I'm anti-zionist and I'm atheist. Atheism has nothing to do with zionism. atheism has only the aspect of not being so stupid as to require / demand / need an emotional attachment to a non-existent deity. Zionism has to do with an Israeli dominating state, and in case you hadn't noticed MOST of them are definitely NOT atheists going to the wailing wall. Try not to be so incredibly ignorant
@ytgv3fc7 Well ever since 9-11 gold has been on a rising spike, to the great joy of corrupt Rusky billionaires like Abramovich or Prokhorov. We both know its value has little to do with gold's industrial or aesthetic uses... Its value is ethereal and it comes from people's trust in it as a store of value. Gold is as fiat as anything else, the only difference is that instead of printing you have to mine it, so there you have the illusion of "stability" at great human and environmental cost.
@DonVoghano The hunter gatherer indians did have one thing that is subverted now in different ways, and that is freedom. This is imo the source of the fulfillment you ascribe to that life. So if you follow the logic, you can achieve the same fulfillment by freeing us from the tax burdens that don't contribute to our direct security from force, and by freeing us from regulations that thwart that freedom.
@boumar19721972 No we can't...and you said so yourself:... "brainwashed". Yes, some can learn and deprogram themselves...but most wont.... Secondly, you can't synchronize a cataclysmic change like that and hope the mechanics of power down to the last underpaid drones will fallow. You need a transition phase...
@1010011010is29a you nailed that one very well: a commodity backed currency is very HONEST, devoid of fraud, but very SENSITIVE to the damages nature can do to us. A highly useful money would be one that doesn't lose value because the weather goes bad on us for a year or 10. HOWEVER, even a "safe" value of money is no protection from the reality that a bad crop year is still bad for us no matter how you cut it.
@boumar19721972 You can't just end the monetary system just like that... You'll need to have a dual currency system first...one for the 'essentials'...the other for the 'rest'. At some point...the 'essentials' currency will have to become global...preferably from the start...but it wouldn't be mandatory... Of course, conversion from one currency to the other would fallow a "market " type exchange rate. If you're willing to jack off with pointless derivatives ...mind as well have purpose...
@ytgv3fc7 Money is a medium to facilitate transactions, by definition the value of money MUST be socially construed, or it would be barter. To have intrinsic value means to be good for something that aids human survival and creativity, gold has SOME, but definitely NOT the value that it has come to have. I might being repeating propaganda but you are not giving me reasons to believe your argument. Matter of fact I usually agree with you 100% and I would like to better understand your reasons.
@BankofSpirit my first reply was a lot more insulting towards you but then I examined your channel, got confused, and then retracted it for this why're you responding to that? are you a libertarian, anarcho-capitalist, or austrian economist or somehting of that sorts? and why the sudden calling me a zionist? it realy seems like racism for the sake fo just being racist you really really don't know who you're talking to if you think I could be classified a zionist dude =P
@1010011010is29a Good question and EndTfhFedRes said it great. The point is we need to reduces the deficit. The deficit is the difference of commerce coming into the country, compared to the commerce going out. The problem we are having right now is largely due to the fact it is in the red big time!! meaning The United States imports too much compared to what we export. Having a currency that is commodity based would give incentive to maintain its value through productivity.
restructure hell just dismantle it all together.
Dump the Fed.
I was the paralegal for the Federal Reserve Bank of New York. A lot of people mix them up with the Treasury. Not the same thing at all. They were fine people, paid little, and very honest and dedicated, BUT I THINK their time has come and gone. A reversion to a gold standard would be better, and I lecture to economics, law and business English students outside Paris, France about this. TPTB want the status quo, but the young ones are willing to tough it out for a better way.
The Fed IS a group of private banks. Congress has little control over what the Fed does. Our president/government (who has a revolving door with Government Sacs) elects the Fed Chairman. Alan Grayson said it best; paraphrasing here; "Its hard to oversee/regulate the people who are writing you $5000 checks". The Fed IS mostly PRIVATE!!!
It would be great if you could link to the organizations/people interviewed so we can quickly see more on their views. Now I cut and paste into google but it would be pretty awesome if I could just clink a link in the description bar.
Great work (and I am one of those mean ol' investment banker types).
@DonVoghano You forgot all about disease so I hope you're not offended I added that in. Your points were valid but the list seriously needed medicine & survival tools of today being added in. Compass, HAM radio, infrared camera/googles, glow-sticks, may as well put actual batteries in the list too - all improve quality of life (especially saving your life) which stone-age life could not provide (much as I do credit those who survived it)
2/6 they were merely restricted from using 10 of 100 to do the rest of their magic, and it is indeed conjuring. That remaining 90 is not lent out: it is pumped up into a much larger amount that did not exist before. The banks do not lend 9 dollars for every 1 they hold, they lend 9 dollars minimum for every dollar they have ever received. Meaning that 10 of 100 becomes 0.1 (a dime) of a dollar in reserve to 90 lent out.
Fractional reserve is NOT
@EndTheFedRes That is aside from the fact that free markets were just as inexistent in the 1800s as they were in the 1950s, the main difference simply being the size of the military. State planning, investment and protectionist trade policies allowed industrialization, in gross violation of free market principles. Indeed the conflict between Northern industrialists in need of protection and Southern land owners wanting free trade to export their cotton was a leading cause of the civil war.
Why not allow banks to set their own reserves but be forced to show them. And enforce private audits whenever customers or shareholders deem fit?
She makes a 10% requirement sound like a cushion. You really think banks that say "we only have 10% of the money you gave us" will get a lot of customers?
Even with 80-90% reserves you'd see things like the Knickerbocker trust incident of 1907 become impossible.
By Mr Diamond, shes talking about Mr Jamie Diamond. This woman should read about the Bria patch rabbit story and realize that just because the corporatist republicans are against an issue doesn't mean it is right.
End the FED and go back to sound money, no more fiat money scams
@GeminiK If a big govt can be bought, military and legal system included, what makes you think that a smaller govt would not be bought even more easily? Incidentally that's similar to what happened in countries in Latin America, South East Asia and Africa, with the US imposing Friedmanite reforms through the IMF and the likes. What you advocate ends up looking like feudalism. So the question is not so much the size, but how much direct democratic control can we have over govt.
3/6 simply holding a fraction of a deposit to not lend it. Fractional-reserve is to lend out more dollars, manufactured with approval from the legal-tender, banking and federal reserve/central banking laws, money which did not exist at all.
100 becomes 10 & 90, 90 becomes 900, and 900 gets lent while 10 is held in reserve. That's why fractional reserve is a fraud and that's why a run on the bank collapses the bank. They can not at any time deliver
@charliemctruth I'm about to use fractional posting. The old DOS program "edit" is still in older versions of Windows and allows this trick: edit /450 myfile.txt
Now every "line" is 450 chars long. Now you edit each to add something like 2/6 3/6 and so on to the end. Save and re-load in Notepad. Copy, paste, repeat.
Silver and gold Would be something I would like to see American go back too. Our Founding Fathers wanted this to say also.
@EndTheFedRes actually some options are not just a valueless entity, some are conditional value which actually makes sense - if you wanted to be sure you could get a good price you could buy an option and exercise it. The condition is that if the price you picked isn't as good as how the market turns out later, your exercising the option is allowed but pointless as the market price is even better for you. HOWEVER, if you're good with money you've lost no serious cash & assured an inventory
@MrStephenRBrown it's not as complex as you think. the only thing keeping prices so high is the inflation from printed money, where that printed money got routed. As soon as the money is removed, hopefully destroyed, then prices can return down where they belong to match incomes. You are not drowning in choices and offerings. Nothing is real that is priced beyond you, any more than a promise of fruitful fields of corn which today are empty.
@DonVoghano using gold and silver as money is step 1 to dismantling the power centers. A refusal to do this is a refusal to ever dismantle the power centers and I mean it's a refusal that lasts forever.
@DonVoghano #1 if you agree money should be long-lasting and not wear out or rot or somehow expire, then gold is about the best money you can get. If you don't agree with this premise of not expiring, then you've got a bizarre concept of money. #2 Gold can't be printed, it must be mined which is difficult even if you're sure where it is and often people are very wrong on their locale or OTHER factors (strikes, civil war, safety regulation) reduce (even to zero) the viability of the site. (more)
This is the Idea, Regardless of the currency we use, we just want to get away from central planning. Personally, I am disgusted by the egomaniacs that want the power to control our lives though our currencies. Any system that is controlled though a central planning organization is not a "Free Market" system, which has proven to be the most successful economic system ever in the advertised history of the would.
Sub prime mortgages were repackaged and resold (up to 100x) of the initial loan value. A 100k home could end up as a 1 billion dollar derivative. And its not just mortgages. Corporate debt, consumer debt, auto, home, etc were all part of this derivative mess. America could have handled a bunch of bad mortgages, it was the fact that banks repackaged and resold these loans (at a much higher value) than the initial loan amount.
@EndTheFedRes so in this case of options to put or call, for commodities of actual value, you would be at serious risk using leverage and serious risk at roll-over in paper value. BUT if you actually need the commodity because you produce something from it, or sell bread wholesale after making it using flour bought using the option, you now have assured supply. If you're Weston Bakeries your business DEPENDS on having incoming flour so the Option is no fraud there, it's an assurance.
@superfuzz To have gold and silver backed currency would not over inflate the prices and create a bubble, because the supplies of gold/silver can not be manipulated like paper money. Gold and silver have to be mined; mining costs money; and this would stabilize the currency. Not to say banks or governments wouldn't try to manipulate the standards of weights and measures. Going back to a gold standard will not be "without problems", but it will be much better than what we currently have.
I think we should be moving toward a Resource Based Economy as of that outlined in the Zeitgeist films.
@DonVoghano The Golden Age you are quoting is Keynesian (claimed) economics. The Austrians tell a different story. I believe the Austrians side illustrates our debt/gdp and gdp growth. As illustrated in the following.
Not stating either or is wrong.
@DonVoghano co-operative federalism is not what "we" were talking about. "we" (righttotruth, myself) didn't start with it, and it was injected, not by myself, and rejected, directly by me, as being workable and I'll clarify I never suggested it even as a topic.
@Lexman00 a resource-based economy, including honestly made & traded products from those resources, is the best way to go. We can't escape the use of money but money should also be one of the resources. e.g. gold, silver, uranium, thorium, wheat are all resources. Even paper is a resource but the alleged (fradulently so) value of paper money is far above the intrinsic value of the actual paper.
@DonVoghano Now when you make your comparison's of the two (quality of life) are you "including" technological advances? Such as sanitary, electricity, television, mass radio, etc?
This is all very interesting. I have to say, I don't know a whole lot about finance. Maybe that's the idea...
One question, though: wouldn't it be better to start this movement from the grassroots (i.e.- build credit unions and LETS schemes and whatnot) rather than try to democratize the Fed? I mean, if a president actually DID try to change federal monetary policy, wouldn't banks just remove all of their capital from the economy and send us into a recession?
In summary, fractional reserve defies nature and all economies come from ecologies - resources in what we do and where we get stuff from. In summary, cycles of bust & boom which are small (not dangerous) but frequent are normal in nature (predator/prey, good/bad growing seasons/years) and defying this is suicidal. Working with it carefully is not, but central banking AND free markets are EQUALLY INCAPABLE of doing so.
After Clintons repeal of Glass Steagall in 1999, this allowed bankers to gamble the mortgages (sub prime) as derivatives. What are derivatives...nothing really. derivatives are legalized gambling. Options are derivatives. When you buy an option your not trading the physical commodity (or whatever it happens to be), your selling the "idea of" something. Well how did this affect the "Sub Prime Mortgage meltdown"?
@MrStephenRBrown The irony is...I'm wearing my "End The Fed" tee right now.
1/6 I can only imagine how long it will take either for this lady to get a clue, or for everyone else to realize her clue is a very, very bad thing for our future.
07m00s It takes a real bankster to claim to have been taxed by being forced to hold on to money. As if people would believe a tax is money you keep instead of lose. What nonsense talk banksters use.
Fractional reserve is also not like D'Arista has portrayed: banks don't lend out 90 of 100,
There seems to be some confusion here...
Peter A. Diamond (the Nobel Prize winner) is NOT, I repeat NOT, Jamie Dimon (of JPM)...
@EndTheFedRes perhaps making corporate money more obvious would be the key: a kind of money identified as being corporate, literally having corporate logos on it, and a kind which is not, literally issued only by the government. The legal key: absolute legal punishment for using corporate money to pay for government services and you can literally see the difference. Not just inks but cryptographic keys in THIS day & age ensure we'd be able to tell the difference like scanning a bar-code.
@DonVoghano to have intrinsic value means to have ANY value at all, period, that is NOT dependent on human opinion. It may be that if zero humans request such a need then zero value is the situation BUT this is a very special case, like what if you were precisely at 10,232 ft altitude and asking what Co2 concentration should be there. The REAL importance is that intrinsic value never changes and human opinions do. Gold doesn't. It doesn't wear out like all other money does. It doesn't get (more)
@superfuzz There has never been a shortage of gold and silver to use as money on the planet. The number of goods will not be under or over produced long-term in matching the money supply. That is the only ratio that counts : goods vs monies. Trading goods for goods or services for goods also releaves some pressures on the money supply and personal finances. Even corporations broker stock-for-stock trade deals in mergers so they approve of barter too.
@superfuzz to cover all countries - yes - because many countries produce gold and silver and many other countries produce the things needed IN those gold/silver sourcing countries. That's the nature of trade across borders, each wants some of what the other has so they trade until they balance out to adequate levels of need vs inventory. China will LEAD THE WAY on this as they've already acquired lots of gold for this purpose. It has ALWAYS been done worldwide in a decentralized manner.
@DonVoghano Austrian Economist and scholar Murray Rothbard stated that for the 1880s:
Gross domestic product almost doubled from the decade before, a far larger percentage jump decade-on-decade than any time since. Capital investment also increased tremondously during the 1880s, increasing nearly 500%, while capital formation doubled during the decade. Rothbard states that:
This massive 500-percent decade-on-decade increase has never since been even closely rivaled. Wikipedia
@Therighttotruth Have you read D'Arista's papers "REFORMING THE INTERNATIONAL MONETARY SYSTEM"(2010), which focuses on using the SDR more or "THE EVOLVING INTERNATIONAL MONETARY SYSTEM"(2009) which addresses the problems of Commodity Backed Currencies?
Commodity Backed Currencies are not pro-free-market, having as many (if not more) problems, with regards to destabilizing economies, as the current US$ Reserve system. Her opinion seems to be that using the SDR would be a more viable solution.
@DonVoghano I would like to point out there was no SEC in the 1800"s.
@superfuzz Silver and gold prices have varied much lately because of decades of manipulation. Once we let the free market decide, prices will stabilize. Yes we can use notes/receipts as money, as long as they are redeemable in gold or silver. There is plenty of gold and silver to have a "standard". Even if we only had one ounce of gold (in the world) it would be enough. Gold would just have to be revalued at a few quadrillion dollars.
5/6 0950 Darista is leaving out the part that "coin money" ws gold and silver, not paper. That is a CRITICAL detail
I otherwise found this time around D'Arista had a lot less nonsense spoken about centralizing banking that screws with everyone.
Any kind of fractional reserve is a fraud and any kind of interest rate charged lending out to people is now a tax. An arbitrary and unfair tax.
This kind of money supply expansion, when very different than
@DonVoghano #3 every piece of gold of the same purity has the same value and every piece of gold can be purified by a refiner. You can't say the same of paper money: I can't turn a 10 bill into 2 five's, I can only trade one for the others IF anyone has any. Not all paper is created equal. All gold is created equal.
#4 value gold has "come to have" - this has not changed at all. Your misperception is a dollar-metric. Dollars have rapidly changed, not gold.
I price my gold like kg honey, coffee
@EndTheFedRes "What are derivatives...nothing really. derivatives are legalized gambling."
Your concern is warranted but deserves critical detail. All of life is gambling as consequences always follow mistakes and mistakes rarely have big advance warning (which I differentiate from fraud). Fraud is damaging OTHER people, gambling with THEIR lives and savings and not your own. See how that's 2 different things and one is much worse than the other?
@superfuzz There is plenty of gold and silver. It would simply just have to be revalued. i.e. one ounce of gold (if that were all the gold in the world) would have to revalued at a few quadrillion dollars. It's a fallacy that there is not enough gold or silver.
@Therighttotruth actually a co-operative, not a free-market competition system, is the historically proven best working method. HOWEVER, any time centralization is added - which happens in free markets as well as they automatically and ALWAYS form monopolies - you now add a critical failure. It is then only a matter of time.
@furseiseki I suppose...looking at the page of his profile though....just left my brain numb from confusion, only thing I got was that he was not a friend of the Israel lol
Like your profile picture by the way!
End the monetary system, period! TH-cam for "zeitgeist addendum".
@EndTheFedRes Bernanke might be able to discern the left shoe from the right, but this does not make him an economic genius. After all wasn't he the one who said "theres no housing bubble", or "I didn't see the financial collapse"?
@heckler73 No, I have not. But, I have heard, that it had some good results proving against commodity based currencies. I was not endorsing Commodity backed currencies. I was simply explaining to someone what they actually were. All I am doing is trying to fight the miss informers out there... There are a ton and they are confusing most of the sheeple we are trying to wake up. My only problem with SDR is the IMF backs it. The IMF is the main reason most the would is economically enslaved.
@ytgv3fc7 Yes but you cannot use gold coinage, it's too cumbersome, so even on a gold standard you'd still be printing volatile paper money "backed by gold." That entails trusting in the fact that you can redeem the note in gold, but you can still have devaluation of the paper or fraud because it's irredeemable. Gold definitely has some intrinsic value, but it's got little to do with its use as money. It was agreed to be precious even when it had 0 practical use...
@superfuzz BTW China wants our currency overvalued, the way it currently is. This allows them to continue exporting...lots :-)
@superfuzz same way you give change with bits of copper, nickel and such ; you coin different sizes and stick with them for familiarity. You can have gold & silver alongside copper, nickel, etc. for coins. It would not vary in value, it has not varied in value> metals do not vary in value. paper varies in value and you have been using the wrong measuring stick all along. Exchanging gold & silver DID work on a national level in MANY nations in ALL HISTORY, thousands of years. No short falls
@JaCorBoar A Resource Based Economy has its similarities with communism, and I'm not to sure the technological strides in the Venus Project are actually feasible or sustainable.
Also, when you look at the basis for capitalism, I don't think they are fundamentally flawed. Additionally, capitalism is a proven concept that works well except when government interferes, compared to RBE's merits consisting of only similarities to the failed communism system.
@DonVoghano hours worked, that kind of thing, and will continue to compare pricing of tangibles / non-paper to gold forever. e.g. 133 kg honey = 1 oz gold = 200 coffee packets I buy (8 oz)
@superfuzz Well I was agreeing with you actually, and wanted to expand on that gold thing. Some people yap about gold standards and don't even know its history, or realize how the thing is mined and with what social, environmental and political costs. Sorry if i come off as confrontational even when I agree XD.
6/6 expansion of inventories of goods & services, when very different from future capacity potential, is a disaster.
Cycles of massive recession & boom are worse than frequent booms & busts which are smaller in cost.
Everyone would really be better off having gold, silver and similarly tangible, long-lasting assets and be their OWN bank and no longer trust banks. Then we can be done with giant corporate monsters AND central banking.
@superfuzz You obviously don't understand what it means to use gold and silver as competing currencies. It does not mean you actually trade via physical gold or silver, all though you can if you want. A Bank or the Government has large surplus of gold and issues notes that represent a particular amount(note = money). Same with silver, but controlled from a different bank and source. This will make way for other commodity backed currencies to enter the market. A real Free Market.
@EndTheFedRes Technology is at the periphery of quality of life. Pre-industrial life in the North American colonies was not bad at all (if you were white), better than in Europe and certainly incomparably better than at the dawn of industrialization. What quality of life essentially comes down to is being fed, clothed, having a margin of control over your life and a chance to express creativity. Indeed some hunter-gatherer societies with stone age tech lead a more fulfilling life than we can.
Bernanzi is a friggin' neck to be craked!
@DonVoghano You over-state the control of the diamond or gold cartels. They have not nearly been as powerful as the money-printing cartels. It's not just a question of locale & control of the physical resource site ; with legal-tender laws and printing-protection, anyone else doing it will go to jail. It's beyond economic control, it's legal/guns/force when it comes to paper. The manipulation is not arbitrary; the will to do so is and the effect is muted, outside of paper. Paper is the worst.
@EndTheFedRes Herr no, that's not what I mean at all. What I mean is that by any conceivable measure of quality of life, the Keynesian Golden Age beats the Rothbardian Gilded age. Life in large urban centers at the turn of the century was comparable to that of Phnom Phen today. Incidentally Rothbardian-Friedmanite economics have been the leading doctrines in universities and politics for the past 40 years and have been steadily taking us back to those wretched days.
@ytgv3fc7 And yet the power centers existed even under metal coinage, did they not? Gold didn't stop empires and feudal lords of old, why should it help now? What's different about the way power operates that would greatly weaken it by adopting the same monetary standard that pirates and emperors used?
@DonVoghano no, technology is at the APEX of quality of life - technology includes waterproof clothing that keeps you dry instead of wet, freezing and dying outside in bad conditions, includes insulin produced in e.coli that stops diabetics from dying, includes wind-up flashlights that don't require you keep spare batteries in case of emergency and includes waterproof watches that glow in the dark, glow-sticks and other things which can save your life in part or in whole.
@MrStephenRBrown nonsense talk, in the last 3 years just as with every year, US dollars buy less, not more. US dollars do not go up in purchasing power. Real Estate itself was over-valued but now the values are in question in multiple ways beyond pricing mechanism: #1 how can you sell the house, you can't prove you own it #2 how can you foreclose the house, you can't prove there's even a mortgage #3 how can you price the house, there's printed money chasing mortgage-securities in a fraud scheme
@BankofSpirit I see that all your spiritual attunement and metaphysical vibes do not prevent you from judging and insulting strangers you know nothing about, hastely reducing them to sub-human enemies.
If this is your idea of love and respect for life, forgive me if I'm not impressed. The format of the reply is quite interesting, looks like a quasi-poetic approach to insult and ridicule, but its chaotic incoherence somewhat weakens the final effect.
@MrStephenRBrown Name calling, Points without explanation. Here is how you do it. The Fed is bad, because ever since 1913 the dollar has seen a devaluation year in year out. There job was to prevent this from happening. But, like anything Orwellian, they do the opposite of what is intended. If we didn't have the Fed. Then NAFTA and GAT could not exist. If we didn't have NAFTA and GAT, then the over regulation resulting in deindustrialization could not have happened. Your turn.
@DonVoghano lol, I think your reply was based more on emotions rather than rational thinking. Americans do also live in the myth of the 1880's...cowboy. Are you trying to convince me that we had better economic times in the 50's based off a television series? Really?
@martinaoe2 I think this would be much better: the system does have problems but every bank issuing its own paper credits and agreements of exchange is like me having store coupons & trading them and it's my business if I hold/use several, trade them or trade none and keep solid assets to barter/trade as money as well (gold, silver). Everyone should be their own bank and be ready & willing to drop a "currency" that fails to perform
@superfuzz If that is the case then I apologize. I am only here to thwart diss-informers and help people understand the problem that we are in would wide. Happy Holidays!
@MrStephenRBrown Did he not print more money? What did China just say at the G20 in South Korea?
@DonVoghano 2/2 military or political force; the host is the nation and all its previously free people. The immune system may fail but if it's good that will be unlikely. Your immune system isn't democratic either: it's vicious but it's looking out for your survival.
@ytgv3fc7 Co-operative only looked better because of the "Baby Boom", and the explosive driving force of doubling the populace in such a short period. Not to mention more women went to work time period then any other. What makes the best is not the one that makes the most money, it's the system that is the most sustainable with the most freedoms. IMO Nationalistic systems like co-operative planning is how we got into the mess we are in. Good post, thanks for the sound thought. Happy Holidays!
@Edgrot - yes, give complete control of the economy to wall street. That's where the honest people are. (sarcasm)
@Therighttotruth on that point, however, your nationalist commentary is right - being nationalist in any system is being centralized and nature has shown us centralization often fails, though it will be tried from time to time. Nature is our best teacher. A totally decentralized (no central control, no central support) set of people and groups, none ever able to dominate over the others, is what we need for proper co-operative economics, education, innovation/invention and stable investment
@halflifeproductionz Ending the Fed will make our economy more prosperous. You don't really think a group of private bankers somehow has the magic knowledge to set interest rates do you?
I'm not all for going in and immediately ending the Fed. Lets introduce competing currencies, and let the market decide. Sound money vs. fiat.
@EndTheFedRes mass radio that is one-way and mass-TV broadcast that is one-way is not an increase to the quality of life. In the beginning it had the potential but now it has returned to its roots - a tool to leverage corporate benefit. That's how Soap Operas got their category/genre - selling soap to housewives watching TV. The real show is the commercial, the rest is just the bait. Today's TV is the same. The washing machine is the most serious quality of life improvement. Next: toaster/CPU
@1010011010is29a You could have coffee or marijuana backed currency. To match crop output it would have to be weighted to other commodities. But first we must change the Constitution to allow this, as the Constitution states....ONLY gold and silver. Even though we unconstitutionally use paper.
@ytgv3fc7 I don't see gold having much intrinsic value apart from people agreeing it's valuable. To me that is the essence of fiat. The fact that you mine it instead of printing it makes it theoretically less arbitrary than paper money, but then again paper money could be just as good with responsible monetary policy...
@worldismorphing Yes we can! But too many people don't have the will or are too brainwashed (that they too might get rich someday) so they are not into leaving the game. A game that killed people for too long!
Bernanzi gave this vid a thumbs down.
@BankofSpirit When did this become about evolution? Anyway the way evolution works is not rocket science, I'm 100% sure you're intelligent enough to get it if you take the time to read up on it. I understand where you come from with terms like "lesser" and "greater," but they are nonsensicle when applied to life forms. I have a decent grounding in biology so if you need any help, PM me. I don't understand the Elmer Fudd reference, must be your great spirituality that compels you to mock people.
@BankofSpirit nonsense talk - I'm anti-zionist and I'm atheist. Atheism has nothing to do with zionism. atheism has only the aspect of not being so stupid as to require / demand / need an emotional attachment to a non-existent deity.
Zionism has to do with an Israeli dominating state, and in case you hadn't noticed MOST of them are definitely NOT atheists going to the wailing wall.
Try not to be so incredibly ignorant
@ytgv3fc7 Well ever since 9-11 gold has been on a rising spike, to the great joy of corrupt Rusky billionaires like Abramovich or Prokhorov. We both know its value has little to do with gold's industrial or aesthetic uses... Its value is ethereal and it comes from people's trust in it as a store of value. Gold is as fiat as anything else, the only difference is that instead of printing you have to mine it, so there you have the illusion of "stability" at great human and environmental cost.
@DonVoghano The hunter gatherer indians did have one thing that is subverted now in different ways, and that is freedom. This is imo the source of the fulfillment you ascribe to that life. So if you follow the logic, you can achieve the same fulfillment by freeing us from the tax burdens that don't contribute to our direct security from force, and by freeing us from regulations that thwart that freedom.
@boumar19721972
No we can't...and you said so yourself:... "brainwashed". Yes, some can learn and deprogram themselves...but most wont....
Secondly, you can't synchronize a cataclysmic change like that and hope the mechanics of power down to the last underpaid drones will fallow. You need a transition phase...
@1010011010is29a you nailed that one very well: a commodity backed currency is very HONEST, devoid of fraud, but very SENSITIVE to the damages nature can do to us. A highly useful money would be one that doesn't lose value because the weather goes bad on us for a year or 10. HOWEVER, even a "safe" value of money is no protection from the reality that a bad crop year is still bad for us no matter how you cut it.
@Idtelos *Bernanke
@boumar19721972
You can't just end the monetary system just like that...
You'll need to have a dual currency system first...one for the 'essentials'...the other for the 'rest'. At some point...the 'essentials' currency will have to become global...preferably from the start...but it wouldn't be mandatory...
Of course, conversion from one currency to the other would fallow a "market " type exchange rate.
If you're willing to jack off with pointless derivatives ...mind as well have purpose...
@ytgv3fc7 Money is a medium to facilitate transactions, by definition the value of money MUST be socially construed, or it would be barter. To have intrinsic value means to be good for something that aids human survival and creativity, gold has SOME, but definitely NOT the value that it has come to have. I might being repeating propaganda but you are not giving me reasons to believe your argument. Matter of fact I usually agree with you 100% and I would like to better understand your reasons.
@BankofSpirit my first reply was a lot more insulting towards you but then I examined your channel, got confused, and then retracted it for this
why're you responding to that?
are you a libertarian, anarcho-capitalist, or austrian economist or somehting of that sorts?
and why the sudden calling me a zionist? it realy seems like racism for the sake fo just being racist
you really really don't know who you're talking to if you think I could be classified a zionist dude =P
@BankofSpirit ahhh I see...
you're crazy
Ok I'll leave you to do whatever you do then....
@MrStephenRBrown lol
@1010011010is29a Good question and EndTfhFedRes said it great. The point is we need to reduces the deficit. The deficit is the difference of commerce coming into the country, compared to the commerce going out. The problem we are having right now is largely due to the fact it is in the red big time!! meaning The United States imports too much compared to what we export. Having a currency that is commodity based would give incentive to maintain its value through productivity.