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Posts Tagged ‘Henrik Palmgren’

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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