I don’t agree with … I don’t agree with FRB personally. I agree with Rothbardian view of FRB in that FRB banking is just legalized embezzling. Such embezzling is illegal in other types of commerce such as grain storage. Since made illegal to issue paper backed fractional grains, bankruptcy involving grain vanished. Fed standardized FRB, and the government made it legal, when it should of been made illegal versus legal. Inflationist support FRB. There is no such thing as full reserve these days. Extinct.
He’s fully aware of … He’s fully aware of why the Fed was created, but if you start saying “The stinking Rothschilds put this in place to enslave us”, the media owned by the aforementioned Rothschilds will immediately try to run you out of town.
@bajoverga Exactly! … @bajoverga Exactly! The guy’s a libertarian at heart. If people want to invest their money in a bank that only holds fractional reserves that’s their economic right. It’s probably an idiotic move under most circumstances but the point is that it’s NOT the federal government’s responsibility to regulate banks.
Now, if a bank lies about it’s reserves to a client that’s fraud and will be prosecuted in the court of law. Still, buyer beware.
@RocinanteSWS He … @RocinanteSWS He just doesn’t want to sound like a conspiracy theorist and lose votes. He supports auditing the Fed. And we all know a true audit would result in the FR being abolished the next day. Even Bernanke admitted it!
Without FRB supply … Without FRB supply of money = supply of gold. With FRB supply of money > supply of gold.
As result price go up while bankers get their iterest rate for FREE! Borrowers can pay less interest rates. But WHOLE society suffers. FRB is a fraud!
it’s not when they … it’s not when they lend more money than they’ve got from clients then both banker and borrower become THIEVES! They are stealing from the rest of society.
Schiff isn’t FOR … Schiff isn’t FOR FRB. He’s for FREE MARKET solutions. The 19th century is full of examples of bank panics that were CAUSED by Banks issuing too much paper and not having enough reserves. that is a risk that each bank takes. they can make more money, but if they get a run they’re out of business for good. That’s a GREAT free market check and balance.
Agreed. But i … Agreed. But i beleive that fundamentally when people are exposed to reality (Gold standard) over being exposed to illusion (Fiat system) they will be rational, over irrational. If you think it’s all good, you’ll act relative to it, but if you know it’s not, then reality takes it’s toll.
I agree with you … I agree with you that ending fractional reserve banking will prevent the development of inflationary bubbles. However, with the gold standard you need to be very careful about deflation.
It seems Schiff is … It seems Schiff is for Free Banking.He may be naive on why the FED was founded but the important thing is he supports abolishing it. HE realizes it is a rigged game now, regardless of whether he thought it was rigged back then. I was discussing the economic crisis with the friend.I told him most derivatives were interest rate derivatives.And he goes,”Isn’t it a conflict of interest that private shareholders set the interest rates and then create derivatives based on whether they go up or down?”
I like Schiff, but … I like Schiff, but he’s a little bit naive when it comes to central banking and it’s intent. It was always designed to corrupt a government. Not the other way around. It’s a fixed game that eventually filters all wealth to the top, gradually eliminating the middle class, so all that’s left is the wealthy owning everything and poor people enslaved to them. He needs to read up on our history, and exactly what our founding fathers really said about the evils of central banks.
I am sure he … I am sure he understands that banks need private insurance and just meant by his statement here that they shouldn’t have gov insurance.
I would also bet he understands how and the real reasons why the FED was created; however, this would take so long explain and even to longer to convince people of. So he takes the short route to avoid this.
Doesn’t Peter agree … Doesn’t Peter agree with both? I know he says he doesn’t beleive in conspiracies but… we both know he can’t tell the truth there And about insurances, didn’t he just say exactly that? Just wondering if i misunderstood.
I would go as far … I would go as far as to say that you could manipulate the market with speculations and create mini-bubbles that way even without a central bank. But with a gold backed currency, it gives enough discipline to greatly lower the impact of every bubble. Meaning people get to rebuild without losing their life worth of earnings. It would at the very least half derivative shennannigans and leveraging for free (bailouts -_-). Thought i’d add to your comment
I would disagree … I would disagree with him on fractional reserve banking. The periods in american history when we didn’t have a central bank we still had many depressions every 20 years or so because commercial banks were able to lend out their fictional commercial bank notes expanding the money supply. I am for a 100% gold backed currency. NO atificial expansion of the money supply and you will end the boom bust cycle. Other than that I still support the man. Lets get rid of that crook Chris Dodd. Schiff 2010!
I love this guy, … I love this guy, but he is wrong about two things: 1) The FED was created for nefarious purposes and the bill for it was written by the most powerful bankers of the day to transfer the loses of defaulted loans to the tax payers. (bailouts)
2) Banks deposits need insurance, BUT it should be provided by private companies who will implement moral hazard and only insure banks who have good business practices. (unlike the gov insurance which provides compulsory insurance.)
The private bankers … The private bankers met up secretly to draft the bill and presented it during Christmas when congress was on recess. That’s what I call malicious intent. Look what the second bank tried doing. Peter Schiff is WRONG.
recorded from http://www.revolutionbroadcasting.com/
I don’t agree with …
I don’t agree with FRB personally. I agree with Rothbardian view of FRB in that FRB banking is just legalized embezzling. Such embezzling is illegal in other types of commerce such as grain storage. Since made illegal to issue paper backed fractional grains, bankruptcy involving grain vanished. Fed standardized FRB, and the government made it legal, when it should of been made illegal versus legal. Inflationist support FRB. There is no such thing as full reserve these days. Extinct.
He’s fully aware of …
He’s fully aware of why the Fed was created, but if you start saying “The stinking Rothschilds put this in place to enslave us”, the media owned by the aforementioned Rothschilds will immediately try to run you out of town.
@bajoverga Exactly! …
@bajoverga Exactly! The guy’s a libertarian at heart. If people want to invest their money in a bank that only holds fractional reserves that’s their economic right. It’s probably an idiotic move under most circumstances but the point is that it’s NOT the federal government’s responsibility to regulate banks.
Now, if a bank lies about it’s reserves to a client that’s fraud and will be prosecuted in the court of law. Still, buyer beware.
@RocinanteSWS He …
@RocinanteSWS He just doesn’t want to sound like a conspiracy theorist and lose votes. He supports auditing the Fed. And we all know a true audit would result in the FR being abolished the next day. Even Bernanke admitted it!
*prices
*prices
Without FRB supply …
Without FRB supply of money = supply of gold. With FRB supply of money > supply of gold.
As result price go up while bankers get their iterest rate for FREE! Borrowers can pay less interest rates. But WHOLE society suffers. FRB is a fraud!
it’s not when they …
it’s not when they lend more money than they’ve got from clients then both banker and borrower become THIEVES! They are stealing from the rest of society.
Schiff isn’t FOR …
Schiff isn’t FOR FRB. He’s for FREE MARKET solutions. The 19th century is full of examples of bank panics that were CAUSED by Banks issuing too much paper and not having enough reserves. that is a risk that each bank takes. they can make more money, but if they get a run they’re out of business for good. That’s a GREAT free market check and balance.
Agreed. But i …
Agreed. But i beleive that fundamentally when people are exposed to reality (Gold standard) over being exposed to illusion (Fiat system) they will be rational, over irrational. If you think it’s all good, you’ll act relative to it, but if you know it’s not, then reality takes it’s toll.
I agree with you …
I agree with you that ending fractional reserve banking will prevent the development of inflationary bubbles. However, with the gold standard you need to be very careful about deflation.
Customers cannot …
Customers cannot regulate the banks now.
Fractional reserve banking CREATES INFLATION, and it should be illegal.
It seems Schiff is …
It seems Schiff is for Free Banking.He may be naive on why the FED was founded but the important thing is he supports abolishing it. HE realizes it is a rigged game now, regardless of whether he thought it was rigged back then. I was discussing the economic crisis with the friend.I told him most derivatives were interest rate derivatives.And he goes,”Isn’t it a conflict of interest that private shareholders set the interest rates and then create derivatives based on whether they go up or down?”
Ah, okay, that’s …
Ah, okay, that’s what i thought. I totally agree with that. Schiff isn’t dumb.
I like Schiff, but …
I like Schiff, but he’s a little bit naive when it comes to central banking and it’s intent. It was always designed to corrupt a government. Not the other way around. It’s a fixed game that eventually filters all wealth to the top, gradually eliminating the middle class, so all that’s left is the wealthy owning everything and poor people enslaved to them. He needs to read up on our history, and exactly what our founding fathers really said about the evils of central banks.
I am sure he …
I am sure he understands that banks need private insurance and just meant by his statement here that they shouldn’t have gov insurance.
I would also bet he understands how and the real reasons why the FED was created; however, this would take so long explain and even to longer to convince people of. So he takes the short route to avoid this.
-_-. Give him a …
-_-. Give him a break, you know he’s not serious.
Doesn’t Peter agree …
And about insurances, didn’t he just say exactly that? Just wondering if i misunderstood.
Doesn’t Peter agree with both? I know he says he doesn’t beleive in conspiracies but… we both know he can’t tell the truth there
I would go as far …
I would go as far as to say that you could manipulate the market with speculations and create mini-bubbles that way even without a central bank. But with a gold backed currency, it gives enough discipline to greatly lower the impact of every bubble. Meaning people get to rebuild without losing their life worth of earnings. It would at the very least half derivative shennannigans and leveraging for free (bailouts -_-). Thought i’d add to your comment
I would disagree …
I would disagree with him on fractional reserve banking. The periods in american history when we didn’t have a central bank we still had many depressions every 20 years or so because commercial banks were able to lend out their fictional commercial bank notes expanding the money supply. I am for a 100% gold backed currency. NO atificial expansion of the money supply and you will end the boom bust cycle. Other than that I still support the man. Lets get rid of that crook Chris Dodd. Schiff 2010!
I love this guy, …
I love this guy, but he is wrong about two things: 1) The FED was created for nefarious purposes and the bill for it was written by the most powerful bankers of the day to transfer the loses of defaulted loans to the tax payers. (bailouts)
2) Banks deposits need insurance, BUT it should be provided by private companies who will implement moral hazard and only insure banks who have good business practices. (unlike the gov insurance which provides compulsory insurance.)
I mean for …
I mean for determining the total amount for what the new record is.
The private bankers …
The private bankers met up secretly to draft the bill and presented it during Christmas when congress was on recess. That’s what I call malicious intent. Look what the second bank tried doing. Peter Schiff is WRONG.
Does not matter …
Does not matter when it starts, the money bomb is today!
Here we go again.. …
Here we go again.. trying to win an election by preaching reason.
Haven’t we learned this lesson yet? When Schiff will go on a major old media TV show they are going to tear him apart like they did Ron.
What he needs to get into his head is that even though we need him for his beliefs and stand points it will take something else to get elected.
What exactly you ask your self? Deceiving images on link tv
lol, that was me …
lol, that was me asking about fractional reserve banking. I froze up and got nervous and stumbled