I was talking to my friend about money not being backed by gold, money being debt, and fractional reserve banking. He made an interesting comment, and said "the monetary system only works if people don't understand it".
What do you think?
I think the monetary system has been complicated by too many alleged gurus, eg investment bankers , economists and share speculators who think up new formulas that they reckon explain the monetary system, when all they are doing is throwing dirty water over the whole issue.
The system hasn't changed, it's just been hyped up to keep these gurus in a job and extend their mystique in the financial industry.
I was talking to my friend about money not being backed by gold, money being debt, and fractional reserve banking. He made an interesting comment, and said "the monetary system only works if people don't understand it".
What do you think?
I was talking to my friend about money not being backed by gold, money being debt, and fractional reserve banking. He made an interesting comment, and said "the monetary system only works if people don't understand it".
What do you think?
I was talking to my friend about money not being backed by gold, money being debt, and fractional reserve banking. He made an interesting comment, and said "the monetary system only works if people don't understand it".
What do you think?
The monetary system works regardless of whether people understand it or not. The question is whether the current system is a good system.
I prefer not to quote losers unless I'm being cynical.Henry Ford
All monetary systems "work" until they don't.
I prefer not to quote losers unless I'm being cynical.
Henry Ford (July 30, 1863 – April 7, 1947) was an American industrialist, the founder of the Ford Motor Company, and sponsor of the development of the assembly line technique of mass production. His introduction of the Model T automobile revolutionized transportation and American industry. As owner of the Ford Motor Company, he became one of the richest and best-known people in the world. He is credited with "Fordism": mass production of inexpensive goods coupled with high wages for workers. Ford had a global vision, with consumerism as the key to peace. His intense commitment to systematically lowering costs resulted in many technical and business innovations, including a franchise system that put dealerships throughout most of North America and in major cities on six continents.
Ford astonished the world in 1914 by offering a $5 per day wage ($120 today), which more than doubled the rate of most of his workers.
On Jan. 5, 1914, Henry Ford, head of the Ford Motor Company, introduced a minimum wage scale of $5 per day, more than doubling the wages for most employees. He also offered profit sharing to employees who lived a clean lifestyle, reduced the daily worker’s shift to eight hours from nine and declared that no employee would “be discharged except for proved unfaithfulness or irremediable inefficiency.”
Just like money backed by gold would work, until it doesn't.
The current system is still working, you just need to be in the class which the current system works best for. A goal which I and most of those in this forum are trying to attain, considering we are trading in shares.
Whoops!!
Sorry wrong Ford.
I am an idiot!
However revolutions normally don't happen until the people feel too much is being taken from them and that there is something they can do about it.
How monetary systems work - most don't give a rats.
Whoops!!
Sorry wrong Ford.
I am an idiot!
The monetary system works regardless of whether people understand it or not. The question is whether the current system is a good system.
It worked perfectly well and better than this retarded **** we have going here now.
That's the most perverted thing I've ever heard. You are a sick person to endorse slavery. Not to mention if you have watched money as debt like you claim, you should be well aware that the current system is coming at an end.
Shows you haven't watched the original videos and only the 2nd hand sources of gold spruikers. I won't explain the problem with money backed by gold as it is explained perfectly in the original videos. I have also posted other problems with it not mentioned in the videos, in the "The Global Economic Crisis and Its Effect on the Australian Currency" thread.
I'm just taking the defeatist attitude. The system we have now is what I have to deal with, so i just have to make the best of what we have. So yeah, humanity is ****ed, I don't give a ****, nothing I can do about it except try to become the class that benefits so i'm not ****ed myself.
It was the people who voted for tomorrows welfare pay packet at the expense of their country and who feasted on cheap goods from slave nations at the ultimate expense of their own and their childrens longer term employment/welfare that created the GFC, not the monetary systems, that accommodated it. If the democratic people were honest with themselves they could only revolt against themselves.In terms of the revolution, well let us see whether the GFC and the ongoing mess will deliver.
It was the people who voted for tomorrows welfare pay packet at the expense of their country and who feasted on cheap goods from slave nations at the ultimate expense of their own and their childrens longer term employment/welfare that created the GFC, not the monetary systems, that accommodated it. If the democratic people were honest with themselves they could only revolt against themselves.
I'm pretty sure all the housing and other speculative bubbles around the world would not exist if we had a hard currency backed by gold, so people couldn't get infinity gold to bid each other up on overpriced assets
You might be right there, on the other hand we would have massive unemployment because there is not enough money around.
By the way, as stated in the original videos, gold backed money is even more easily manipulated by the international banksters. Your own link "Crash Course: Chapter 9 - A Brief History of U.S. Money by Chris Martenson" even mentions how the federal reserve was created when the US dollar was backed by gold. It even mentions how quote: "complete control of the gold supply of the most powerful and prosperous nation on earth was exchange for 11 billion dollars printed out of thin air."
I thought it was understood that money attracts money. Under a limited money supply, as one backed by the gold standard, you would end up with those at the top accumulating all the wealth, in this case gold, a lot quicker than otherwise. Inflation as under fiat currency is a partial reset switch to this problem. Since it devalues money and discourages hoarding. Under the gold standard, deflation would be the norm, and deflation = massive unemployment such as during the great depression.
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.
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