Originally posted by Metal BrainLast two columns. 😕
There was 215.3% inflation in 2008???
I support raising reserve requirements of banks. It would help reduce bank failures and help reduce monetary inflation by credit.
I also think a limited form of free banking might work. Sweden had some success in that area in the past. I don't think the federal reserve should have a monopoly in the issuance of ...[text shortened]... provide incentive to keep inflation under control or nobody would use those bank's bank notes.
What forms of free banking are you talking about that Sweden had success with in the past?
Originally posted by Metal BrainSure, but this has little to do with abolishing fiat currency and fractional reserve banking.
Here is something I copied from the GCN live website. This would be a great first step.
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HR 1207 Co-sponsorship Skyrockets: Companion Bill in Senate
Ron Paul's "Federal Reserve Transparency Act" to audit the Federal Reserve is now up to 39 co-sponsors the House, and an identical companion bil ...[text shortened]... ummis (R-WY)
32 Republicans and 7 Democrats so far. Urge your Representative to co-sponsor
Originally posted by PalynkaI pointed out that inflation is eroding the value of the currency and people should buy gold. I didn't say go back to the gold standard. I merely pointed out that there was no gold standard because that allows more inflation.
You said a lot more, but I guess you're too busy confusing yourself to actually realize that. I'm done here. Remain ignorant at your peril.
Nothing confusing about it unless you jump to conclusions like you did.
Originally posted by Metal BrainHonestly, usually there are lot better investments out there than gold. I'm not saying that you shouldn't ever by any, but really investing in a well-diversified portfolio should net you a lot better than investing in gold. I say that despite having a close relative that works in the gold (and silver, zinc, nickel, copper) mining industry.
I pointed out that inflation is eroding the value of the currency and people should buy gold. I didn't say go back to the gold standard. I merely pointed out that there was no gold standard because that allows more inflation.
Nothing confusing about it unless you jump to conclusions like you did.
Originally posted by telerionIt is not about making money, it is about protecting your wealth from inflation.
Honestly, usually there are lot better investments out there than gold. I'm not saying that you shouldn't ever by any, but really investing in a well-diversified portfolio should net you a lot better than investing in gold. I say that despite having a close relative that works in the gold (and silver, zinc, nickel, copper) mining industry.
Ahh, a well diversified portfolio. Well diversified with what?
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Just a little something from left field to keep some interest in this debate.
It soon might be considered anti-semitic to talk of private banking conspiracies.
Apparently the Federal Reserve system is nothing but a copy and paste of a much older system of finance started in the city of London back in 1694 when the Bank of England was started
Read all about it:- http://crashrecovery.org/fatherfeeney/www/hatred.html
If you read through the link you'll get all the threads of the much vaunted Jewish banking conspiracy that Hitler and co were so eager to rid the world of.
A few quotes to whet your whistle.
HAVE YOU ever wondered where the Banks get all their money from? When they grant you a loan or allow you an overdraft, where does the money come from? According to Frederick Soddy, former eminent Oxford University Professor, Banks are:
“Institutions which pretend to lend money, and do not lend it, but create it, and when it is repaid to them, de-create it and have achieved the physically impossible miracle thereby, not only of getting something for nothing but also of getting perennial interest from it.”
to recap
The truth is that no Bank lends as much as a penny of the money deposited with it. Every Bank loan or overdraft is a creation of entirely new money (credit) and is a clear addition to the amount of money in the community. It is no more than a record in a Bank ledger or computer and is actually the creation of new money out of nothing.
just to reinforce that again
When it is said that a particular Bank has so many million in deposits, it is erroneously believed that it actually has this amount of money to lend out. It is a complete delusion. Those deposits are not cash at all—they are nothing but an enormous superstructure of credit.
In the early thirties, the Great Depression was deliberately contrived by restricting credit (overdrafts, loans) and plunging nations into unemployment and bankruptcy for millions. In this planned crisis there was no shortage of goods, the shops and stores were full, but the Banks stopped the flow of money.
and then it gets interesting
On June 25th, 1863, the Rothschild Brothers sent a letter to Messrs Ikleheimer, Morton and Vandergould at No. 3 Wall Street, New York, which included the following passage setting out the system by which Banks monopolize the creation, control and distribution of the nation’s money from nothing and charge exorbitant interest to borrow it:
“The few who understand the system ... will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand the great body of people mentally incapable of comprehending the tremendous advantages that capital derives from the system, will bear its burdens without complaint and perhaps even without suspecting that the system is inimical to them.” .
We are the mugs who bear its burdens.
Its more of the same and you pays your money and you swallow the conspiracy that makes you feel most bitter I guess. This article linked the bank of England to the Federal Reserve in this way.
A racket similar to that operated by the Bank ‘of England’ was set up in the United States of America with the creation of the Federal Reserve Board in 1913. The matter was described in the South African patriotic periodical News of the World as follows: “Today in America the institution known as the Federal Reserve, which was also created by the International Bankers, carries more power than does either Congress or the President. In 1916 Woodrow Wilson said: ‘A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men....—and these few men are the heirs of those who long ago laid the foundation for the takeover of the entire world! ... bankers such as the Rockefellers, the House of Morgan, Goldman Sachs, Kuhn Loeb & Co., Lehman Brothers, are among those bankers who have tremendous interest in the Federal Reserve. The Federal Reserve has never had a public audit and all too often has acted in complete defiance of the Constitution of the United States...” It should also be mentioned that membership of the Board of the Federal Reserve has never been divulged officially; and that all the Chief Executive officers of ‘The Fed’ since its formation have been Jews. (Alan Greenspan is the latest.)
And no I am not nor have ever been a member of the BNP