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Good vid. He sorta skips over Central Bank QE, and how that puts money (from thin air) into circulation so people can pay back traditional bank loans.
He also skips banking reserves and stress testing, but the rest of the vid is solid.
P.S. is that Tony Robbins in the dark? lol
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Isn’t the fiat money “issue” a manufactured controversy? When the US went off the Gold Standard, did it mean the US wouldn’t be able to pay its bills or be able to back the value of the dollars in circulation that it prints? Of course not.
Beyond raising money via taxes and other fees that government entities charge, “the federal government owns roughly 640 million acres, about 28% of the 2.27 billion acres of land in the United States.” How much do you think that’s worth? Sure, land isn’t easily convertible to money, but you can use the land’s value to back the money in circulation.
If Elon Musk signs a legally binding contract to give you $1 million, you can expect to get paid. Since the US Government is backing the US Dollar, you’re going to get your money. Whether it it physical money or electronic, it doesn’t matter. If the Venezuelian government promises to pay me $1 million in their currency, there is a good chance I’m not going to get paid because of government instability and that’s why the value of its currency has fluctuated so wildly and why it has been devalued relative to other currencies.
What am I missing here?
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To answer your first question NO. It was all by design signed into law in 1913.
For further learning read.
The Creature From Jekyll Island ~ G. Edward Griffin
Creature from Jekyll Island Reads like a detective story which it really is. But it's all true. This book is about the most blatant scam of all history. It's all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity. Creature from Jekyll Island is a "must read." Your world view will definitely change.
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If I had a dollar for every time he says "like", or "you know"... I'd be a millionaire!
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@AFMadness
Here’s a nice little review of the book you recommended that I found on Amazon:
“I am an MBA candidate that has spent many years in commercial banking, and therefore am fairly well-versed on central banking & “The Fed”, and purchased this book based on positive reviews hoping it may refresh some things I’d forgotten or present things from a different But valid perspective. Holy hell was I wrong - I’ll be returning after reading two chapters of this drivel, and now realize how naive I was to not do a little pre-purchase research on the author. Mr. Griffin has absolutely no academic or professional background pertaining to central banking or economics (no, earning a CFP like he has done does not make him in any way qualified to author a book on the history and working of the Federal Reserve). It turns out Mr. Griffin is known for publishing works on various subjects that are all ultimately long-winded conspiracy theories (he’s a 9/11 “truther”, for example) and that shines bright in the structure of this book. Mr. Griffin will begin each of his messages by presenting information that is objectively factual, I’m assuming in order to build trust and establish shallow credibility with prospective readers, and then immediately dive into outlandish assumptions about various motivations within the banking system or downright lies pertaining to how the system actually functions.
TLDR: this book is conspiracy theory propaganda disguised as fact, do not fall for the assumptions & falsehoods within these pages if you make the mistake of purchasing.”
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Let me add, AGAIN, that having discussions with people who base their arguments on mistaken beliefs or manufactured facts is simply a waste of time.
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Yep, leave it up to you to post a negative review, especially a book like that threatening his career. What did you expect him to write.
Do you have any thing Positive to say ? Positive reviews.
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The positive reviews were from gullible idiots.
How does it feel to fear bullshit all the fucking time?
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The Creature From Jekyll Island ~ G. Edward Griffin
GREAT book....I recommend everyone read it.
It lays out the history and the evil wealthy....Rothchilds....etc.
Getting off the gold standard was the worst mistake in our country.
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@mildlyamusing1
Instead of listening to some person whom you do not know.....
Read it for yourself.
And please tell me what school he went to.....why....so I know where not to send my kids.
The fact is we were on the gold standard until Nixon.
Now we have Fiat money....backed by NOTHING. Only faith.
Gov's luv fiat money...the can print all they want. Problem is if its not a reserve or popular currency....it collapses. Germany after the war comes to mind.
Also our once Continental Dollar went through the same demise after our Revolution....."Its not worth a Continental" was a catch phrase back then.
The US was in debt....and yes....printed away.
Read the book its heavily foot noted.
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@ Waterdisport22
Assuming you'd actually like to have a serious conversation about this topic, I am not an expert, but I do have some knowledge about economic policy and finance.
Simplistically, the average person can say that the value of something the government uses as legal tender/currency/money should be attached to something that has intrinsic value (gold) as a basis for the value of that country's currency. However, it is illogical to do so because of the complexity of our economy, our economy as it relates to the global economy and international trade, and the value of our currency as it relates to the value of every other country's currency.
The value of gold fluctuates, sometimes wildly, and is affected by supply and demand. Imagine if South Africa, discovers several tons of gold. The price of gold drops and the value of USD drops. Or suddenly South Africa (in my example) is the richest country in the world because of the gold it holds, but that doesn't take into account the country's GDP, it's natural resources, it's ownership of land (as I wrote earlier, I think the US Government owns 28% of the land in the U.S.). The value of land in the U.S. and the value of the USD ares affected by our government's rock-solid stability, not the amount of gold we hold in reserves.
Also, remaining on the GS would have prevented the Federal Reserve's ability to manipulate the value of the USD for the good of our economy. For example, if the value of the USD goes up too high relative to other currencies, that diminishes international trade for our goods because our goods would be too expensive to international buyers. But devaluing the USD increases international investment in the U.S. and the international purchasing of U.S. made goods.
So if the Federal Reserve floods the markets with USD, it lowers the value of the USD, lowers interest rates, and encourages investment in our economy, which is what was done during the pandemic to prop up the U.S. economy because the economy was at a standstill for several months. That's why we are experiencing inflation, which was expected.
Conversely, contracting the availability of the USD increases its value, increases interest rates, and lowers investment in the economy both domestically and from international investors. That's how our government is able to curb inflation and that's what is about to happen.
In sum, expanding and contracting the supply of money is one of the most important ways to stabilize the economy and facilitate international trade, which can't happen if the availability of money were pegged to the amount of gold the government holds. The reason why our fiat currency works is the stability of the U.S. Government.
If your concerns over the GS were sound, why is the world still using the U.S. dollar as its primary currency? If you type that into Google, this is the answer:
The Bottom Line: The trust and confidence that the world has in the ability of the United States to pay its debts keep the dollar as the most redeemable currency for facilitating world commerce.
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"I am not an expert"
You should've stopped right there and saved us the rest of your amateurish drivel.
What a load bullshit you just shoveled.
Haven't read the book either but if it's all about Jewish bankers
I don't need to read that drivel either.
Fucking unbelievable........
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Fear ?  What is this fear you talk about ? I have no plans to move to Montana.
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@ GBD
You do realize that almost everything you write is wrong or misses the point of the issue you’re attempting to address.
@ GBD and AFMadness
Why don’t you two geniuses actually respond to what I wrote directly?
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