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LynneW (New User) - on Dec 19, 2013 - 00:25
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DawnR (New User) - on May 27, 2013 - 17:27
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But this guy doesn't have a clue how banking... See Moreworks, how money works, or how an economy works. His ranting against the Federal Reserve Bank is just wrong.
Fact: Prior to the Federal Reserve, banking had an inevitable cycle of boom and bust. Why? Because loans create money. But the system as a whole can create less and less money as the iterations on loans go up. (Read Wikipedia on how a bank works - or read the Quantiger wordpress blog - some great stuff there.) Since banking can create less and less money as time goes on, and money creation is how interest gets create in order to pay it, sooner or later enough loans go bad that the system collapses.
Fact: The Federal Reserve Bank was created to be a lender of last resort. It worked fairly well. But we still had the depression because bubble economies happen and scammers love to sell into bubbles because they make so much money.
Fact: Money in the modern world cannot be based on gold or any other fixed standard that doesn't expand. The reason is that doing so will bring down industrial civilization. That is part of what happened in the Great Depression. We went off the gold standard to get out of the Depression and we formalized it in the 1970's.
There is a very good reason for that. The miser problem. If money is deflating, then those with money try not to spend, because that's the best way to "make" money. Investment goes down, then stops. It is necessary to have at least some inflation for investing to be worthwhile. Otherwise? Hang onto your money.
Fact: Money is not a "thing" it is an agreement we have in society. We agree that something has value. It is necessary for money supply to increase in a growing economy. Why? Because otherwise, money must deflate, or increase in value - and then you have the miser problem. Ancient societies dealt with the miser problem by having temples loan money and collect tithes to replenish the loan fund. Then they had jubilee years where all loans were forgiven and started fresh. That kept things working reasonably well. Today we are more sophisticated.
Yes - we have problems. No question about that. We have problems because the criminals who ran the banking system into collapse were not put in prison. Our regulation system for banking is broken. The president and his executive branch are protecting them rich criminals. That's the problem.
We have problems because flim-flam finance has taken over and now half of all financial transactions are garbage, just con-jobs to sneak theft past the sleeping regulators and police.
Buy this book if you want to waste your money. But don't believe it. Read Steve Keen's blog, or start with Wikipedia on the Federal Reserve and read up on Wikipedia on banking. Read something about MMT.
The leaders following Ayn Rand got us into this mess. Friedman is the architect. He's dead wrong, but popular because he justifies deregulation that allows the worst con-men in the nation to rise to the top of our banking system and game it to get rich.
As far as prescriptions? He is also wrong. This is easy to see looking at places where the economy and government collapsed, like Russia. Lone wolves die. People survive by working together as communities, as networks of friends. People survive by rebuilding governance from the ground up in a collapse. If we had a real collapse, the national guard would be called out and people defending caches of necessary materials for society would be steamrolled. That is the reality.
EllenH (New User) - on Apr 01, 2013 - 21:45
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