Some people are so igorant…I tried to pop in and kindly correct him, then recommend he read “What has the Government Done to Our Money?”, “The Case for the 100% Gold Dollar”, “The Mystery of Banking”, and “The Creature from Jekyll Island: A Second Look at the Federal Reserve”.
Sadly, he resorts to ad hominem attacks on Mr. Griffin…
Also, sadly, he’s under the delusion that the Fed (and the regional Fed banks) are entirely privately owned and controlled and that an interest-free currency is the only way to go. [8-)]
sigh why does ignorance like this catch on? I’d rather listen to mainstream economics than fringe crap like this.
sorry you feel that way, but if it were not for Mr. Griffin, I highly doubt I’d be an Austrian, as his book, the Creature from Jekyll Island, is what originally got me interested in the Federal Reserve system and outlined how it was really a banking cartel which simultaneously fulfilled the whims of Congress and commercials banks.
Did you even take the time to check out the methology of Mr. Dale’s attacks on G. Edward Griffin? Judging from your comment, I’d guess not.
The Byron Dale channel is ran by a supporter of his, not by Byron Dale. ‘tommy’ trys to make that as obvious as possible. Anyways. A new 9 part video series is posted on there that is really worth watching as Byron gets into really explaining why gold worked as a good sound money.
I’ve read some of his material and I think he makes a good argument against Mr. Griffin. George Whitehurst Berry (a very knowledgeable person) also disaproves of Mr. Griffin. All Mr. Griffin did was write a consiracy book, not a book based on hard facts and solid research. This is what seperates Byron from Mr. Griffin. I’ve read both books and G. Edwards Griffons book hit my trash can after reading Byron’s books. There isn’t man alive who has done more research into our monetary system than Byron Dale.
I’m not trying to start a fight I’m just a person looking to get to the bottom of what is wrong with our monetary system and so far, after reading Byron’s material, none hold a candle to him. George Whitehurst Berry opened by eyes to this even more.
First, the government creates no money, only private corporations do, and second it’s not “our” money. All the money, all the time belongs to the banking system since they never transfer ownership (spend) they only loan(retain ownership) “THEIR” money. It’s clearly not our money, it’s their money. Then they demand back more than what was ever created.
It’s no different than if I loan you my car, you might have possesion of it, but I still own it. But if I make you sign a promissory note where you pledge all your property in order to borrow my car, then I demand back more cars than was created (i’m the only source of the ‘cars’) at any point in time I can call in my loans and force you into foreclosure.
I’ll read the material you supplied.
Could you read this article and let me know what you think?
While they recognize that our current monetary system is flawed, they seem to miss the mark as to why and make many spurious claims.
They think our system is doomed to an ever increasing money supply due to mathematically unresolvable interest but fail to mention loans made to pay off interest, bankruptcies, and bailouts effects on the amount of interest due in the money supply, nor do they recognize that it is growing due to the collusion between polytrixters, banksters, and an ignorant mass of sheeple.
It seems they are too ticked at the current FRN system to recognize the true nature of money, how it is created and used, and how its value changes. Nor do they mention that our current system is unsustainable and bound to collapse eventually.
Their proposal for debt free money is simply unworkable if I understand that to mean money which cannot be loaned with interest
While I applaud their efforts to raise awareness about the monetary shitstem, their efforts would be better served pushing for a free market monetary system.
Credit expansion = central bank induced expansion of the money supply. Do some basic reading in macroeconomics from even a mainstream textbook, it’ll disabuse you of the garbage notion that ‘private’ entities create money blah blah or whatever nonsense it is that has possessed your mind. Here’s a discussion on the loony interest ‘paradox’.
disabuse you of the garbage notion that ‘private’ entities create money blah blah or whatever nonsense it is that has possessed your mind.
Are you trying to tell me that private commercial banks are NOT the ones who expand our money supply?
That DrKrbyLuv guy’s article is very accurate. If I write 10 dollars of brand new ‘money’ into a checking account and demand back 11, and the only way for that 11th dollar to exsist is for someone else to borrow it from the banking system, then we are in an impossible situation with reguards to getting out of debt. It matters not what the specie of money it. In time, that system will transfer all the property of the people over to the banking system through the forecloser process.
That 11th dollar can only be shifted on as someone else’s loan principle thereby increasing the interest costs on someone else. In effect that 11th dollar is what makes out currency become worth less because the money that is used to get you into debt is not enough to ever get you out of debt.
Depends on what you mean… do they ‘personally’ extend loans &c.? Yes. Are they responsible for the way the system works? Do they enable it? No. Central banks (and government policy) are and do. Without them the private banks would be subjected to competitive pressures in the market, penalising those banks which failed to exercise adequate prudence. And please read on in the thread because DrKrbyLuv’s article misdiagnoses the issue. People who have an inherent hatred of interest need to emerge out of la-la-land.
Inflationary monetary concepts are not some new deep radical science. Monetary inflation has been written about for the past 100-200 years and it’s concepts are very simple. It’s not something that ONLY happens on a fiat monetary system. Moving the traditional FRB banking issues aside we know this.
Creating dept makes new money. Paying off that dept removes the new money from existence. In this manner and theoretically speaking money can fluctuate and stabilize. The issue we face however is the price manipulation of money itself by way of changing interest rates. This allows large volumes of NEW money to be created before it can be removed.
If Bryon Dale or any of these other halfwits made a half ass effort at doing his homework he would see that empirical evidence proves and even the federal reserve itself knows of it;s inflationary consequences. Not even Bernake or Greenspan would deny this!
The fluctuations of interest rates is what causes the business cycle.
Even if you could in some assinine fasshion argue that Credit/Dept does NOT create new money it doesn’t change the underlyign fact that lending money distorts the supply of available savings in the money stock. Lending money out is removing money from the community’s money stock. Lending out too much gives investors the idea that there is a high amount of savings and that sends them a signal that now is a good time for large investments.
Later they find out that the money stock has been tampered with and that there is less available then they anticipated. This causes a business cycle and a recession. Regardless of how you look at it heavy amounts of lending causes the business cycle and it is irrefutably the cause of the great depression and the recession of 2007. Arguing semantics won’t change it.
We’re telling you that the government central bank aka the Federal Reserve Board is the main impetus for it.
Money-as-debt cranks are laughed out of here. Please don’t think that just because your friend was banned that you can come here and spew the same crap and not have the same thing happen to you.
The fiat component of our money system only represents 2-3% of our money supply and cannot exsist until the bank credit does. Bank credit is not fiat in any sense of the word. In other words, we really don’t have a fiat money system. What we have is a bank credit system with a fiat component to trick the people into thinking that bank really had something to loan.
What do you call the other 98%? Why can “Fiat” only be paper money?
Fiat is anything that is declared money by law. All money is fiat in the United States, this includes Federal Reserve Notes and U.S. Coinage. This does not include check book entry (bank credit).
in the 1990’s there was hearings to make check book money fiat but it never went anywhere.
The other 98% is bank credit. Bank credit as defined by blacks law dictionary is “a banks deferrment of payment”. It’s a promise to pay you. In our system the bank credit has to exsist before the paper currency or coinage can ever move into circulation.