Money - Our Global Problem
“The Gig Is Up: Money, the Federal Reserve and You.” is a video presentation by Gary Fielder at the University of Colorado School of Law in December 2008.
The economies of most nations are controlled by central banks not unlike the US Federal Reserve.These central banks wield absolute financial control over governments, answer to no one and have created a global debt bubble that will last for generations.
Watch this - please!
May 4th, 2009 at 6:21 am
Some of the things he says seem wrong. He mentions that the Fed is a for-profit entity with private shareholders. If it’s true, it’s clearly wrong, but Wikipedia doesn’t say so: http://en.wikipedia.org/wiki/Federal_Reserve_System#Independent_within_government
The article may be wrong though. There’s a big discussion on this page and it’s hard to be sure if any private entity really draw profits from the Fed’s interests or if it goes to the Treasury. I wish I could have a clear answer.
As for the “money as debt vs. gold standard” thing, well, the gold standard is not without problems either. Because the resource is limited, if someone has a large amount of the resource, that person will drive the prices down, artificially increasing the value of individual units of that resources. For example, if everyone has 100 gold coins and that a loaf of bread costs 1 coin, and then someone manages to get 90% of all the coins, the price of the loaf of bread would dramatically drop, giving leverage to our rich guy to get even more assets for his gold. In fact, if you have a proportion important enough of that resource, it’s practically the same thing as if you were the Fed yourself (you have the capacity to create exchange value as you wish. your capacity is not unlimited, but nearly)
However, I agree about fractional banking being wrong. I totally agree about the bailouts being very, very wrong. He’s also right about the misperception people have of fiat currencies: Their value can’t be stored because of inflation. However, I don’t think that this is inherently wrong. As long as we treat fiat currencies for what they are — means of exchange — it’s ok.
May 4th, 2009 at 2:20 pm
Interest is profit and all money issued by the FED is repaid with interest.
As interest is paid in the same currency the original money can never be repaid as the interest component must also be borrowed and that in turn attracts more interest.
Other docos to check out:
Money as Debt:
America - Freedom to Fascism
Zeitgeist
May 4th, 2009 at 5:23 pm
I know, I understand the basics. I’m just saying that using gold is not without major problems either.
May 5th, 2009 at 2:06 am
Central banks are highly profitable as they earn interest on currency in circulation. This profit is then paid to the Government.