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10 Minute Video: "Obamanomics"

DriftingByTheStormDriftingByTheStorm Posts: 8,684
edited April 2009 in A Moving Train
Nothing mindblowing,
but a levelheaded account of the disparity beween "Obama say" and "Obama do".
"Obamanomics"

On a very long tangent:

the Greenspan clip near the end never fails to make me a little sick in my mouth.
This coming from Ayn Rand's little helper, who penned the essay, "Gold and Economic Freedom".

What problem Greenie?
The fact that the entire system was predicated on PRECISELY the model you described a half decade ago as being "insidious"? That little problem with your "theory"?
Alan Greenspan in 1966 wrote:
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. They have created paper reserves in the form of government bonds which-through a complex series of steps-the banks accept in place of tangible assets and treat as if they were an actual deposit, i.e., as the equivalent of what was formerly a deposit of gold. The holder of a government bond or of a bank deposit created by paper reserves believes that he has a valid claim on a real asset. But the fact is that there are now more claims outstanding than real assets. The law of supply and demand is not to be conned. As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy's books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by bank credit expansion.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

I don't know about you, but I call that a sellout, a liar, and in many ways a traitor.

You can substitute "neo-liberal" for "statist" and you get the same thing.
You could use "globalsit" or "new world order-ist" or "elitist", i suppose, as well. All the same.

Remember folks,
your loss of wealth is 100% equivilant with the Government's handouts and bailouts.
Bailouts plus Military Budget = You Ain't Got No Wealth Left Pretty Soonz.
When you understand that Obama's budget creates the LARGEST DEFICIT IN THE HISTORY OF THE WORLD,
then you will start to understand how "his" policies (really THEIR policies) are NOT intended to benefit you in the slightest.
If I was to smile and I held out my hand
If I opened it now would you not understand?
Post edited by Unknown User on

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