Understand The Current Crisis IN TEN MINUTES: VIDEO
DriftingByTheStorm
Posts: 8,684
Watch this 10 Minute Video,
and you will no longer be casting about errant assumptions
or pointing fingers at irrelevant objects of ire.
There is but one reason we are in this mess,
and it has to do with the system of coin and credit that has been forced upon us.
But then again,
what does a president really know?
:cool:
Watch This Movie
and you will no longer be casting about errant assumptions
or pointing fingers at irrelevant objects of ire.
There is but one reason we are in this mess,
and it has to do with the system of coin and credit that has been forced upon us.
President John Adams wrote:All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation.
President Thomas Jefferson wrote:"The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their Property until their Children will wake up homeless on the continent their Fathers conquered." - Letter to Dr. Thomas Cooper, January 1814
President Abraham Lincoln wrote:The government should create, issue and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers..... The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government's greatest creative opportunity. By the adoption of these principles, the long-felt want for a uniform medium will be satisfied. The taxpayers will be saved immense sums of interest, discounts and exchanges. The financing of all public enterprises, the maintenance of stable government and ordered progress, and the conduct of the Treasury will become matters of practical administration. The people can and will be furnished with a currency as safe as their own government. Money will cease to be the master and become the servant of humanity. Democracy will rise superior to the money power.
But then again,
what does a president really know?
:cool:
Watch This Movie
If I was to smile and I held out my hand
If I opened it now would you not understand?
If I opened it now would you not understand?
Post edited by Unknown User on
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Comments
they didn't know anything back then more than farming corn and herding sheep.
That's what I'm told to believe, so I'm sticking with it.
btw...brother can you spare a dime?
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
-Reagan
Um.
Not really.
Fundamentally this crisis is about someone pulling one card out of the house ...
the card being a few hundred billion in leveraged credit,
and the house being the entire leveraged skyscraper.
See that is what so many are failing to grasp.
There may indeed be some legitimate regulatory concerns at play here,
but those issues (and issues like subprime borrowers) are PEANUTS, compared to the part that massive over leveraging played.
Along with the leverage, there was the inherent (and deliberately created) moral hazard of having a private system insure itself with government funds, with absolutely no rating system to determine risk. Again, would you see a problem with the entire country having the same payment for car insurance, regardless of accident history or driving habits?
Anyway.
There are several different facets to "The Money Trust" dilemma we find ourselves in (the debt conundrum, the massive leverage, the interest rate manipulations, the FDIC moral hazard issue, bailout by design), but the privately owned leveraged debt trap is (imho) the underlying issue.
Why, what would you pin the blame on?
I dare you to say, "deregulation, unqualified borrowers, and bad underwriting practices".
Because none of that bad lending would be taking place if we didn't have a bad system that spit out cheap money, but ONLY on the condition of it being LENT. Do you understand that the only reason banks were lending to unqualified buyers was because they were competing in an environment where there was as much money as they could ask for to be had, so long as they found some one to lend it to? The game then simply becomes a matter of "who can lend to the most, the fastest". If you alow someone to play a game with stupid rules, don't be suprised if people act stupid playing it.
I urge you to go back and re-read the quote from Jefferson posted above.
You don't see any glaringly prophetic wisdom there?
If I opened it now would you not understand?
Peace
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
This clip is from Zeitgeist: Addendum
and, given the current political\economic climate,
i think it, along with The Money Masters, deserves a good viewing.
Check it.
If I opened it now would you not understand?
If anyone just takes macro 101, they should be good. This is hum drum conspiracy theory crap atleast in it's tone. A large amount of it is true, but the problem is they make things sound like everyone is out to get people, particularly the FED. I've taught college econ and I'm an economist (an I'm not pro-FED).... and I know this is a pro-libertarian video (obvious by Ron Paul crap)..... great. I got no problem with that, but this IMHO, is not the whole truth. It's segmented. It's like taking info from a one-sided video and considering that the "whole story".... this is not.
If this is your source, you got to be looking elsewhere. The FED did contribute to this mess, but they weren't completely resposible.
Question to pro-Ron Paulers....
He's always talking about the dollar fallling. What does he think about the recent rise? He's always saying we need manufacturing... the rise constrains that. IMHO, he's always contradicting himself.
***I like his message, btw.... but, personally, I think he pretends to know too much. IMHO, he doesn't. He's a typical politician. IN consider him the Dennis Kucinich of the right. Since, I lean that direction, I favor his approach, but I think he often overlooks basic econ principals. That said, most times, he puts things together better than the Repub or Dem candidates... so I'll def give him that.
P.S.
I wouldn't consider this the reason for the current crisis. The FED did have a lot to do with it. But, IMHO, it was their decision to lower interest rates (post 9/11) and keep them low that got us here. That's what created the housing bubble.... that's what burst.... that's what caused contagion into credit... that's what caused contagion into finance..... here we are.
How are you not seeing that we are talking about the same thing?
Non-market interest rates (be they low OR high) cause significant problems.
That fact, along with a whole host of problems inherent with a private central bank issuing currency, should be of paramount concern to our citizens.
Yeah right.
Last time i got in an argument on here with an Ivy League econ. major, and he couldn't even comprehend that all money in our system is fundamentally debt.
If you think a stupid macro 101 class is going to clue people in to the fundamental fallacy of a private central bank issuing debt based currenty at interest, you are sorely mistaken.
I read the chapter on the Federal Reserve in Sowell's "Basic Economics" (after my misguided father, who thought I was misguided, bought it for me) and was thoroughly disgusted by the incomplete, and cursory nature of his discussion of the subject.
And with all due respect when a half dozen of our most respected presidents tell me that the central bank is a monster, and that it is controlled by interests ananthema to our constitution and liberties, i hardly think it qualifies as "hum drum conspiracy theory crap".
Perhaps you know some more enlightened thinkers and can turn my POV around?
If you think this is "hum drum conspiracy theory crap", I wonder what you think of this quote from President Theodore Roosevelt:
Hum drum conspiracy theory crap?
Coming from the president?
Or this one from President Andrew Jackson:
Hmm?
Premonitions of the fate, for sure.
And you dare not call it a conspiracy?
A few more good ones for the road:
Jackson, discussing the accusations that he would ruin the country, should he abolish the central bank:
Any of that sound familiar? Bankers speculating in the breadstuffs of the country? Mortgages, housing?
When they won they divided the profits? When they lost they charged us $700 billiion? ???
On the "supreme perogative" of government to coin money:
And AJ again, on the curse of the bankers' debt:
Conspiracy crap, huh?
How much of THAT did you teach in your Econ classes?
:cool:
If I opened it now would you not understand?
First, it describes inflation as the difference between the amount of goods and the amount of money, and that this difference reduces the purchasing power of the dollar. Yes, this is inflation.
However, when the video says "$1 dollar back then requires $21 now", it fails to account for the fact that incomes have also risen.
Again, the video makes it sound as though it's 21 times harder to buy the same goods. That would only be true if incomes had stayed the same.
So....little bit of scaremongering and fuzzy math in that video, but overall I think it gets its message across.
http://forums.pearljam.com/showthread.php?t=272825
just finished watching the whole thing...still digesting it.
a 'conspiracy' movie that offers solutions (albeit vague). how novel
Thanks for the head's up.
First, you've obviously got too much time on your hands. Do yourself a favor and read The Rationale of Central Banking and the Free Banking alternative - Vera Smith. There are fundamental problems with both systems.
Second, you are looking for fights when you don't need to be. I said hum drum conspiracy theory crap AT LEAST IN ITS TONE. Anyone who watches that video can hear that it's inheritely trying to freak people out in ITS TONE.
Third, yes, one could learn all of these principals and the counter arguments in macro 101. It's not very complicated.