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On the whole, real people would profit from the fruits of their labor and there would be no special class granted the privilege of creating money when they make a loan.
Real people don't profit so much during a depression.
At least I understand now that some of your confusion can be blamed on Griffin.
His error filled book still makes me chuckle.
FRB Speech, Bernanke -- On Milton Friedman's ninetieth birthday -- November 8, 2002Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
inflation that is inherent in FRB.
inflation that is inherent in FRB.
this is too stupid!! Any system can have inflation or deflation depending on how it is managed. If the Feds only mission was to hold inflation at 0% it would be easy enough to hold inflation at 0%.
That POV has a lot of support and so is worth talking about. Your liberal Nazi-like reinvention of the wheel is not even worth discussion because its not even close to being on the table.
inflation that is inherent in FRB.
this is too stupid!! Any system can have inflation or deflation depending on how it is managed. If the Feds only mission was to hold inflation at 0% it would be easy enough to hold inflation at 0%.
Stupid? Are you looking in a mirror or something? Did you forget to take your pills? Or can't you read with comprehension? Or is all you can resort in the face of the evidence I've presented is give up and start name-calling?
That POV has a lot of support and so is worth talking about. Your liberal Nazi-like reinvention of the wheel is not even worth discussion because its not even close to being on the table.
Yep, 'liberal' I'm sure is you name-calling me (I know you're not using it as a compliment, even though it doesn't apply to me), and there's no doubt about 'nazi-like', and wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
When you get the Fox News brainwashing out of your head and realize that your stupid 'liberal vs. conservative' mindset is nothing more than a game foisted on you so you don't pay attention to the real issues in this country, maybe then you'll have something worthwhile to post.
On the whole, real people would profit from the fruits of their labor and there would be no special class granted the privilege of creating money when they make a loan.
Real people don't profit so much during a depression.
At least I understand now that some of your confusion can be blamed on Griffin.
His error filled book still makes me chuckle.
The Great Depression was caused by the Fed. Benanke has acknowledged that fact.FRB Speech, Bernanke -- On Milton Friedman's ninetieth birthday -- November 8, 2002Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
Error filled? Really? Hey, I want a laugh too. What errors did you find in Creature?
inflation that is inherent in FRB.
this is too stupid!! Any system can have inflation or deflation depending on how it is managed. If the Feds only mission was to hold inflation at 0% it would be easy enough to hold inflation at 0%.
Stupid? Are you looking in a mirror or something? Did you forget to take your pills? Or can't you read with comprehension? Or is all you can resort in the face of the evidence I've presented is give up and start name-calling?
That POV has a lot of support and so is worth talking about. Your liberal Nazi-like reinvention of the wheel is not even worth discussion because its not even close to being on the table.
Yep, 'liberal' I'm sure is you name-calling me (I know you're not using it as a compliment, even though it doesn't apply to me), and there's no doubt about 'nazi-like', and wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
When you get the Fox News brainwashing out of your head and realize that your stupid 'liberal vs. conservative' mindset is nothing more than a game foisted on you so you don't pay attention to the real issues in this country, maybe then you'll have something worthwhile to post.
this is too stupid!! Any system can have inflation or deflation depending on how it is managed. If the Feds only mission was to hold inflation at 0% it would be easy enough to hold inflation at 0%.
Stupid? Are you looking in a mirror or something? Did you forget to take your pills? Or can't you read with comprehension? Or is all you can resort in the face of the evidence I've presented is give up and start name-calling?
That POV has a lot of support and so is worth talking about. Your liberal Nazi-like reinvention of the wheel is not even worth discussion because its not even close to being on the table.
Yep, 'liberal' I'm sure is you name-calling me (I know you're not using it as a compliment, even though it doesn't apply to me), and there's no doubt about 'nazi-like', and wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
When you get the Fox News brainwashing out of your head and realize that your stupid 'liberal vs. conservative' mindset is nothing more than a game foisted on you so you don't pay attention to the real issues in this country, maybe then you'll have something worthwhile to post.
wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
You might want to double check your math.
Stupid? Are you looking in a mirror or something? Did you forget to take your pills? Or can't you read with comprehension? Or is all you can resort in the face of the evidence I've presented is give up and start name-calling?
Yep, 'liberal' I'm sure is you name-calling me (I know you're not using it as a compliment, even though it doesn't apply to me), and there's no doubt about 'nazi-like', and wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
When you get the Fox News brainwashing out of your head and realize that your stupid 'liberal vs. conservative' mindset is nothing more than a game foisted on you so you don't pay attention to the real issues in this country, maybe then you'll have something worthwhile to post.
wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
You might want to double check your math.
1)except there is no constituency at all to abolish the Fed. No one would take the chance in a million years.
2) before the Fed we had 3000 different currencies and back room deals to save the economy with JP Morgan!!
3) to have instant sound money which many do support all we need to do is change the Fed's mandate to 0% inflation.
Now, having established a money supply that's actually worth something, we turn to the "banks". We need to split the functions of a bank into at least two distinct parts. One is money storage and distribution(check and ACH clearing), or what people think a bank does. You deposit money and write checks against your balance, and pay a small fee for the service. In the meantime, instead of an 'account', the bank actually holds your physical coins or certificates in a safe, earmarked as your actual money and transfers that money to another bank or customer's safe to satisfy the check.
Why do you feel this is better?
Lots of reasons. For starters, it doesn't give a 'bank' the chance to immediately devalue the real labor put into earning the deposit by turning around and creating new debt money, stealing the value of your labor. Example: You earned the first $100 ever. You put it in a bank for safe keeping. The bank now creates and loans $90 (or more) and loans it to another guy who simply purchases 90%(or more) of the fruit of your labor without having to do anything to deserve it.
And forget about banks runs and FDIC, since the 'bank' would be required to keep your money separate and apart, you can always get it back. FYI, this is exactly what vaults like the NY Fed's vault in underground Manhattan does. It keeps each country's gold separate and apart and transfers physical gold between countries when required to.
Not only that, it would make it so that real, productive labor is the source of the money, rather than some magical doubling, tripling... increasing the money supply by the "Mandrake Mechanism", as G. Edward Griffin puts it. Only honest labor could increase the money supply by mining more silver. Which then would be subject to the laws of supply and demand to adjust prices, no need for government intervention.
On the whole, real people would profit from the fruits of their labor and there would be no special class granted the privilege of creating money when they make a loan. Just that fact should be enough for every individual to want to eliminate FRB.
wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
You might want to double check your math.
1)except there is no constituency at all to abolish the Fed. No one would take the chance in a million years.
2) before the Fed we had 3000 different currencies and back room deals to save the economy with JP Morgan!!
3) to have instant sound money which many do support all we need to do is change the Fed's mandate to 0% inflation.
The Fed doesn't have total power over borrowing, so cannot control money supply.
All they can do is target.
Example: You earned the first $100 ever. You put it in a bank for safe keeping. The bank now creates and loans $90 (or more) and loans it to another guy who simply purchases 90%(or more) of the fruit of your labor without having to do anything to deserve it.
1)except there is no constituency at all to abolish the Fed. No one would take the chance in a million years.
2) before the Fed we had 3000 different currencies and back room deals to save the economy with JP Morgan!!
3) to have instant sound money which many do support all we need to do is change the Fed's mandate to 0% inflation.
The Fed doesn't have total power over borrowing, so cannot control money supply.
All they can do is target.
you may not have noticed they have been given new powers to do anything they want under section 13(3)
inflation that is inherent in FRB.
this is too stupid!! Any system can have inflation or deflation depending on how it is managed. If the Feds only mission was to hold inflation at 0% it would be easy enough to hold inflation at 0%.
That POV has a lot of support and so is worth talking about. Your liberal Nazi-like reinvention of the wheel is not even worth discussion because its not even close to being on the table.
this is too stupid!! Any system can have inflation or deflation depending on how it is managed. If the Feds only mission was to hold inflation at 0% it would be easy enough to hold inflation at 0%.
Stupid? Are you looking in a mirror or something? Did you forget to take your pills? Or can't you read with comprehension? Or is all you can resort in the face of the evidence I've presented is give up and start name-calling?
That POV has a lot of support and so is worth talking about. Your liberal Nazi-like reinvention of the wheel is not even worth discussion because its not even close to being on the table.
Yep, 'liberal' I'm sure is you name-calling me (I know you're not using it as a compliment, even though it doesn't apply to me), and there's no doubt about 'nazi-like', and wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
When you get the Fox News brainwashing out of your head and realize that your stupid 'liberal vs. conservative' mindset is nothing more than a game foisted on you so you don't pay attention to the real issues in this country, maybe then you'll have something worthwhile to post.
this is too stupid!! Any system can have inflation or deflation depending on how it is managed. If the Feds only mission was to hold inflation at 0% it would be easy enough to hold inflation at 0%, and many want to switch to that system.
You're Nazi like reinvention of the wheel is pure nut case fantasy!! If our objective is 0% inflation then all we have to do is change the Fed mandate and its done.
The Great Depression was caused by the Fed. Benanke has acknowledged that fact.
They didn't cause it. By not boosting the money supply, they did make it much, much worse.
That's why Bernanke keeps boosting the money supply, he knows deflation would be really bad.
This action stemmed the outflow of gold but contributed to what Friedman and Schwartz called a "spectacular" increase in bank failures and bank runs, with 522 commercial banks closing their doors in October alone. The policy tightening and the ongoing collapse of the banking system caused the money supply to fall precipitously, and the declines in output and prices became even more virulent.
Error filled? Really?
Really.
What errors did you find in Creature?
Page 26, "...the Federal Reserve System allows commercial banks to create money out of nothing".
Of course banks cannot create money out of nothing.
Page 27, "When a borrower cannot repay and there are no assets which can be taken to compensate, the bank must write off that loan as a loss. However, since most of the money originally was created out of nothing and cost the bank nothing except bookkeeping overhead, there is little of tangible value that is actually lost.
Seriously? It's hard to believe anyone takes this clown seriously.
The Great Depression was caused by the Fed. Benanke has acknowledged that fact.
They didn't cause it. By not boosting the money supply, they did make it much, much worse.
That's why Bernanke keeps boosting the money supply, he knows deflation would be really bad.
I see why you have trouble with this subject. Your knowledge of history is deficient. They didn't just "not boost the money supply", they actively contracted it by 1/3rd.
From Bernanke's speech I linked above:
This action stemmed the outflow of gold but contributed to what Friedman and Schwartz called a "spectacular" increase in bank failures and bank runs, with 522 commercial banks closing their doors in October alone. The policy tightening and the ongoing collapse of the banking system caused the money supply to fall precipitously, and the declines in output and prices became even more virulent.
Ya know, I have the Fed's own facts on my side and you make yours up as you go along. You have to do better than that...
Error filled? Really?
Really.
What errors did you find in Creature?
Page 26, "...the Federal Reserve System allows commercial banks to create money out of nothing".
Of course banks cannot create money out of nothing.
Page 27, "When a borrower cannot repay and there are no assets which can be taken to compensate, the bank must write off that loan as a loss. However, since most of the money originally was created out of nothing and cost the bank nothing except bookkeeping overhead, there is little of tangible value that is actually lost.
Seriously? It's hard to believe anyone takes this clown seriously.
Seriously. Why don't you post something, anything, that backs up your fantasies? I've already posted the Fed's own Modern Money Mechanics, which states banks create money when they lend it, which contradicts your 'opinion'. Who should the dear reader believe, you or the Fed?
It's amazing how you guys have the chutzpah to post anything, considering your opinions are created out of thin air, apparently. Personally, I'd be more inclined to believe someone who posts links to websites run by the very organization he opposes to prove his facts, rather than someone's unsupported 'opinions'.
wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
You might want to double check your math.
The Great Depression was caused by the Fed. Benanke has acknowledged that fact.
They didn't cause it. By not boosting the money supply, they did make it much, much worse.
That's why Bernanke keeps boosting the money supply, he knows deflation would be really bad.
I see why you have trouble with this subject. Your knowledge of history is deficient. They didn't just "not boost the money supply", they actively contracted it by 1/3rd.
From Bernanke's speech I linked above:
This action stemmed the outflow of gold but contributed to what Friedman and Schwartz called a "spectacular" increase in bank failures and bank runs, with 522 commercial banks closing their doors in October alone. The policy tightening and the ongoing collapse of the banking system caused the money supply to fall precipitously, and the declines in output and prices became even more virulent.
Ya know, I have the Fed's own facts on my side and you make yours up as you go along. You have to do better than that...
Error filled? Really?
Really.
What errors did you find in Creature?
Page 26, "...the Federal Reserve System allows commercial banks to create money out of nothing".
Of course banks cannot create money out of nothing.
Page 27, "When a borrower cannot repay and there are no assets which can be taken to compensate, the bank must write off that loan as a loss. However, since most of the money originally was created out of nothing and cost the bank nothing except bookkeeping overhead, there is little of tangible value that is actually lost.
Seriously? It's hard to believe anyone takes this clown seriously.
Seriously. Why don't you post something, anything, that backs up your fantasies? I've already posted the Fed's own Modern Money Mechanics, which states banks create money when they lend it, which contradicts your 'opinion'. Who should the dear reader believe, you or the Fed?
It's amazing how you guys have the chutzpah to post anything, considering your opinions are created out of thin air, apparently. Personally, I'd be more inclined to believe someone who posts links to websites run by the very organization he opposes to prove his facts, rather than someone's unsupported 'opinions'.
wanting sound money without a central bank certainly isn't re-inventing the wheel, considering it was the money system in this country for almost 130 years.
You might want to double check your math.
You might want to effin show me where I'm wrong with some sort of source.
I'm getting sick of your contradictatory posting style with no substance behind it. You're starting to remind me of the argument clinic.
[ame=http://www.youtube.com/watch?v=kQFKtI6gn9Y]Argument Clinic - YouTube[/ame]
1)except there is no constituency at all to abolish the Fed. No one would take the chance in a million years.
2) before the Fed we had 3000 different currencies and back room deals to save the economy with JP Morgan!!
3) to have instant sound money which many do support all we need to do is change the Fed's mandate to 0% inflation.
In your improved banking system, I put my $100 in a CD and "the bank now creates and loans $90 (or more) and loans it to another guy who simply purchases 90%(or more) of the fruit of your labor without having to do anything to deserve it"
How is that better than the way it works now?
