-60 votes

The Gold Standard Debunked - Video

I'm concerned that "gold backed money" is being accepted as a viable alternative by many in the freedom movement. It is a false choice, a diversion, it is neither desirable nor doable as this video shows:

The Gold Standard Debunked

Gold money has been foisted upon the freedom movement in an attempt to hide and hinder real monetary reform - the key to our freedom and future prosperity.

Here is the great truth that they do not want you to know:

The most important financial decision an independent nation may make – does it use sovereign credit or sovereign debt?

Sovereign Debt – The sovereign debt route typically entails a nation using its credit to issue bonds which act as collateral and a pledge to borrow money. The collateral is the backing of the people and both private and public property. It is an instrument of debt.

Sovereign Credit – Enables nations to directly issue money instead of bonds. Both bonds and money are backed by the SAME collateral, the difference is that sovereign credit is totally debt free.

Thomas Edison elegantly explained the difference in a few paragraphs, that are more succinct and important than a library of economic books:

“If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good also…

Both are promises to pay, but one fattens the usurers and the other helps the people. If the currency issued by the Government was no good, then the bonds would be no good either. It is a terrible situation when the Government, to increase the national wealth, must go into debt and submit to ruinous interest charges…”

There is only one way to restore the republic and break free from debt slavery – we must once again issue our own money - the specie doesn't matter!

Larry



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Third choice: Government uses coin it has saved

Isn't a third choice that the government only uses gold and silver coin it has collected through taxes? That it actually has in hand?

My Understanding Is:

The original 1792 coinage act:

http://www.constitution.org/uslaw/coinage1792.txt

The American people could mine Gold/Silver, buy and sell Gold/Silver, and use foreign coins made of Gold/Silver, and at their discretion bring scrap Gold/Silver, mined Gold/Silver and foreign Gold/Silver to the U.S. Mint and have it exchanged or minted into U.S. coins mentioned in the 1792 U.S. coinage act.
Foreign {customs} duties, excises, and imposts {?} were used to collect federal money, please notice personal income taxes was not mentioned in the original U.S. Constitution.

beesting

Gold standards are prone to cheating.

A Gold standard allows paper ambassadors to represent gold in trade.

As President Adams averred, if there are more ambassadors than gold or silver in reserve, someone is being cheated.

Gold, silver and copper have operated without ambassadors for 5,000 years or more.

Only cheaters want a Gold Standard or a fiat money.

Free includes debt-free!

Coin's Financial School

by William Harvey 1894 The Coinage Act of 1873, popularly known as the 'Crime of 1873' destroyed America's economy with deflation through the demonetization of silver, by allowing holders of civil war debt to demand repayment only in gold coin, when there was not enough gold above ground to make the payments. Coin's Financial School is the lost gem of monetarism. Enjoy Coin's Financial School with all original illustrations as it first appeared in 1894.

http://coinschool.blogspot.com/

Open each page in a new window and it will be easier to read.

Also pay attention near the middle and end when the question comes up about labor backed currencies. The bankers in the room a sopped his answer up with their evil biscuits because, that's pretty much the direction they took as they moved towards 1913. You now have a labor backed, debt based, monetary system. It would have been better for all the people of the world if they would have moved towards bimetallism. If you don't understand the importance of setting honest weights and measures you can never understand the value of real money. species is not for value, it is for convenience.

Yes you actually have to read it but it is only 5 days of lectures and it is very interesting to read. Once you start reading it you won't be able to stop (which is saying something when it comes to reading about the subject of money). This book would be worth making into a video reenactment of the lectures and would bring the subject to life for the common man.

I beg you, please please please read it!!!!!!!!!!!!!!!!!!!

If you do read it please tell me what you think on this thread. http://www.dailypaul.com/308405/weekend-read I look forward to hearing your thoughts.

Hey True

Thanks for posting an the interesting read…..it was difficult reading from your link. Here is a better link for you.
http://www.matrixfiles.com/coin/ch1.php

My comments are:
Having studied financial history I am familiar with the time frame in question and one of the players called the “Silverites”. If I have learned anything over the years it that none of this stuff was happening in a vacuum. It’s best to get a complete narrative and there is none better then Murray Rothbard.

Here is a paragraph from his most excellent work “A History of Banking and Money”.

It should be recognized that the silverites had a case. The demonetization of silver was a “crime” in the sense that it was done shiftily, deceptively, by men who knew that they wanted to demonetize silver before it was too late and have silver replace gold. The case for gold over silver was a strong one, particularly in an era of rapidly falling value of silver, but it should have been made openly and honestly. The furtive method of demonetizing silver, the “crime against silver,” was in part responsible for the vehemence of the silver agitation for the remainder of the century.

The Silverites were resurrected by the Populist and the author of your piece was a Populist, William Hope Harvey.

The Greenbackers and later the pro-silver, inflationist, Bryanite Populist Party were not “agrarian parties”; they were collections of pietists aiming to stamp out personal and political sin.
Thus, as Kleppner points out, “The Greenback Party was less an amalgamation of economic pressure groups than an ad hoc coalition of ‘True Believers,’ ‘ideologues,’ who launched their party as a ‘quasi-religious’ movement that bore the indelible hallmark of ‘a transfiguring faith.’ ” The Greenbackers perceived their movement as the “religion of the Master in motion
among men.” And the Populists described their 1890 free-silver contest in Kansas not as a “political campaign,” but as “a religious revival, a crusade, a pentecost of politics in which a tongue of flame sat upon every man, and each spake as the spirit gave him utterance.” The people had “heard the word and could preach the gospel of Populism.” It was no accident, we see now, that the Greenbackers almost invariably endorsed prohibition, compulsory public schooling, and crushing of
parochial schools. Or that Populists in many states “declared unequivocally for prohibition” or entered various forms of fusion with the Prohibition Party.

But read the Book I recommended, it will give a much more detailed explanation of all the players and how it all fit’s in to how we got where we are.

http://mises.org/document/1022

BTW
Murray was an advocate for a “parallel standard” which would be a two metal standard with both trading based upon their market valuation and not a fixed exchange standard.

The ultimate breakdown of bimetallism had never been
clearer. If bimetallism is not in the long run viable, this leaves
two free-market, hard-money alternatives: (a) silver monometallism
with the dollar defined as a weight of silver only, and
gold circulating freely by weight at freely fluctuating market
rates; or (b) gold monometallism with the dollar defined only as
a weight of gold, with silver circulating by weight. Each of these
is an example of what has been called “parallel standards” or
“free metallism,” in which two or more metal coins are allowed
to fluctuate freely within the same area and exchange at freemarket
prices. As we have seen, colonial America was an example
of such parallel standards, since foreign gold and silver
coins circulated freely and at fluctuating market prices

Thanks for the link Goldspan

And thank you for your very informative comment.

Here is another link for Coin's

https://en.wikipedia.org/w/index.php?title=File%3ACoin%27s_F...

Just click next page to the right side of the screen.

This is the same old Greenbacker Bullshit

Thanks for staying with this idiot Republicae…..I could tell you were getting frustrated. Greenbacker’s…talk about a religion. This idea has been around for over 100 years….it was a bad idea then and it a bad idea today. Give the USG the ability to issue all the money they want…yeah right…we could run it like the Post Office…because we all know that works like a dream. Does anyone remember about 10 or 15 years ago ….the had to shut down the Congressional Post Office because our vaulted leader were bouncing their own checks there.

Here is an audio of a speech on Social Credit from the foremost expert on the fallacies of this movement. Pick it up around the 29 min mark using the left side clock….you’ll see it.

The Under World of Social Credit.

http://mises.org/media/6533/The-Economic-Underworld-of-Socia...

I can't stand many of you

I read all of you long winded answer's patiently and none of you understand basic economics!

This article and writer are both lost in space. Know nothing about what they are talking about yet feel the need to tell everyone that what they think is fact.

The true GOLD STANDARD represents a monetary system that cannot be manipulated by anyone or anything. The reason why there is not a real GOLD STANDARD today or ever was because majority of us (not me) don't know anything about finance and let these disgusting human beings get away with theft & treason!

GOLD AND SILVER ETF'S are a blatant lie and manipulation of what GOLD represents. Not to mention the Federal reserve having the ability to print at will the reserve currency of the world. To say we are in a free market shows anyone's ignorance!

Holding PRECIOUS METALS is the only way for you and me to be free from manipulation and greed. It's the sole reason JOHN KENNEDY was killed. He wanted to weave SILVER AND GOLD into Cash so the wealth was distributed through out the people, not the government!!!!!!

Republicae's picture

I essentially agree with you

I essentially agree with you on several points however, the last point you made is based not on fact but on a mythology that came about in 1989 through the writings of Jim Marrs. The truth is very easy to uncover and it is found in the very document that Marrs used EO11110 and distorted to say something completely different than it actually did.

JFK set the stage for the removal of all silver from circulation, he got the removal of $5 and $10 Silver Certificates in 1961 and then with EO11110, removed $1 and $2 Silver Certificates allowing for the expansion of the Federal Reserve to issue those small denominations as Federal Reserve Notes. Public Law 88-36, signed the same day that EO11110 was issued, repealed the Silver Purchase Act of 1934, also essentially made silver a marketable commodity instead of a monetary metal, demonetizing silver for the first time in our nation's history.

On November 28, 1961, President Kennedy halted sales of silver by the Treasury Department. Increasing demand of silver as an industrial metal had led to an increase in the market price of silver above the United States government's fixed price. This led to a decline in the government's excess silver reserves by over 80% during 1961. President Kennedy also called upon Congress to phase out silver certificates in favor of Federal Reserve notes.

President Kennedy repeated his calls for Congress to act on several occasions, including his 1963 Economic Report, where he wrote:

I again urge a revision in our silver policy to reflect the status of silver as a metal for which there is an expanding industrial demand. Except for its use in coins, silver serves no useful monetary function.

In 1961, at my direction, sales of silver were suspended by the Secretary of the Treasury. As further steps, I recommend repeal of those Acts that oblige the Treasury to support the price of silver; and repeal of the special 50-percent tax on transfers of interest in silver and authorization for the Federal Reserve System to issue notes in denominations of $1, so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes. I urge the Congress to take prompt action on these recommended changes.

Public Law 88-36

The House of Representatives took up the President's request early in 1963, and passed HR 5389 on April 10, 1963, by a vote of 251 to 122. The Senate passed the bill on May 23, by a vote of 68 to 10.

Text of Executive Order

President Kennedy's Executive Order (E.O.) 11110 modified the pre-existing Executive Order 10289 issued by U.S. President Harry S. Truman in 1951, and stated the following:

"The Secretary of the Treasury is hereby designated and empowered to perform the following-described functions of the President without the approval, ratification, or other action of the President..."

The order then lists tasks (a) through (h) which the Secretary may now do without instruction from the President. None of the powers assigned to the Treasury in E.O. 10289 relate to money or to monetary policy. Kennedy's E.O. 11110 then instructs that:

SECTION 1. Executive Order No. 10289 of September 9, 1951, as amended, is hereby further amended (a) By adding at the end of paragraph 1 thereof the following subparagraph (j):

'(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821(b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of an outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption,' and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.

SECTION 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.

John F. Kennedy,
THE WHITE HOUSE,
June 4, 1963.

In fact, Silver Certificates, like Gold Certificates were not simply Bank Notes, they were Warehouse Receipts for a certain amount of real Constitutional Money, i.e. silver. United States Notes and then Federal Reserve Notes were not, in fact on United States Notes it clearly states that Bonds have been deposited to cover that Note, the very same thing as a Federal Reserve Note. Silver Certificates and Gold Certificates were, besides silver coins, were the last vestiges of what remained of real money in this country and JFK sought to remove silver just like FDR did gold. In a way JFK set the stage for the confiscation of the People's silver just as FDR did with the Peoples gold.

Below is what amounts to the original version of this Conspiracy Theory:

Jim Marrs. (1989). Crossfire: the Plot that Killed Kennedy, NY: Carroll & Graf Publishers

“Kennedy apparently reasoned that by returning to the Constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest.” (I wonder where on earth he got the idea that JFK was thinking about this, for nowhere, absolutely nowhere in his writings, speeches or letters is this found)

"He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 [4.3 Billion] in United States Notes through the U.S. treasury rather than the traditional Federal Reserve System. That same day, Kennedy signed a bill changing the backing of one- and two-dollar bills from silver to gold, adding strength to the weakened U.S. currency.”

Of course, there is no mention of any of that in either EO11110 or the Legislation he signed into law that day. Nowhere in EO11110 does it call for the issuance of $4.3 Billion in United States Notes. It did not give the Treasury any authority that it did not already have since 1862. Nor did the Legislation JFK signed that day authorize the new $1 and $2 Federal Reserve Notes to be backed by gold because the requirement, at that time, was that all Federal Reserve Notes were to be backed by 25% gold. JFK had already gotten approval from Congress to remove $5 and $10 Silver Certificates back in 1961. When he signed EO11110, that effectively set the stage for not only the removal of all United States Notes, replacing them with Federal Reserve Notes, but he also set the stage for the removal of all Silver Certificates and the eventual removal of all silver coins. LBJ continued with these policies with a Coinage Act that reduced the silver in coins from 90% down to 40% and the ultimate removal of all circulating silver.

"Kennedy's comptroller of the currency, James J. Saxon, had been at odds with the powerful Federal Reserve Board for some time, encouraging broader investment and lending powers for banks that were not part of the Federal Reserve system. Saxon also had decided that non-Reserve banks could underwrite state and local general obligation bonds, again weakening the dominant Federal Reserve banks."

Strangely enough, you will find this very except from Marr’s Book describing James J. Saxon in none other than Wikipedia. That’s one reason you can never, ever depend on Wikipedia for accurate information, it allows member to write or edit the information, whether correct or not. Now, I have read the 1961, 1962, 1963 and 1964 Annual Report of the Comptroller of the Currency, nowhere within those documents nor in any of the Letters to any Congressman or indeed to the Board of Governors of the FED do I find any place where James J. Saxon was at odds with the Federal Reserve.

You can find the original Conspiracy Theory in Jim Marrs'. (1989). Crossfire: the Plot that Killed Kennedy, NY: Carroll & Graf Publishers. Of course, strangely, this is not the only Conspiracy Theory that Marrs promotes as the reason that JFK was assassinated. He also states that JFK was assassinated for these reasons too:in Crossfire that those with motives in the murder of Kennedy were "Attorney General Robert Kennedy's attack on organized crime (Mafia motive); President Kennedy's failure to support the Cuban exiles at the Bay of Pigs (Cuban and C.I.A. motive); the 1963 Nuclear Test-Ban Treaty (military-industrial complex, or M.I.C. motive); Kennedy's plan to withdraw from Vietnam before the end of 1965 (Joint Chiefs of Staff and M.I.C. motive); Kennedy's talk about taking away the oil-depletion allowance (Texas oil men motive); Kennedy's monetary policies (international bankers motive); Kennedy's decision to drop Vice President Lyndon B. Johnson from the ticket in 1964 (L.B.J. motive) and Kennedy's active civil rights policy (Texas racist billionaires motive)."

Far from being an enemy of the FED, few people have knowledge of the cozy working-relationship that JFK formed with the FED, almost immediately upon taking office, JFK, himself, convinced the FED to sell short-term Treasuries and use the funding to purchase Long-Term bonds. It was the a tactic that was recently revived by none of than Ben Bernanke...the ole Operation Twist. It involved the auction of $6.9 Billion dollars of short-term debt and buying notes with 5 year maturities.

Indeed, if you look at the policies of JFK, he maintained a very close relationship with the FED and his policies reflect that fact. In fact, JFK essentially ended the tight fiscal policies of Eisenhower, promoting and supporting the FED in loosening monetary policy.

Additionally, few people realize that JFK was an avid supporter of the IMF and the World Bank, thus if completely defies reality to think that he would oppose the FED when his actions prove just the opposite. In his speech to the IMF, he lauded the actions of not only the IMF, but also the central banks of the world for their monetary policies.

As far as the conspiracy theory, even the newspaper articles denote the real reasons behind JFK's policies and eventually EO11110: In effect, the President wants to end silver's status as an important monetary metal and make it a freely traded commodity, like copper and soybeans. Except from the Southeast Missourian-November 28, 1961. The theory that is promoted about EO11110 just does not hold any water whatsoever, add all the other facts to the case and it falls apart completely!

EO11110 did not expand the use of silver, but diminished it's use and expanded the role of the FED to issue Federal Reserve Notes. The EO also didn't expand or issue United States Notes, in fact, it heralded the eventual demise of the United States Notes in favor of Federal Reserve Notes. There was, at that point, no reason to continue them since through EO11110, the FED was finally allowed to print and issue every single currency denomination in this country. Again, JFK was not the hero!

Add to this all the other compelling information (as seen in many posts below) that completely contradicts this conspiracy theory that it bears investigation of anyone who honestly is interested in knowing what is true from what is blatantly false. That is, after all, what anyone should want to know, even if it causes you to abandon what you once thought was true. That has happened to me more times than not, I have abandoned, over the years, various theories and scenarios that been proven false.

At one time, not too many years ago, I believed this conspiracy theory and others, the reason was because I didn't do adequate research to disprove it at the time. When I began to research the subject I was forced, by actual facts, to change my views to reflect the accurate version of history.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Thank you Republicae

Thank you Republicae for the work you have put in on this thread.

I have not spent any time on the Daily Paul, and I apologize to everyone for this. I have had many other tasks, and have neglected this community. I am aware and have been for some time that there are many trolls and anti-freedom agendas rearing their ugly heads on this site. I also realize that Michael Nystrom cannot spend all his time being a blog policeman.

Now, as to this thread - without getting into the details, let me just say this: there is no such thing as a free lunch. Never has been, and never will be.

There is no such thing as a stable economic system where something of no value can be traded for something of value. Never has been, and never will be.

Any "money" that has no value in and of itself, and cannot be directly redeemed for something of value, cannot be the basis for a sound, stable economic system. Never has been, and never will be.

A brief digression - the phrase "gold-backed currency" is a term of disinformation, because it doesn't really mean anything. The only phrase that would mean something is "gold-redeemable" or "gold convertible." The term "Gold-backed currency" means nothing, because no one can define how such a currency is "backed" by gold or silver.

Any nation with gold or silver reserves held by their central bank or government could be said to have a "gold-backed" currency, whether such a currency is redeemable or convertible, or not. The point here is that if you cannot exchange your paper money into gold or silver at a fixed rate, then the phrase "gold-backed" or any other like phrase, is completely meaningless.

Now to the point - although it could be argued that a government directly issuing their fiat money without it being debt-based would be better than the debt-based currency we use now - it is really a distinction without a difference. The point, which DrKrbyluv seems determined to ignore, is that, either way, we would have a "something for nothing" system. When money is issued that is not redeemable or convertible into anything of actual value, in the end, it is unstable, and would bring us back to the same point in economic history - currency collapse.

Acting as if our problems would be solved if our fiat paper worthless currency would be ok (the basis of a stable and sustainable system) if no interest were paid on it is monetary and economic ignorance.

One thing I have learned over the years that I have been doing this, is that there are many folks out there who have a library of facts at their disposal, but still manage to get things completely wrong. The reason is that knowing certain facts, and quoting certain sources, does not mean that you know what those facts mean, nor that you have assessed the credibility of those sources, i.e. did those sources really have command of the facts, and did they really know what those facts meant.

DrKrbyLuv has many facts, and many sources, but nevertheless he has managed to miss the point. Government issued fiat currencies, whether debt based or not (sovereign debt or sovereign credit) are the basis of only one kind of economic system - something for nothing.

Never worked. Never will.

Again, thank you Republicae!

equally deceptive

There is nothing debunking a gold standard in the video. The only thing remotely related is the hollow threatening notion that bankers own all the gold. Even the Thomas Jefferson quotes had nothing to do with debunking a gold standard. They were about who issues debt. Certainly many in the freedom movement grandiosely regard a gold standard, but that is largely due to not paying closer attention to what folks like Ron Paul actually say: repeal legal tender laws, break the monopoly of Fed issued debt currency. A gold standard will probably always have a place in savings, trade and conversion of currencies.

This solution

of "debt free" money is not a solution. Letting politicians create as much money as they want, even if it is debt free, will allow said politicians to do anything they want. Wars, welfare, police state, etc.

The only real solution is to have competing currencies. Allow the different types of currency to compete for our trust.

Repeal legal tender laws, and allow private exchanges and private moneys to be utilized by those who freely choose to use them.

If "debt free" fiat money is really as good as some propose, then they shouldn't be frightened of a little competition.

fireant's picture

"The Congress shall have Power To coin money, regulate the

value thereof,..."
Article I Section 8
Congress abdicated it's duty with the Federal Reserve Act. Accountability of Congress was destroyed with the 16th and 17th Amendments.
Some will say they don't want congress setting our monetary valuation. I agree in that Congress is no longer two houses with separate interests. As it is, we have only one house, and there is no accountability because it is the people who pay and the reps who try to get our money back. Without the 16th and 17th, it is the same entity who pays that fights to get it back ("...apportioned among the many States..."). The fighting to get it back will cease, and the majority of the money will stay in the states, thus negating the profligate ways of congress.
The states can't coin money and set the value thereof (each state can however, declare gold and silver money). With the States actually represented in congress, and federal taxes coming from those same States, rather than the people, the Constitution is clear, and I am happy to have congress regulate the money, as the founders clearly intended.
Ps: for clarity, yes, the Federal Reserve Act needs to be slayed. I'm still of the belief that repeal of the 16th and 17th will essentially accomplish that, making the fed near irrelevant, because debt spending will cease at the federal level. For sure, ending the fed alone will not solve our monetary/debt problems. All three were instituted at the same time, and they are mutually dependent for the tyranny they generate.

Undo what Wilson did

Who is the 'we' here comrade?

When you say "we must once again issue our own money" I assume you mean some government or power center that you, or some people you like, intend to have control of?

No thanks.

Gold is money in a society that s free enough to make that choice because 'we', meaning all of us, individually, have decided we prefer to be paid in gold. It could be in btc, or Hayeks, or latinum, it doesn't matter what people choose so long as they were allowed to choose.

We know the qualities of a good money, durability, divisibility, non-counterfeitablilty, transportability, etc, which make things like Au and btc good candidates.

But the important thing isn't what it is, it's that no central authority 'issues' it at all, and that 'we' choose individually.

Gold, silver and copper are antimicrobial. Trade value not germs

-

Free includes debt-free!

You surely know

that this is exactly how allopathy got started right?

Indeed all those metals are antimicrobial. So is lead and all the other crap allopaths sell the rubes.

Chemo kills cancer. Sometimes. Industrial waste kills microbes. It's true.

Ductile metals are useful as money because.. they are useful as money.

NOT because they are some secret panacea if ingested.

Don't sell bullhsit here please.

Begging the question,

Begging the question, "Ductile metals are useful as money because.. they are useful as money."

Unlike paper money they do not transmit disease.

A penny from a leper has the same value for a healthy man. That strengthens its usefulness in trade.

The market would tend to pick materials that did not transmit disease.

I cannot verify your allopathy claim. However hospitals are installing copper panels on doors for people to touch when pushing, just to help control infections disease.

Free includes debt-free!

SteveMT's picture

This debunks nothing.

The Bank of North Dakota (BND) has all of the restrictions of a microbrewery. The Federal Reserve allows BND to exist because of all of the restrictions that have been placed on it. The BND cannot compete with other banks in ND. They must be "helpful" to them. There is just one bank in Bismarck with no other branches. No on line banking is allowed. Many other states who are in deep debt cannot follow BND's lead. People have got to be residents of ND to open an account. They only accept Federal Reserve Notes although they are not in the Federal Reserve System. This is a unique situation.
-----------------------------------
The operating policy, established in 1919, stated that the Bank shall be “helpful to and to assist in the development of state and national banks and other financial institutions and public corporations within the state and not, in any manner, to destroy or to be harmful to existing financial institutions.”
The Bank’s operating policy continues to serve as a guiding principle for the Bank’s work in our state. Bank of North Dakota has resided in Bismarck since it opened in 1919, moving to its current location in 2008. There are no branches of the Bank.

Bank of North Dakota is not FDIC Insured

In contrast to most commercial banks, BND is not a member of the Federal Deposit Insurance Corporation (FDIC). North Dakota Centu
ry Code 6-09-10 provides that all BND deposits are guaranteed by the full faith and credit of the State of North Dakota.
http://banknd.nd.gov/contact_us/BND_FAQ_FINAL.pdf

It's a pity that BND is unique...

I want a similar state bank in Minnesota.

"The Federal Reserve allows BND to exist..."

However true that is, it seems ironic to me. The restrictions on BND are for the most part what makes it a great institution. It's mission, charter, and largesse of restrictions remain indifferent to forms of legal tender. It would remain largely unchanged if it dealt in gold, silver, non-FRB credit, other debt, or even bitcoin.

Damon Vrabel explains the truth

Damon Vrabel concluded an excellent series of videos that explain the financial oppression that we all are facing. He calls for sovereign nations to issue debt free money as a "civil rights" concern.

Please see http://youtu.be/sPe9aQgYgKY

END the FED before it ENDS US

Republicae's picture

This is perhaps the best

This is perhaps the best example of what I have been saying. These people, like Damon Varbel, DrkrbyLuv, Ellen Brown, Bill Still and a host of other monetary quacks, can all make these suggestion about what they think is needed and yet if you read the writings of every single one of them you will instantly notice a common thread, that is that suggestions are not solutions! In none of their writings will you find a single explanation dealing with the actual mechanics of their plans, nowhere are there detailed blueprints where they can point and say this is how this particular sovereign money will be created, how value will be imparted to it to make it function as money, how they can issue the huge amounts of their currency scheme calls for and at the same time suspend the laws of economics and the laws of monetary mechanics! You never read hoe they can assure that the most vital elements of economic calculation, interest and regulation of supply can be achieved with their system! Every single time I have asked any of them to provide answers to such questions I get the same tactic of deflection from each of them, perhaps it is because they simply do not have an answer for such vitally important questions. They can never explain how you can get something for absolutely nothing.....theirs is a reality that stones can be turned into bread without any effort!

History does indeed repeat itself, for through history, during periods of economic stress and uncertainty, calls for yet another issue of some new type of fiat paper currency always surfaces, always and since this is nothing new we can learn from the lessons of history or be doomed to repeat the same costly mistakes!

During the latter part of the 1700s, the call went out for a new fiat paper currency to be created, one that was the most enlightened, the most scientific of all that were attempted before. It was to be based on the productive resources of the French nation, a sovereign money backed, at first on the value of land and it promised, according to its avid supporters, to bring stability, prosperity and economic growth!

Now, the following words of comfort were spoken to reassure the people of France that this new sovereign money would be just what the nation and people needed to get out of the horrible, crushing national debt, the pitiful economy and the poverty of the people that had to endure the tranny and oppression.

"Paper money is without inherent value unless it represents some special property. Without representing some special property it is inadmissible in trade to compete with a metallic currency, which has a value real and independent of the public action; therefore it is that the paper money which has only the public authority as its basis has always caused ruin where it has been established; that is the reason why the bank notes of 1720, issued by John Law, after having caused terrible evils, have left only frightful memories. Therefore it is that the National Assembly has not wished to expose you to this danger, but has given this new paper money not only a value derived from the national authority but a value real and immutable, a value which permits it to sustain advantageously a competition with the precious metals them- selves."

Thus, the same old remedy was introduced, once again, as a solution and the cry eventually went out throughout the land as the people clamored for the new sovereign money that was to be their salvation. It was the most seductive path, the idea that something of value can be made from nothing at all, the promise of slips of paper, officially ordained and sanction, empowered with value without ever having any value.

Thus was born yet another paper money scheme with all the promises of those that came before, the new sovereign money was dubbed Assignats! Those who had warned about the massive problems with such a monetary system were essentially ignored and the nation raced toward the new promise, the new guarantee that none of the problems associated with a paper money systems in the past would affect the new Assignats! The supporters of the new money, like today, heralded that the people, not the banks, were in charge of the creation of their money and would be the masters of their own fate for a change!

Gosh, doesn't history have away of repeating itself, for if you read the words of those who supported this new version of fiat sovereign money, you will eerily find the very same arguments then as today, in some instances, the very same words are used to defend this most dangerous systems!
It was not long, that the vast majority of the French nation were drunken on the new prospect of prosperity through having their government simply issue their new sovereign paper money, the supply would meet all necessities, all nation debts would be paid and wealth for all would be possible because of this new, scientific paper money, it was, after all, the Peoples money they cried! As with all fiat paper money however, the ease of issue conceals the wisdom to do so! For when a need arose, or some new public work, all in the name of the welfare of the people and for the good of he nation, it was only a matter of printing more of the sovereign paper money, nothing was out of reach, thus the issue was expanded, the supply was inflated to meet the needs of the prosperous new economy!

The fact is that so much did improve so quickly that the nation, the politicians and the people were intoxicated with the new found power of this wealth-bringing sovereign money. The problem began to show as more and more of the sovereign money was issued to meet more and more national needs, with each new issue a rise in the feelings of the people, but the effects were short lived and just like any addict the need for yet one more "fix" became necessary when the economic viability of the last issue of fiat money wore off and prices continued to rise!

By the time that worse economic signals began to show it was too late, there was no way, as there never is, to suspend the laws of economics! The nation was wasted, the people suffered as great, if not greater than during the fiat paper fiasco of John Law!

There will be many who, like the French, think they have discovered the solution to all our problems, they will declare that there will be no such diaster under their new and improved sovereign paper money schemes, they will promise that the laws of eceonomics can and will be suspended, that they can make this new paper money immune to all the facts that govern real life situations, and yet they ignore history, they ignore economic law and monetary mechanics, the ignore the wisdom and advice of the Framers of our Constitution!

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

U.S. may issue its own money; free from debt

What part of this don't you understand? Currently, the U.S. borrows all of its money from private banks and in the process, it must repay both principal and interest.

It does not have to incur any debt as it may create the money instead, just like banks do now.

The national debt and income taxes are only needed because we choose to borrow that which we may create.

If you can't grasp this very basic concept then you are either very stupid or on the payroll of bankers.

The entire debt crisis is a choice and not a necessity. It may be quickly ended by having the U.S. once again issue its own money.

END the FED before it ENDS US

Republicae's picture

Again, you are doing the same

Again, you are doing the same thing, you avoid making any pertinent comment and rather go off on some rant that doesn't even corespond, amazing proof thst you are so insecure with you knowledge on the subject that you use the tactic of deflection to cover your lack of understanding!

Oh, so by saying that the government can just print up paper and make it act like money that it will? You mean you support a system of fiat money created and functioning just like every other fiat sovereign money scheme, don't you? Read your history!

Do you really think that you can just print us some pieces of paper and call it money and it will be money? History, logic and the most elemental principles of monetary mechanics and economic law defies you! You actually think it is as simple as just printing up paper and calling it money? You cannot possibly be so incredibly dense and absent of the necessary ability to grasp that such an idea is not in the realm of reality! You really don't understand do you, I mean you really don't have an inkling about what it takes to make artificial money substitutes function as though it is actual money?

Because thus far you have not explained how that money can have value imparted to that money? The current sytem depends on the marketability of the ubderlying debt as it is organized into currency, it is that horrible debt that promotes value in the Federal Reserve Notes, making them have a degree of value however, as usual the over issue of the fiat currency devalues the purchasing value of the money making it economically impotent!

You once again are doing exactly the same thing, you cannot provide an answer to the most fundamental questions regarding the monetary mechanics of your supposed sovereign money scheme, you and all the rest of you quasi-Greenbacker quacks can't give any type of explanation to the workings of the system. You think that it is as simple as just printing up some slips of paper, printing some pretty pictures on it and calling it money? That is the most hair- brained idea in the world!

You have no clue about what it takes to make a piece of paper function as money, the way a pricing structure works, the way natural interest works, the way money is accepted as a medium of
exchange or how economic calculation can take place under such a system! You really should open a book now and then, especially a history of the various monetary regimes that have been used throughout history!

You have no possible intellectual means or ability to give even the most basic explanation of the mechanics necessary to make a fiat monetary scheme like you suggest function, so instead you do exactly what you always do, what ever single one of you do and that's because you can't give answer! You don't have a blooming clue about what you are talking about!

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Republicae's picture

Since you seem not to

Since you seem not to understand my questioning, my sketpicism, I will once again ask of you certain vital questions regarding how it is possible for your fiat sovereign money scheme to actually function as money when you cannot explain the most basic monetary mechanical operations.

Money is a good, at least real asset money, such as gold and silver, are actual goods, they are recognized as such and because of this characteristicum specificum, real money always falls under the set law of marginal utility, so too does any fiat money substitute. However, the difference is that fiat money cannot be a recognized good, instead it is a substitute for an actual good, as such, fiat money has a major problem and the distortions created by those problems eventually become insurmountable and uncontrollable.

Money arose as a commodity good, recognized as a valuable good with uses prior to becoming used as money. Money substitutes however, which are nothing more than temporary paper claims, promises of payment depending on the supply, whether overly expanded or stablized, there is however, rarely an instance in history where a fiat paper money substitute remained stable. As such, the problem arises that such substitutes extend economic inefficiencies, distorting the pricing structure, sending all types of mixed signals into the market.

It should be obvious, but obviously it is not...as Mises stated: Before an economic good begins to function as money it must already possess exchange-value based on some other cause than its monetary function. But money that already functions as such may remain valuable even when the original source of its exchange value has ceased to exist

So, if you base your whole sovereign money scheme on the current fiat monetary system then what will make it function as money when the base of your system is built upon a deteriorating fiat monetary system to begin with? The current system contains so little purchasing value, it has been debased through decades of inflationary depreciation, what will impart the value into the new system?

So, tell me why anyone interested in their own economic well-being would want to exchnage one piece of paper for another piece of paper of equal exchange worth or purchasing power? Why trade one piece of worthless paper for another piece of worthless paper, because if you simply make an exchange, print up the same dollar amount of the Federal Reserve Notes in circulation, then you have essentially done nothing of real value except perhaps, eliminate a portion of monetary bureaucracy for yet another type of monetary bureaucracy.

Now, while there is, under a gold and silver money system, a degree of labor and the extension of resources to produce and then mint the coin, the same is not true for fiat money, it is simply printed or digitally produced without actual accountability for the quantity of supply. In this case, fiat curency does one thing that cannot be accomplished with gold and silver, there is a certain economic efficiency in the production of fiat paper money that cannot be matched by the production of gold and silver. That however, is not an advantage. Since fiat money does not lend itself to savings and thrift, there is an abandonment of all the mechanisms within the market that are associated with savings and thrift, such a efficient productive capital, natural market rates of interest that government everything from business decisions to the supply of money to the accessibility of credit.

Those are questions to which you have no answer to.

Now, since fiat currency is not conducive to savings and thrift the entire economic nature of market production is skewed, distorted and cannot, no matter what the fiat monetary administrators attempt to do or create, they cannot replace or manipulate all the necessary market factors to make the system work as it would normally work with an asset-based money. If you are able to explain how it is possible, what could be done to make fiat money function as real money then by all means do so, but that is beyond ther realm of possibility.

All fiat monies, must essetially be continuously re-deposited, reissued in order to maintain a degree of functionality as money, in other words, since there is no actual asset behind the fiat currency then there is no measure of economic requirements to determine the optimal supply, since that is not possible the only option is to continue to expand the supply thus constantly lowering the purchase value of the fiat currency and thus lowering the economic viability of each fiat unit. Thus, despite all the efforts to make fiat money substitutes act in a way that mimics real money, there is no way to accomplish that under such systems.

There are several difficulties for you who support fiat currency systems. Obviously, several that you have never considered judging from your various statements.

First, the goal of this government, beginning in the 1860s, which was an trial run for the real goal of displacing all gold and silver with a fiat regime that could be controlled by government and its banking-corporatist patrons. The next part of the goal was an expansion of the 1860 experiment and that was the formation of the Federal Reserve, by 1933 the next step in the demonetization of gold and silver took place with the confiscation of gold, the legal prohibition of private ownership and the use of fiat currency domestically. This was effectively used to take as much gold as possible out of the hands of the people and place it in the hands of those who wished to control this country and create what amounts to little more than a productive serfdom.

This goal became more and more prevasive as the effort to demonetize gold and silver reached its peak with the total separation between the fiat regime and the commodity metals, thereby placing control over vast amounts of gold and silver into the hands of the official regime. It was not even necessary for the government and banks to own the gold, only to demonetize it, making it non-money essentially. To replace the money property of the people, this government, and its banking patrons simply used deception substituting pieces of paper for real money and maintaining the ruse that it was valuable. Of course, that ruse is rapidly ending as the purchase value of the fiat regime is becoming worthless and a non-functioning substitute. They created a system whereby the people of this country would come to desire the paper without knowing that it actually had no value whatsoever. Hell, it was not long ago when there was a Congressman who was surprise to learn that the Federal Reserve Notes were not backed by gold. That, of course, was part of the system plan, to deceive the people to such an extent that they would rarely ask any questions. Dr.Paul has done more to reveal to this country the nature of this deception than any other man in the last century!

Essentially, it has been the greatest expropriation of wealth in the history of the world and this government, along with its banking patrons have been partners all along in the crime of the centruries.

Of course, regarding the scheme to deceive the people, the government had to create a gradual system that would allow acceptance of fiat paper tokens or tickets as money. This was accomplished by allowing those paper tickets to represent claims to gold and silver, that is the only reason they acquired purchasing power, without gold and silver there would have been no possible way for the fiat tickets to be accepted as an actual means of exchange with a purchase value. Since prior to the introduction of the fiat regime, a dollar was actually a fraction of an ounce of gold, the value was a known, but to create an effective substitute that same purchase value was assumed by the fiat currency. Of course, since that time, the idea and the reality of a fiat dollar is that it no longer retaines the purchase value of 100 Cents, but of approximately 2 Cents. Nevertheless, it was the actual silver dollar that imparted the notion of value to the fiat paper money substitute, without the orignal value of the silver dollar behind it there would have been no possible way for such an impartation of value to the fiat paper. That’s how the whole fiat money scam was “sold” to the American People, it’s how it was forced on the People.

Thus, since any scheme to replace the Federal Rerserve Note with yet another fiat note the impartation of value from Federal Reserve Note to the new sovereign fiat note will leave the new sovereign fiat note bascially without actual purchase value, it will be recognized for what it is and the likelihood of acceptance based upon that lack of value is highly doubtful. As in numerous times before when one fiat note was used to replace another, the new currency rarely lasted a few months, very few lasted over a year after the transition.

There are so many barriers to the entry of a fiat note, so many that it is difficult to even imagine such a system replacement that would be functional or beneficial. Under any normal competitive market it is impossible, but of course, that has never stopped governments and their banking patrons from attempting such feats. As with all fiat currency regimes, sooner or later, the actual price or purchasing power of the fiat money approaches the production cost of fiat money. In other words, as we have seen, the purchasing value of the “dollar” the Federal Reserve Notes are now very close to the cost of producing them, with each note costing just a few cents to produce matching the actual purchasing value of each. It is at this juncture, that the risk of hyper-inflation becomes a real possibility.

As we have seen, particularly in the last few years, there has been a flight from Federal Reserve Notes into real values. With growing uncertainty, there will be a point where people will cease to want to accept the fiat notes, as that continues to occur, the idea that yet another fiat note will be accepted is increasingly doubtful. Of course what happens is that as the monetary system breaks down, there will be an evolution into another barter society, which, as always seen, a return to the known and recognized commodity monies, most likely that will be the most recognized monetary good: gold and silver.

As with all fiat currencies, in order for them to function one of the first things that must be established is a monetary monopoly, there must be a single fiat money producer, legally shielding from any and all competition. This is usually the government or a government sponsored cartel endowed with monopoly powers over the production and distribution of the fiat money. Without such monopoly protection a fiat monetary regime cannot exist. It is the most abhorent systems that contradicts everything associated with the principles of the free-market and indeed with individual liberty and economic freedom. It is a system completely closed to options, this is an artificial legal construction that must be maintained and enforced through coercion.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Your belief system does not mention sovereign money

You are at a major disadvantage as you have bought into an economic belief system like people join religions. Your Austrian economics do not mention or discuss money issued by the government, free from debt, so you cannot fathom such a thing.

It is highly suspicious to me that an economic cult would miss such an important detail as it is at the very core of national independence. No doubt this is at least partially the result of Mises being heavily funded by Rockefeller (see evidence below).

If the American people ever come to understand that a sovereign nation may issue money, free from debt and the need for income taxes, you will be run out of town.

As far as fiat money, Tally Sticks were fiat money and they served England well for over 700 years. Then the international money lenders got in and established the privately owned Bank of England and within 10 years, the people were heavily in debt.

And if you look at the chart linked below, you will find that between 1900 and today, even Federal Reserve fiat money has held value much better than the bogus "gold standard."

Fiat money better than the gold standard; 1900 - today

You have joined a cult and need an exorcism or some spiritual awakening to break free from the indoctrination.

The Life and Works of Ludwig von Mises

"Many readers may be surprised to learn the extent to which the Graduate Institute and then Mises himself in the years immediately after he came to United States were kept afloat financially through generous grants from the Rockefeller Foundation. In fact, for the first years of Mises’s life in the United States, before his appointment as a visiting professor in the Graduate School of Business Administration at New York University (NYU) in 1945, he was almost totally dependent on annual research grants from the Rockefeller Foundation.

Even after he finally landed the position at NYU, where he remained only a visiting professor until his retirement in 1969, his salary was paid for not by NYU, but from funds contributed by generous private supporters."

END the FED before it ENDS US

Republicae's picture

Why does your flaccid answer

Why does your flaccid answer not surprise me in the least, once again you make another major retreat into the dark, cluttered recesses of your mind, unable to give even the most uneducated answer to the questions posed to you!

History, not just Austrian Economics, declares your entire scheme nothing more than that, just another scheme, a ragged idea that has been attempted since the time of the Pharaohs! Of course Austrian Economics doesn't mention such bogus ideas as a so-called debt-free currency since there is only one type of currency that is an asset based currency and that is gold and silver, why would the mention of a completely bogus idea be mentioned! There is no possible way for a government to issue a piece of paper and make it be an asset, now if it cannot be made into an asset what is it? It is a liability, a promise of a payment and there is absolutely no possible way you can, despite all your desperate cries to the contrary, make it into any other than a liability! Although you think that there are such powers of alchemy exist to magically transform a piece of paper into an asset, there has never been, nor can there ever be such a fairly-tell means of accomplishing such a fantastical feat! If there were you would have been able to explain such a magical power!

What makes me suspicious are people like you who must be forced, due to a complete lack or even willingness to understand such matters, to always, without a single exception, resort, once again, to dodging ever single question posed to you!

The fact is that the Rockefeller Foundation assisted several economists fleeing from Germany, not just Mises, not just Austrian Economists, but also Classical Economists, Mathematicians, Scientists...so, if your skewed logic holds true that you must also be suspicious of all those as well! You are throwing up this same red herring that you have before in hopes that it may rot, but the truth is that such tactics only prove that you have no capability, whatsoever, of giving an intelligent answer to the questions asked of you therefore, you must once again retreat into a dismal form of slur in hopes to sway someone to your hopeless and imbecilic cause! How pitiful you are, how sorrowful and meager are your arguments that you fall into the same old Marxist tricks trying desperately to attack what you cannot understand!

If the American people ever accept yet another scheme of fiat toilet paper and think it is money then they deserve what they get and as all of history proves, they will suffer the consequences of economic and social distress, poverty and government tyranny, it would be little different than what the face now under the governments banking cartel! Since you totally ignore all economic and monetary history in order to make your bogus claims, you again retreat, falling once again back on the only defense of your assertion that you can....avoid the questions asked of you by deflecting them as many times as possible to get off the hook!

One again, you try to make the same claim about Tally Sticks of all things, if it worked so well and was indeed a debt-free money system then I'm really surprised that you are not supporting a return to cutting limbs off trees instead of going to all the trouble of printing up your fake sovereign money! Of course, when you read the actual history of the Tally Stick system of debt obligations, instead of listening to Ellen Brown and Bill Still, you learn that your assertions are completely bogus!

Tally Sticks, as anyone with an education can tell from the name, were Tallies of tax assessments, debts owed to the Crown. Far from being a debt-free form of currency, it was in fact a record of a debt obligation! The sticks were notched based on the tax debt owed, the split so that the Sheriff, who was the tax collector, and the King were aware of how much tax debt each person was indebted for to the Crown!

Now how on earth you can say that Tally Sticks were anything remotely approaching a debt-free from of currency is beyond intelligent imagination, but again you retreat to that position!

When it was time for the collected taxes to be paid to the King, the Sheriff would bring his halves of all the assessments as recorded on the sticks, they would be matched with the ones in the Kings possession to confirm the accuracy of the collected taxes! Have you ever heard the phrase "to tally up" ? That phrase comes from the Tally Stick system of debt obligations, it meant to pay a debt!

Now, as time went on, the taxes were assessed, the sticks notched based on the assessment and then they were paid twice a year. It was nothing more than a bookkeeping system of tax debt obligation! By the time of the death of Henry II in 1189, the system had changed because the Crown found that they could not wait for the two tax payment periods, so instead they came up with the idea to sell the Tally Sticks at a 60% discount of the assessed amount of taxes recorded on the sticks! Of course, the person who bought the Tally Sticks at a discount got the advantage of a 40% windfall in gold and silver when the taxes were actually paid. Effectively, the Tally Stick system became a fixed-term discount bond on which the excess of the discount served as an interest payment! Far from being anything remotely as you assert, the system more closely resembles our governments Treasury Bonds!

Again, you are totally incorrect and your lack of continual misunderstanding shows just how averse you are to actually opening a history book, instead you rely on all these bogus websites for your information and listen to people like Ellen Brown, who has obviously not opened a book on the subject either!

Oh, and you are so dumb you still don't have a clue about what that chart actually shows! Look at that chart closely and try, please try to use your mind for something other than a hat rack...Deductive reasoning would conclude if that chart only show the devauation of the dollar due to gold, then all logic should also deduce that once gold was no longer used between 1914 to 1925 and then again when gold was totally eliminated in domestic use in 1933, that the value of the dollar would increase if you were correct, but alas you fail to see just what that chart shows! You are not capable of using the most rudimentary form of logic to see your mistaken reasonings!

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Economic Cults

Republicae wrote:

The fact is that the Rockefeller Foundation assisted several economists fleeing from Germany, not just Mises...

What other economists did Rockefeller co-op into the U.S. and provide a job?

There is much more to it than generosity as was revealed in Margit Herzfeld's (Mises wife) biography of Ludwig Von Mises:

"...that he participated in Count Coudenhove-Kalergi’s Pan Europe movement in 1943. He had been brought to the U.S. in 1940 by a grant from the Rockefeller Foundation of $2500 a year to work at the Natl. Bureau of Economic Research, which grant was renewed in 1943."

Eustace Mullins explained in his book "The World Order, A Study in the Hegemony of Parasitism"

"Hence his [Montagu Norman, Governor of the Bank of England] campaign in favour of completely autonomous central banks, dominating their own financial markets and deriving their power from common agreement among themselves. They would succeed in taking out of the political realm those problems which are essential for the development and prosperity of the national financial security, distribution of credit, movement of prices. They would thus prevent internal political struggles from harming the wealth and the economic advancement of nations.

"In short, Norman wished to see the imposition of the World Order over the financial affairs of the nations. It was this agreement among the central banks, rather than the front organization, the League of Nations, which became their final instrument of power. Crucial to these arrangements was the monetarist school, the Austrian School of Economics, an outgrowth of the Pan-Europe movement."

Now we can see why Austrian Economics denies the existence of sovereign money, issued debt free by nation states. It would quickly spell the end to the international bankers and their plans for a New World Order under the feudal rule of bankers.

And it gets worse... Friedrich von Hayek, protégé and colleague of Mises, is one of the founders of the Mont Pelerin Society, with Mises a member for at least 13 years. The Guardian UK explained what and who the Mont Pelerin Society is...

"How the neoliberals stitched up the wealth of nations for themselves, A cabal of intellectuals and elitists hijacked the economic debate, and now we are dealing with the catastrophic effects

When the Mont Pelerin Society first met, in 1947, its political project did not have a name. But it knew where it was going. The society's founder, Friedrich von Hayek, remarked that the battle for ideas would take at least a generation to win, but he knew that his intellectual army would attract powerful backers. Its philosophy, which later came to be known as neoliberalism, accorded with the interests of the ultra-rich, so the ultra-rich would pay for it.

"... as David Harvey proposes in his book A Brief History of Neoliberalism, wherever the neoliberal programme has been implemented, it has caused a massive shift of wealth not just to the top 1%, but to the top tenth of the top 1%. In the US, for instance, the upper 0.1% has already regained the position it held at the beginning of the 1920s.

The first great advantage the neoliberals possessed was an unceasing fountain of money. US oligarchs and their foundations - Coors, Olin, Scaife, Pew and others - have poured hundreds of millions into setting up thinktanks, founding business schools and transforming university economics departments into bastions of almost totalitarian neoliberal thinking.

The Heritage Foundation, the Hoover Institute, the American Enterprise Institute and many others in the US, the Institute of Economic Affairs, the Centre for Policy Studies and the Adam Smith Institute in the UK, were all established to promote this project. Their purpose was to develop the ideas and the language which would mask the real intent of the programme - the restoration of the power of the elite - and package it as a proposal for the betterment of humankind.

Neoliberalism, if unchecked, will catalyse crisis after crisis, all of which can be solved only by greater intervention on the part of the state. In confronting it, we must recognise that we will never be able to mobilise the resources its exponents have been given. But as the disasters they have caused unfold, the public will need ever less persuading that it has been misled.

You have subscribed to a cult of economic beliefs that was designed to enslave humanity as we are seeing today. Instead of attacking, you need to perform due diligence in understanding who and what you are supporting.

There is no logical reason for our nation to borrow money while it can create it instead for free. This should be common sense especially now as we are being consumed in unescicary debt.

There is no dishonor in making a mistake as the key is to rectify the situation. Please think about it rationally as your help is very much needed.

END the FED before it ENDS US

Republicae's picture

""Hmmm..$2500 a year, wow

""

Hmmm..$2500 a year, wow that is indeed a generous grant from the Rockefeller's isn't it? The Foundation assisted over 300 German scientists and around 303 scholars, including economists, physicists, mathematicians. You again show such ineptitude that you must grasp again at rotten straws instead of actually remaining on the subject at hand, your tactic of deflecting the argument away from that which you have no answer for to just another red herring is so very typical of someone suffering from a deficiency of mental capabilities!

Again, you use the work of a Neo-Nazi like Mullins in a vain attempt to once again side-step the entire conversation away from the subject, don't you have any self-esteem or integrity? The argument is not the role of central bankers in this mess, that we both agree is a major part of the problem, the point of the conversation is the workings of money and your scheme that you have failed to advance or adequately defend!

You can try to cut and paste yourself out of this mentally deficient corner you have created fir yourself by seeking to constantly deflect the conversation away from all the questions posed to you, but as usual your tactics are as transparent as your lack of intelligent reasoning!

Yeah, again you use the work of a man who was the Executive Director of the Aryan League Of America, he was the Reverend of the American Humane Church (a racist cult)! He also wrote a book entitled The Biological Jew which called for the extermination of the Jewish race, the wrote Adolf Hitler: An Appreciation.

Some of his other hair-brained ideas was that all the Federal Reserve Notes were being printed in the National Jewish Holocaust Museum and that the notes were printing with Jewish religious blessings and symbolism!

Come on DrKrbyLuv, surely you don't expect anyone to take anything you say seriously when you use such crack-pots to support your case!

Why do you keep jumping off subject? Why can't you answer the questions posed to you instead of deflecting away from evey single one of the?

The fact is, based on both the Debates on the Constitution, The Federalist and Anti-Federalist Papers, the early Congressional Record and legislation during that period, that the Constitution does not permit the government from issuing fiat paper money substitutes of any type!

You have no argument and you can't even adequately defend what you assert, instead you resort to bogus crap that lacks credibility, sources that are highly suspect, fabrications, skewed history and pure hookus pookus to support your positions!

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

You are free to believe what you want

Sir, you are free to believe whatever you choose. It is unfortunate that we cannot find an adequate amount of common ground from which to build economic solutions.

Maybe some day we can enjoy a few beers and candid discussions about macro-economics and geo-politics.

END the FED before it ENDS US