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Patriot
Patriot
14 years ago

Well said Fred!

Derek
Derek
14 years ago

I still think a public controlled currency through the government is a bad idea. The problem with private bankers today is the same problem we have with corporations. They are protected and work together, and the private bankers use the initiation of force of the government to protect them and the monopoly. Private, competing currencies on an open market is the best solution. It’s also the only solution that gives people control over the currency. We have crapped shoved down our throats from the government whether we want it or not, and regardless of how we vote, so putting control over the money to the “people” that way does not solve our problems. Freedom to choose is more powerful than a vote. When people have the freedom to choose a product on an open market, without protection and interference from a government force, that’s always better for the people. I could care less about a symbol of our sovereignty as a nation. I much prefer freedom, choice, and stability, through an open market. An open market fixes stupid fast.

Dene Brock
14 years ago

great video– I shared it with my facebook friends.

Andrew Sukiennik
Andrew Sukiennik
14 years ago

I’ve been listening to your show and I am very grateful to you for your amazing comprehension of the real politik. You’re doing God’s work.
I’m inundated with so much info, I don’t no where to start to prepare for the inevitable. I know that permaculture is important, but it sounds quite complicated and will require a long time to perfect.

What are the 10 most important things I need to do for my family of 7 to keep them safe and alive when the system fails. I live in Andover, MA, a good community, but close to Lawrence, MA with a poor, welfare supported society failing in maintaining its police and fire fighting services, struggling with violent drug-related crimes.
I look forward to hearing from you. God bless you and your family.
Andy Sukiennik, MD

Spaghetti and Sauce
Spaghetti and Sauce
14 years ago

I’m sorry there’s something I don’t understand. I get that money depends on confidence, that a printed banknote has no intrinsic value, and that money is loaned into existence. But if it is impossible to repay the debt, then how come there have been times in the United States modern history when the size of the US national debt has gone down substantially? I believe the years after WWII was once such period, as was the late 90s.

Am I wrong? Was this decline just smoke and mirrors?

I recently watched IOUSA, and those guys certainly understand the scale of the problem, but don’t seem to think it is functionally impossible to reduce it.

I understand that you can’t see the future any more than the rest of us can, but if this situation continues to get worse as you think it can not but do: at what point do you think the system will collapse under it’s own weight? And what do you see as the consequences for the US and the rest of the world? (As a Brit, you’ll pardon me if the latter is of particular interest to me!)

Would love to hear your thoughts.

Spaghetti and Sauce
Spaghetti and Sauce
14 years ago

A lot to chew over there. Thanks for your prompt response, and keep up the great work on the podcast.

TMI
TMI
14 years ago

In the video you mentioned notes or references to other sites, but I cannot find them. A little help please. BTW, good job keep it up.

rich hutchins
rich hutchins
14 years ago

it seems to me that with our system there could be some short term reductions in debt, but that would require reduction in money supply. and of course we would run out of money before we get near paying it off. so what can we do to get rid of this system- we do owe this money…. it seems to me if we get rid of debt -back money supply, then actual value creation over time through production could theoretically pay back this added interest, but as a drag on the economy for years [one more extra tax-the ‘pay off the debt tax’]. Since we cannot do it with our current system, how do we switch over to a backed currency that isn’t loaned into existence? Back in college, the day my finance class covered this subject totally confused everyone- and i said just think of it as money comes ‘from the future’ [future production pays today’s bills through creation of the debt]… unfortunately the future is here..

rich hutchins
rich hutchins
14 years ago

i can vouch for how great the crash course is. I actually have my wife watching a dvd on economics!! its is very well thought out & informative.

Elizabeth
Elizabeth
14 years ago

There is a solution – The National Emergency Employment Defense Act (N.E.E.D.) which has been submitted by Rep. Dennis Kucinich. This is a form of the American Monetary Act created by Stephen Zarlenga – see his book ‘The Lost Science of Money’.

This act would do 3 simple things 1/ Move the Fed Reserve into the Treasury (no longer controlled by the private banking cartel 2/ prohibit fractional reserve banking – banks loan out only the non-debt money deposited (an elegant accounting mechanism will accomplish this painlessly) and 3/ government creates NON-debt money (no repayment to banks w/ interest) and spends it into the economy via public works: transport, education, health, etc.

See http://www.monetary.org for details, and an excellent FAQ addressing the usual objections – including the false alarm of inflation.

BTW, this HAS WORKED ALREADY – in colonial America, Lincoln’s Greenbacks; was supported by most economists in the 30’s, etc.

The Masters of the Universe will never allow this unless we all become ‘Egytians’ – i.e., conditions becomes VERY bad, and ENOUGH of us are knowledgable enough to demand the solution.

Elizabeth
Elizabeth
14 years ago

BTW, would someone please identify one time/place in history when the ‘free market’ actually worked freely, fairly and effectively? In the real world, it resembles a religious pie-in-the-sky delusion.

Elizabeth
Elizabeth
14 years ago

Still, if ‘free market’ isn’t an irresistible belief, please show me a time or place anywhere in history where it has worked. There are instances where non-debt gov-created money/script worked so well that the Bank of England had to take it out (see colonial US, Lincoln’s greenbacks, etc.)

And inflation can be successfully controlled by controlling the amount $ in circulation – see FAQ’s at monetary.org.

I’m off to check out your book, et al 🙂 and so glad you’ve seen the error in the goldbugs’ dream (especially, perhaps, the planned profits for gold merchants 🙂

I think this issue is the heart of the beast – making money from …nothing! Mammon’s eternal quest.

Elizabeth
Elizabeth
14 years ago

I did read your response, but my attention does flag. That’s probably the #1 reason why monetary change will never happen – it is tooooo hard to explain to the average Joe (plus too many profiteers who twist to their benefit, ala “just follow the money” to know what’s happening:).

If we could just devise some brilliant ‘sound bites’, ‘pictures’ that say a thousand words, etc. -to just educate the masses on how our debt money is currently created would be revolutiomary – to overcome the ‘no way!’ befuddlement!