Hi All-
Bill Still finally cleared up a long time question in my mind.
Credit Unions do not practice fractional reserve banking. Although banks can create money out of nothing when they lend, credit unions have to actually have the money in order to lend it. This explains a long time question I have had about credit unions and why they aren't making money hand over fist like the banks are.
Another point that Bill clarified in my mind, that I started to see coming is the whole gold standard for money issue. This is another scam in the making about to be pulled over on the American people and I am sorry to admit that I've been a player in it. The latest news from republican insiders is that they are going to include the gold standard in the party platform as a "consession" to the Ron Paul people in the party. This is the hegelian "solution" to the unsustainable money system that the bankers want to see happen. It will put America into an even worse depression than we are already in. I fear that the person who appeared to be the bankers worse enemy is actually working for them in the end (perhaps unwittingly). My lack of faith in Ron Paul started when his son endorsed Mitt Romney and the campaign did nothing to counter it, then came out with how Ron Paul delegates should be respectful at the convension. Basically Ron Paul took a dive and it became apparent to me that this particular political game was again fixed. Now with the gold standard being added to the republican party platform without any fight from the party leaders shows how they will use the Ron Paul people to their own advantage.
Here's the interview:
http://www.redicecreations.com/radio/2012/08/RIR-120823.php
Wendy
More on the gold standard.
I continue to explore this debate: Fiat money vs. gold standard.
G. Edward Griffin's response to the Bill Still videos and solutions.
Anyone out there have any opinions about this?
http://www.freedomforceinternational.org/freedomcontent.cfm?fuseaction=meetstill&refpage=issues
I don't know about a gold standard down the road, but it makes sense to own some gold and especially silver -- the real thing you can hold in your hand -- now. John has posted already about silver recently. Here are a few sentences from a very good interview with Eric Sprott, a big precious metals advocate and successful investor:
ES: The biggest thing is they should fear the financial system. It's very, very volatile. We see what's happening on a day-to-day basis. It's staggering the things the central planners have to do to hold it together. I think people have to push further and further into the precious metals area. It's the one thing that will survive the financial fiasco that we're in. The safest thing is to own gold and silver, and don't buy some paper saying you own it unless you know the people behind it are trustworthy.
Here's the entire interview, with all the why's and wherefores: http://www.theaureport.com/pub/na/14210
And here's a list of reputable coin & precious metals dealers: http://www.gata.org/node/173
Sprott says that pre-1965 US silver coins (dimes, quarters, half-dollars, dollars) are the best buy and the most useable form of precious metals for the average person today. As of right now, a real silver quarter is worth about $5.75. And compared to gold, silver's current prices are more depressed, so it has more upward potential. If you like the idea of gold, I understand that you can also buy gold coins of various kinds in fractions of an ounce. They say always avoid collectors' coins and buy only the most common and recognizable, with low premiums.
It looks as if the price of precious metals may be set to jump much higher very soon. They could go down for a bit (or not), but given the disaster of fiat money today, their future looks very good. Precious metals have been by far the best class of investment over the past 10 years, and they don't look ready to give up yet. Stocks have gone nowhere on balance.
Carpe diem.
Yeah, I used to be an advocate for the gold standard until I learned that most of America's gold has been secreted abroad. If the world returned to a gold standard now, America would find itself to be one of the poorer nations.
Gold proponents often speak negatively about "fiat" currencies. Afterall, the U.S. Dollar is a fiat currency gone bad. The Federal Reserve irresponsibly prints the dollar without balancing the currency in circulation with the amount of actual goods and services traded. (Fractional reserve banking further distorts the equation.)
But when I first heard Ben Still talk about the success of the Colonial Script (a fiat currency successfully used by the original American colonists), I was impressed. In the right hands (without the built-in debt and greedy ponzi schemes), a wisely-managed fiat currency could be just what the U.S. needs to heal its economy.
In the meantime, Bob's right about owning real silver coins. The only thing keeping the Dollar and the Euro going is our faith in them. Even the cleverest ponzi scheme runs its course and topples under its own weight. That day of reckoning is drawing near. Silver and gold are real money. When paper currencies collapse, precious metals will reign supreme.
Yeah, I used to be an advocate for the gold standard until I learned that most of America's gold has been secreted abroad. If the world returned to a gold standard now, America would find itself to be one of the poorer nations.
Gold proponents often speak negatively about "fiat" currencies. Afterall, the U.S. Dollar is a fiat currency gone bad. The Federal Reserve irresponsibly prints the dollar without balancing the currency in circulation with the amount of actual goods and services traded. (Fractional reserve banking further distorts the equation.)
But when I first heard Ben Still talk about the success of the Colonial Script (a fiat currency successfully used by the original American colonists), I was impressed. In the right hands (without the built-in debt and greedy ponzi schemes), a wisely-managed fiat currency could be just what the U.S. needs to heal its economy.
In the meantime, Bob's right about owning real silver coins. The only thing keeping the Dollar and the Euro going is our faith in them. Even the cleverest ponzi scheme runs its course and topples under its own weight. That day of reckoning is drawing near. Silver and gold are real money. When paper currencies collapse, precious metals will reign supreme.