Comments on: Money, Banking, and The Federal Reserve System

By: Chad Aaron Leach

Chad Aaron Leach — Sat, 17 Mar 2012 23:53:00 +0000

yes but the only way to produce gold is in the heart of a rare star called a white dwarf however, fiat money on the other hand is only valuable because the government forces its citizens to use it, just look at the definition of the word “fiat”. There is a reason why our founders wrote in our constitution that only gold and silver would be legal tender of the usa because they had already dealt with the problems of fiat money in the form of the contenential that nearly killed off the american revolution before it even got started.

By: Winston Smith

Winston Smith — Mon, 02 Jan 2012 19:04:00 +0000

The FED is part of the problem..admittedly, a major part; but other factors (like globalization and the use of cheap foreign labor (Not to mention automation, which is often quite understated) are what destroyed the manufacturing base in the US. The Fractional Reserve method is criminal. Plain and simple. Banks create money by simply punching the numbers into their account balances based on the number of outstanding loans they have?
This is an insane, anti-capitalistic practice. This is how it is that now over 90% (or so) of all US money that ‘exists’ is not actually physical money in circulation are but numbers on computer screens.

By: Anonymous

Anonymous — Tue, 29 Nov 2011 10:33:00 +0000

How do you get back on the gold standard? Simple. You allow silver and gold to be accepted legal tender again.

You could buy a gallon of regular gasoline with a silver dime.

Are you gonna use paper… or silver and gold coins?

I’m just sayin’.

By: Anonymous

Anonymous — Tue, 29 Nov 2011 10:29:00 +0000

Oh, so we can trust Congress… but not the Fed?

I don’t trust either one of them. Gold is worth something…. a lot right now. Silver is too. And nickel. Copper.

We’ve been using these metals for hundreds of years. Suddenly, in 1971, it’s not good as money any more?? Now we have to accept paper?

You can buy a gallon of regular gasoline with a silver dime.

‘Nuff said.

By: Anonymous

Anonymous — Tue, 29 Nov 2011 10:24:00 +0000

Duh. But that’s what the gold standard does… it takes control out of the hands of the government and the banksters. There’s only so much gold, silver, copper and nickel in the world… but there is enough. And they have intrinsic value.

This is what prevents governments from overspending and “printing money out of thin air”. If the money has intrinsic value, you can’t just print it to make up for the shortfalls in the budget.

Make gold and silver legal tender again… and put it in competition with the dollar, excuse me, federal reserve note, and it won’t be long before the federal reserve note is GONE. Obsolete.

A gallon of regular gasoline can be bought with a DIME… as long as it’s a dime minted before 1964… when they stopped making them out of SILVER.

By: Anonymous

Anonymous — Tue, 29 Nov 2011 10:15:00 +0000

Um… we had a gold standard up until 1971. We had no problems with global trade up until then. The only reason we had to go off the gold standard is because the government spent too much money, imagine that, and they could no longer pay foreign creditors in gold. Once we went off the gold standard, and onto fiat money printed by a central bank, the whole world followed suit. For hundreds, even thousands of years prior to 1971, gold and silver were the most widely used forms of money.

Besides, you don’t have to go directly onto a gold standard. Ron Paul recommends simply allowing gold and silver to be legal tender again, so people have a choice. Competing currencies if you will. The better currency will eventually win out. It will be gold and silver, of course, because who wants to SAVE fed reserve notes as they are devalued over time?

And there is no kind of paper money, that can be printed out of thin air, with nothing backing it…not even something as arbitrary as “national productivity”… that will work as long as the Fed and Congress are allowed to print and spend at will. They’ll just fudge the “national productivity” number like they fudge the CPI today.

By: Rocky Racoon

Rocky Racoon — Fri, 04 Nov 2011 08:47:00 +0000

I don’ t think anyone yet has come close to outlining the macro-economic laws of capitalist development or uncovering the “genetic code” of capitalism; the capitalist law of value as did Karl Marx. For Von Mises capitalism was simply to complex to regulate…best leave it up to the bunny rabbit. Which is why he is adored by so many in the West.
Those are my recollection from school daze. The political upshot of these theorists are obvious. Anyone seen Shock Doctrine? Kind of puts the political back into Political Economy doesn’t it?

By: T13

T13 — Sun, 16 Oct 2011 02:13:00 +0000

Peter Schiff, Ron Paul, and Lew Rockwell who is speaking in part of this, subscribe to the theory of Austrian economics. From what I have seen they have been some of the only economist to accurately forecast economic events. I wish I’d heard of them long before 2008.

By: Anonymous

Anonymous — Mon, 12 Sep 2011 01:53:00 +0000

I am always glad when the Snowdog is victorious

By: clay dawson

clay dawson — Thu, 28 Jul 2011 11:02:00 +0000

Fallacy: One cannot “think about the unthinkable.” Technically nothing is unthinkable (except perhaps nothing itself) , but if there were an unthinkable, it would be such by virtue of the fact that one cannot think of it.

By: Anonymous

Anonymous — Mon, 18 Jul 2011 12:14:00 +0000

i didnt find it very useful, its all familiar to me.

By: harry nutzack

harry nutzack — Tue, 12 Jul 2011 03:11:00 +0000

a gold standard would reek havoc with global trade… as a commodity, the value of gold is subject to fluctuation, often great swings happen very quickly, historically… this places a single nation on a gold standard subject to trading manipulation controlling the “real world” value of that nations currency… the gold standard can work if it is adopted globally, or by a relatively isolationist country, but a single nation switching over to valuing their currency based on a traded precious metal is setting themselves up for a hard fall at the hands of the moneyed who feel “ripped off” by rejection of centralized fractional reserve systems, or even just a consortium of greedy folks looking to make a buck… for global trade based countries, a system of valuation of currency based on REAL national productivity (actual added value to raw materials, no “ponzi-family” simulated black ink) would be the most stable, but probably stands very little chance of ever happening

By: Joann

Joann — Mon, 11 Jul 2011 00:21:00 +0000

damn smh… i know that this ties in with why the US is always in war…

By: Anonymous

Anonymous — Mon, 11 Jul 2011 00:07:00 +0000

blame the rothchilds!!!!!!!!!

By: Matt Kukowski

Matt Kukowski — Tue, 14 Jun 2011 01:04:00 +0000

HR 1489 or DIE

Money is NOT the problem. WE are the problem. Corrupt people that control the creation of money. However, there is not enough GOLD in the world to cater to all that is needed. GOLD is a metal.. SO WHAT.

Rome fell, WW2 and 1 happened under gold. The Great Depression as well. GOLD is not the problem.

Again.

WE are the problem. The corrupt are the problem. GROW UP.