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Posts Tagged ‘fiat money’

Red Ice RadioHere is the summary I prepared of the first hour of my November 4, 2013 interview on Red Ice Radio.

1m – Credit default swaps
3m – The Federal Reserve as the world’s bank
5m – Big economic busts are a direct consequence of the debt-money system with compound interest
5m – Individual interest-based contracts valid, but not in the aggregate
6m – The little-discussed depression of 1920
7m – The multiple and conflicting definitions of money
8m – The primary function of money is to serve as a medium of exchange
9m – Admitted by Austrian School economists that gold has no intrinsic value
9m – Why the Federal Reserve Notes are not fiat money, since they are issued by privately owned regional banks
10m – Misdefinition of fiat money to mean not money not backed up by precious metals
11m – Original definition of usury to mean any amount of interest charged on loans, and not some arbitrary amount set by law
12m – Banks get immense government privileges — such as being able to issue credit tied to the national currency
14m – The Federal Reserve also has privilege to create the world’s reserve currency
15m – The Fed’s banking elite origins
16m – Canada didn’t have a central bank until 1935, and it had different origins than the Fed, with Western farming interests pushing for it
16m – Shouldn’t be any central bank — only a national treasury
18m – Institutions and the people in them both matter a lot, but the structuring of institutions is key, since any bad institution can bring out the worst in people
19m – Form of government that allows for wealth redistribution, such as in the U.S., depends on a moral people
20m – 2010 article about non-U.S. banks that got bailed out by the supposed national bank of the United States, the Fed
21m – Change from mark-to-market to mark-to-model for valuing bank assets, to prop up bogus bookkeeping
22m – Derivatives formulas didn’t take into account super cycles
22m – One-time full audit of the Federal Reserve
23m – >70% of consumer deposits held by only 6 biggest banks in U.S.
23m – Should the bankrupt banks have been allowed to fail?
24m – Paul Krugman’s call for nationalizing the banks
25m – My proposed response to the 2008 crisis
26m – Problems with a centralized system
27m – A crisis brings lots of opportunity for change
28m – The Volcker Rule still not implemented
29m – Ithaca Hours local currency and other local currencies
30m – State banking initiatives led by Ellen Brown
30m – U.S. Congress has the second worst representation of any country in the world, with China having better representation
31m – California Governor Jerry Brown vetoed a bill just to even study the implementation of a state bank
31m – Real solutions start locally
32m – Some currencies served different purposes
32m – Gold is deflationary
33m – Gold dropped from $850 USD an ounce in 1980 to below $250 USD by 2001
33m – Gold went from $20.67 USD an ounce in 1933 to $35 an ounce less than a year later, just by law
34m – Don’t know how much gold is still in Fort Knox, or is there but has been pledged for debts
34m – Gold is a scarce resource, and the properties of the currency determine its usage
34m – Gold in IMF vaults doing no good for the people right now, same with Fed’s gold
35m – India bought a lot of gold after 2008, to bolster their gold reserves
35m – Bank of Venice, which operated for hundreds of years, and its paper documents traded at a 20-40% premium over gold
37m – What matters is not what “backs up” the money, but the quantity of money in circulation
38m – False pretences of TARP bailout in 2008, said to be for buying up subprime mortgages
40m – Paper money only accounts for 3-5% of the money supply in U.S.
40m – Bond vigilantes a good phenomenon
43m – Jim Cramer laughably saying there was no problem with Bear Stearns, not long before it collapsed and was bought out
45m – Many Congressional representatives have no financial background
46m – Media concentration problems
47m – Erroneous Supreme Court decision that money is equal to free speech
51m – Capitalism vs. free enterprise
51m – My November 16 Toronto keynote address at the 9th annual UsuryFree week

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The Facebook page for my talk at the 9th annual Usuryfree week event in Toronto on November 16, 2013 from 7 to 9:30 PM EST can be found here.

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Rattrap and mousetrap

The Money Power has sprung many traps for the unwitting, and the majority of the alternative media has stepped right into most of them.

Some of their main traps are:

Another Money Power trap is saying that private money creation is the problem. Private “money” creation isn’t the problem when individuals and non-corporate associations of individuals issue interest-free currency into circulation, such as Ithaca Hours and Mountain Hours. This is a right recognized by the Ninth Amendment to the U.S. Constitution.

Like their other traps, the issue they always want to confuse is debt-money with ultimately unpayable interest charges, with sovereign, interest-free money.

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George Whitehurst-BerryBroadcasting since August 2007, and reaching the number two position among online listeners on GCN in under a year, George Whitehurst-Berry has been providing an alternative to the Rothschild gold standard that dominates most alternative economics discussion.

For my past appearances on the show, see here.

His new site is subotaisbow.com, and its four main pillars are:

“First, we DO NOT believe in the INSANE GERM THEORY OF DISEASE.

“Second, we DO NOT subscribe to the Rothschild Gold Standard as the CONTROLLED OPPOSITION ALTERNATIVE to SOVEREIGN Governments issuing SOVEREIGN FIAT MONEY that DOES NOT have to be BORROWED INTO CIRCULATION.

“Third, we DO NOT believe in helping to spread MASS MEDIA DISINFORMATION by simply reposting Mass Media articles, such as in 2011 when a speech made by Col. Gaddafi CALLING FOR PEACE was MISTRANSLATED by the Mass Media as a threat speech.

“Fourth, we WILL NOT allow the Mass Media to set FALSE FRAMES around issues and then argue from within those frames, which is a CONTROLLED OPPOSITION argument.”

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A small size $100 United States Note of Series...

I guest hosted George Whitehurst-Berry’s Crash! Are You Ready? on December 28, 2011, and provided in-depth analysis of my articles:

1) The U.S. Constitution doesn’t say money should be gold or silver coin

2) The Constitution doesn’t insist on a gold or silver-backed currency

3) The Constitution doesn’t prohibit both the states and the federal government from issuing fiat money

4) Three prominent hard money advocates endorse the temporary issuance of fiat money

5) Michael Badnarik on issuing interest-free fiat money like Lincoln did: “That’d be a step in the right direction”

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Obverse of the Series 2006 $20 bill

Three prominent hard money advocates have endorsed the temporary issuance of fiat money, with two of them particularly endorsing interest-free fiat money.

On September 18, 2011, Nelson Hultberg of the Conservative American Party outlined one of the party’s primary planks, to “enact Milton Friedman’s 4% auto-expansion plan for the Fed.

On August 17, 2011, monetary reform activist Kirk Mackenzie outlined his transition period of issuing interest-free fiat money, in moving toward a free market monetary system.

On October 2, 2008, Michael Badnarik, 2004 Libertarian presidential candidate said with regard to issuing interest-free fiat money like Lincoln did: “That’d be a step in the right direction.

Gary North, prominent writer for LewRockwell.com, has curiously stayed quiet by not smoking out these individuals as alleged false-flag infiltrators according to the same standards he used for taking exception with Ellen Brown advocating (interest-free) fiat money. Could it be that Ellen Brown was an easy target, not having any connections into the social circles he travels in, unlike these three other individuals?

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G. Edward Griffin

G. Edward Griffin, in providing a chapter-by-chapter summary of his 1994 book, The Creature from Jekyll Island, made this claim in the summary for chapter 8:

Fractional money is defined as paper money with precious-metal backing for part, not all, of its stated value. It was introduced in Europe when goldsmiths began to issue receipts for gold which they did not have, thus only a fraction of their receipts was redeemable. Fractional money always degenerates into pure fiat money.

The reason for this, which he doesn’t mention, is that whenever new money is created, only the principal is created, and never the interest.

Compound interest charges will always eventually outstrip the supply of new precious metal.

Griffin admits that a fractional gold standard is inherently flawed, and, therefore, the Federal Reserve wasn’t the ultimate cause of the failure of the gold standard in the U.S. in 1933.

Be wary, therefore, of anyone who does advocate a gold standard with less than 100% backing.

For more on the gold standard, see my article, The gold double standard.

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