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274 Comments
- nuvem, on 12/05/2007, -6/+105I wish more people would digg this up, it's something everyone should know. You might not agree with the proposed solution, but one thing is for certain: The system is unsustainable.
- Curlz31, on 12/05/2007, -4/+72This is one dupe that shouldn't be buried. Too important.
- Berkana, on 12/05/2007, -4/+53For those of you who missed it, the very thorough 3.5 hour documentary I'm talking about is this:
A History of Fractional Reserve Banking, and Why Monetary Policy Matters
http://digg.com/educational/A_History_of_Fractiona ... - Berkana, on 12/05/2007, -4/+48This series of animations has apparently been compiled into a single 47 minute movie: http://www.themoneymasters.com/order.htm#mad
- winterus, on 12/05/2007, -7/+50You are wrong. Ron Paul isn't an advocate of strict gold standard. He just supports legalizing competing currencies, and merely points out that if the market is allowed to choose, gold is often chosen.
- airiox, on 12/06/2007, -9/+48This is the exact reason why I feel if Ron Paul gets close to being elected President, he will be assassinated.
- Oomsoup, on 12/05/2007, -3/+41Wow, those were really well done and extremely easy to follow. Dugg for knowledge!
- SeethisPass, on 12/05/2007, -3/+35The money system is an extremely important subject. We need lots and lots of eyes on it. Someone please take this subject and simplify it enough for neophytes to get it more quickly, before their attention span elapses. 3 minutes max.
- brjohnson789, on 12/06/2007, -2/+26As much as I like you, I find you ignorant about this matter. Paul does not argue for a strict gold standard; he has argued for competing currencies to be allowed. If a gold/silver backed curerncy were allowed to exist in the US, overtime people would spend their old Fed notes on the gold money, so over time the US WOULD get some gold back. And of course the gov't, if it were made legal, would let you pay your taxes in gold.
- lewhich, on 12/05/2007, -9/+32The Federal Reserve is just "as federal as" Federal Express.
- mediaspree, on 12/06/2007, -0/+21The last hour of my life was educational.
- Oomsoup, on 12/05/2007, -2/+21I never saw it and it's a series of videos that should been seen by everyone. Who cares if it comes up often? The more people who see it, the better!
- principle, on 12/05/2007, -25/+43"It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." Warren Buffett
Many seem to believe that Ron Paul’s gold-based currency is the answer. Even though I have enormous respect for Ron Paul, I find his statements misleading. For example, he implies that the founding fathers wanted our government to coin gold-based currency. Actually, this is what they set forth in the Constitution.
Article I, Section 8 “The Congress shall have Power … To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;”
Gold-based currencies were invented by bankers and I am certain that Ron Paul is aware of that. He even said that US has NO GOLD!
http://video.google.com/videoplay?docid=-186811620 ...
With gold-based currencies, those who have no gold have no money. So going to gold standard is not going to make us rich and thus solve our problems. In fact, the use of fiat money is not the root of the problem. The problem we have was created by banks, which printed their own money and collected compound interest on loans.
As much as I like Ron Paul, he is too inflexible to lead us out of bondage to the Fed. Ron Paul proposes to get rid of the Fed and the Income Tax. Yes, that would put us on a rode to recovery. However, the notion of converting to gold standard is not an option. We simply have no gold. At the same time, being a Libertarian he wants a small government, which is incompatible with value-backed money. That is, money issued to build government projects like power plans, roads, bridges, etc., where the treasury would act as the central bank landing money, with proceeds going back to the people. Unfortunately, none of this is possible with Ron Paul as president because he is against “big” government. - dukeeeey, on 12/05/2007, -2/+19i dont live in USA
but we have the same banking system here.
The answer is for the people and the goverment to have control over the money supply and not a private company (the federal reserve) or for us in the uk the bank of england. We also need to end the madness that is fractional reserve banking, which essentially legalises banks creating money out of nothing. - jsun9, on 12/05/2007, -1/+18Even people that don't think they'll understand this.. watch it; it's easier than you think. Watch it twice if you have to. I ended up sending it to my whole family. This is incredibly important topic and one that affects a lot more than meets the eye.
- Berkana, on 12/05/2007, -1/+17Or, if you prefer to see it online in one piece: http://video.google.com/videoplay?docid=-905047436 ...
(But ignore the socialist banter on the sidebar by the person who posted the video; the problem is debt-based money enabled by fractional reserve banking, not capitalism or free markets as a whole.) - Snuffs, on 12/06/2007, -1/+16Thats a "wealth" of information.
- Scynet, on 12/06/2007, -2/+17Because we want it to. It's important.
- Berkana, on 12/06/2007, -2/+16Judge each document by its own merit. Attacking the guy who posted someone else's work is an ad-hominem attack. He can be wrong on some matters and right on others.
- Berkana, on 12/05/2007, -1/+15What you're talking about is addressed by the monetary reform act, which is described in the 3.5 hour documentary I linked above, near the last hour or so.
The irony of what you're saying is that the folks who are backing a 100% reserve, non-privately owned central bank using fiat currency that is statistically regulated based on population needs are endorsing Ron Paul as the only candidate that seems serious about monetary reform. See http://www.themoneymasters.com , at the bottom of the page. I found out about those two documentaries from them. - MogusMaximus, on 12/06/2007, -1/+15I resent that request, I am perfectly capable of... oh, look at the kitty.
- DokGonzo, on 12/06/2007, -1/+12Exactly. By whom you ask? The banking cartel of course! It's so simple! But the sad truth is this whole things flies so far over most peoples heads it will NEVER get the attention it requires until it's too late, i.e. the whole system crashes in a MOST dramatic way. You think the Great Depression was bad? Think again...
- stklaw, on 12/06/2007, -1/+12This actually blew my mind.
Everyone should see this. - annihilator675, on 12/06/2007, -0/+11"Last payment honey!" -"Yay! No more catfood" WTF??? LOL
- niktech, on 12/06/2007, -1/+11Watched all 5 videos. Money, legally created out of nothing - this really is a surprise for most of us.
Logged in just to digg it. - thebitghost, on 12/06/2007, -1/+11This topic should be required learning for all students. A real eye opener for those just waking up.
- windowi, on 12/05/2007, -2/+11**shutters** reminds me of econ 202 still none the less important so dugg!
- capiCrimm, on 12/06/2007, -3/+12The general public can barely watch 1 hour *action films*. Try compressing it down to five minutes if you want mass appeal and to make a change.
- odigity, on 12/06/2007, -0/+9Minimal, transparent government, completely free markets, and a sound currency - one that the government cannot control or alter the value of. Ron Paul would legalize competing currencies, so someone could create a gold or silver backed currency who's value is concrete, not artificial (aka 'fiat'), and people could use whichever currency they like - which, in a free market, usually results in people choosing the gold/silver backed ones.
- MrXfromPlanetX, on 12/06/2007, -0/+8This video, is actually called "Money as Debt" and can be purchased at moneyasdebt.net Buy a copy and show it to your relatives.
Another very important video that everyone needs to see which is only 42 minutes long is
Money Banking and the Federal Reserve
http://video.google.com/videoplay?docid=-466210540 ...
A copy can be ordered at
http://www.mises.org/store/Money-Banking-and-the-F ... - PeppermintPig, on 12/06/2007, -0/+8Federal Reserve Notes have no backing, simply faith. They're worse than ordinary debt 'notes' because at least with a note, there is a promise to pay the value. You can't get that from the FRN.
There is no Gold in Fort Knox.
Gold and silver are intrinsically valuable. Paper certificates are a convenience and guarantee redemption and parity (if the certificate says it's worth 1 ounce of gold, they ACTUALLY have that amount in a vault somewhere).
Regular auditing by a third party is required if one is to keep a 'banker' honest. Competing currencies and varied metals will aid in bringing better money systems to the people.
People argue against gold standard because they claim foreigners/bankers would 'manipulate' the value and destroy an economy. This is an exaggeration. Provided stores of gold are audited, and individuals can acquire gold or silver specie, there would be little to fear, but in order to guard against fraud, you must use a trusted currency maker.
Anything that happens as a consequence of individuals buying or selling gold in massive quantities is really fair game. If gold goes down in value, that makes it easier for someone to acquire more. If gold goes up, that benefits those who have it, yes, but only if they can convert their gold into some other asset before the value declines. Silver has a better stability reputation than gold: Diversification is the key to success for managing the growth of your wealth.
The USD is in a constant free-fall of value, so by comparison gold prices appear to be skyrocketing. Taxes make it prohibitive to invest and earn. When the Federal Reserve prints more money, all the money in circulation decreases. This is called inflation tax.
I hope that's under 3 minutes of information. :) - BadseedJR, on 12/05/2007, -4/+12I could be wrong, but from what I've seen, Ron Paul doesn't support the gold standard, he just wants accountability for the money. He is against printing money to fund things that have no end, which increases our money supply and kills the value of the dollar. Where a gold standard would do that, I don't think that is what he is trying to do. He simply wants the Feds ability to do that eliminated...by eliminating them.
- otalivan, on 12/06/2007, -2/+10You didn't even watch the video... it surely does not present banks lending out other people's money at all.
- PeppermintPig, on 12/06/2007, -2/+10It's not accurate or sufficient to say 'bankers like gold, therefore gold is bad'. And that says nothing about solving the current situation. But what is certain is that fiat currency is worse.
We're not beyond the means of translating our labor into stores of wealth such as gold or silver. Wealth is not a limited commodity, and there's much less to fear from fluctuating gold than from fluctuating faith-based debt notes with no value-backing. - najdorf, on 12/06/2007, -0/+8Basics points of the video:
-Charging money at an interest requires an exponential growth (unsustainable) otherwise sooner or later all the money will be to the money lender.
-Banks can basically produce money as long as there is a debt to back it i.e. if I take a loan for 10k the bank can make 10k fiat money in practice. So money IS debt (promises of wealth, not real wealth).
-Most of the debt of families, government, companies is debt towards the banks themselves.
-Debt implies slavery to the banks that dont produce ***** but are so full of money.
-Proposed solutions are using a fixed amount of money or having the govt only make money (and spend it wisely), not the goddam banks. - puredemo, on 12/06/2007, -0/+8You really coined a phrase!
- OneAndOnlySnob, on 12/06/2007, -11/+19Please don't bury this until you've read the whole thing and at least given it an inking of a thought. After that, I don't care what you do.
I watched this about 6 months ago and was a little freaked out by it. I know I'll get buried for saying this but ... look around you! Are you aware that we live in the richest country on earth and we are the richest society there has EVER BEEN? You people seem to have no idea how good you've got it, or how we got here. Ostensibly, this insane system works. You can talk about how freaky it is, but the results are in and have been in for several decades. I'm not talking about how much money is in circulation, I'm talking about all the stuff we've built, how everyone has a TV and if you're reading this you have a computer.
If you think about it, if you have debt, pumping more money into the economy does two things. It makes the value of your debt less via inflation, and it makes it easier get money to pay off your debt.
Before we went off the gold standard, did you know that we had frequent depressions? We'd have a depression every two or three decades. Why? Because too much money ends up locked up in the hands of too few. Pumping more money into the economy gets things moving again. You conspiracy nuts like to blame the Great Depression on the Federal Reserve, but frankly, there are a lot of depressions in the history of this country. There was a depression in that started in 1893, long before the Federal Reserve.
Okay, now that you've read it, you can bury it if you really want. - GregDude, on 12/06/2007, -3/+11This documentary should be compulsory viewing for all school children. The core content and history of money is accurate. The conclusion is that alternative systems for regulating money and its supply are possible. We lack political will to fix the system. On a side note, a return to Gold, Shells or Barter is not the solution, lets think outside the box. What goals do we want the money system to achieve, and what options do we have to implement it? Remember David Suzuki's bacteria in a test tube story (sorry, no link). This is a timely warning.
- inactive, on 12/06/2007, -4/+12sheeple lol
- kavin620, on 12/06/2007, -7/+15Guys, I'm no economist, but this seems a bit misleading. He keeps implying that money's created from nothing via loans, but most loans are backed by collateral that the bank can seize and sell if the debtor doesn't pay up. So isn't it more accurate to think of the banking system as creating liquidity on an asset that would otherwise be illiquid?
That seems like a GOOD thing, since it creates access to capital to start businesses, etc... - Gerfervonbob, on 12/06/2007, -2/+9Wow *****, its the content's message thats important not the animation.
- BrainInAJar, on 12/06/2007, -0/+7Babylon fell, Athens fell, Persia fell, Egypt fell, Rome fell, The Ottomans fell...
Eventually, America will fall. To believe otherwise is fallacious. Fractional Reserve will probably be the cause of the fall. - cnot3, on 12/06/2007, -0/+7OLD, but true. Watch it if you haven't.
- Shenaniganz08, on 12/06/2007, -0/+7great video
- SlimFastForYou, on 12/06/2007, -0/+7I didn't think there were still people who believed there is still gold in Fort Knox. Well, I don't know what to say other than everything happens for a reason - including a lack of audits for 30+ years. I'll leave the reason for the lack of audits up to your imagination :).
- andergriff, on 12/06/2007, -1/+7This is excellent. Watch it and pass it along.
- Dunedain, on 12/06/2007, -0/+6Why are you covering up the windows?
- TruthforAll, on 12/06/2007, -0/+6Liberty dollar WAS raided by the FBI.. http://www.libertydollar.org/ld/legal/raid.htm
- TLAKABM, on 12/06/2007, -0/+6The problem is that the system benefits privately owned banks enormously. All the power and control rests in private hands.
- Ducksa, on 12/06/2007, -0/+6I swear to you, this guy just taught me more about the money/banking/lending system than the three university economic courses I have done. This guy is great at presenting his information.
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