Honest Money

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Henry Ford once said, “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

Are you confused by all the talk about monetary policy, fiat money and inflation? You’re not alone. Bankers and politicians have worked hand in hand for many decades to obscure their activities from the public. They hide behind elaborate structures designed to inflate the money supply while creating the false impression that they are looking out for our best interests.

Inflation is a very simple concept to understand: More money = less value. It may seem contradictory but it’s very straightforward.

For illustration purposes, join me on a brief journey of the imagination. One beautiful morning, you wake up and realize that you own twice as much cash as you had just last night. Magic money elves entered your home and bank account and simply doubled your entire cash assets. You’re now twice as wealthy (or half as poor as the case may be).

But you soon realize that the same thing happened to everyone else in the country. The money supply (total amount of money) has doubled! It’s just a one-time event and your regular income remains the same… you just got lucky this one time. It’s okay to dream, so stay with me.

What happens next? If you’re like most people, you probably start spending. You buy things you always wanted to buy but couldn’t afford. You pay back some debts. You buy stocks. In other words, you put the new money into circulation. So do most other people in the country.

Demand for many products increases because a lot more people can afford them now. Consumers are buying so much stuff that some shortages occur. To protect themselves against these shortages, shops and businesses decide to increase their prices. They know that once prices go up, fewer people will be competing to buy the same products, and the situation will be back to normal.

As a side effect of these higher prices, shop owners start earning higher profits than usual. They have more money in their bank accounts, which allows them to increase their spending. They will invest in new stock or expand their business. They might pay out dividends to their investors and bonuses to their employees, allowing these people to buy more products as well. This additional demand puts even more pressure on other shops to increase their prices.

A few months later, prices of almost everything have gone up. Suppliers and manufacturers are faced with the same threat of too much sudden demand from their clients so they too decide to start charging more.

You went on a one-time buying spree and look what happened! Your income stayed the same, but after a few weeks you can suddenly no longer afford the products you used to buy all the time because all prices in the economy have gone up.

Naturally, you demand a higher salary from your employer. If you’re self-employed or in business, you have to charge your customers more money just so that you can maintain your standard of living. Everyone else is in the same situation. Higher prices keep spreading throughout the entire economy, and it’s getting more and more difficult to make a living.

Can you see how this lucky one-time incident which at first seemed so exciting was extremely harmful not just for you but for the entire country? You briefly had a good time but now you’re worse off than before. In our story there are now twice as many dollars in circulation, but your income remains the same and each dollar you earn is worth only about half as much as it used to be. You’re really hoping for those money elves to come back.

As a matter of fact, some people, companies and banks have managed to develop an inside connection to the “money elves”, allowing them to receive new money into their bank accounts whenever they want to. The money is officially a loan (credit), but they know they never have to pay it back… they just “roll it over”, i.e. take up even more debt. With all that easy money in their accounts, and after hearing on TV that stocks only go up and that real estate prices will continue to rise forever, they tend to get a bit lightheaded and start making bad investment decisions. They know that if anything happens to their investments they will be bailed out by the government, so they do not hesitate to take huge risks with their new found “wealth”.

Let’s stop dreaming and look at the reality of things. What if I told you that these “money elves” do exist and that they spring into action not just once in a lifetime, but every couple of weeks? And that they repeatedly give money to their closest friends, but not to you? That prices are going up because the total amount of money in circulation increases, but that you’re missing out on all the fun?

Well, that’s inflation at work. Who benefits from inflation? Only those who are at the top of the pyramid and receive all that new money directly from the source. As you might have guessed by now, the source is the Federal Reserve, and its recipients include the government which “borrows” a lot of new money each year, without any intention of ever paying it back. Another beneficiary these days are failed banks that are being “bailed out” for the good of the “economy”, or defense contractors that receive money to build up our military so we can have a constant presence all over the world and fight never-ending and unnecessary wars. There was even a huge number of small-time beneficiaries who received consumer loans and sub-prime mortgages they would never be able to pay back.

What, then, is fiat money? It’s exactly what we just talked about: money that can be inflated or increased at the push of a button at the say-so of a powerful person or organization. Nowadays most dollars are just blips on a computer screen and it’s extremely easy for the Federal Reserve to create money out of thin air whenever they want to.

If our money were backed by gold and silver, people couldn’t just sit in some fancy building and push a button to create new money. They would have to engage in honest trade with another party that already has some gold in their possession. Alternatively, they would have to risk their lives and assets to find a suitable spot to build a gold mine, then get dirty and sweaty and actually dig up the gold. Not something I can imagine our “money elves” at the Fed getting down to whenever they feel like playing God with the economy.

As you can see, inflation and fiat money are very seductive and beneficial to those at the top, and very dangerous to everyone else and the nation as a whole. That’s exactly what Henry Ford was talking about. He knew that every country that relies too much on fiat money is ruined sooner rather than later.

There is only one possible solution to the inflation problem: Stop creating money out of thin air. But we’re already in such a mess that the only way to have a real impact on the money supply is to increase interest rates so that people pay back their loans and borrow less money from the banks, which decreases the amount of money in circulation. However, higher interest rates might very well crash the economy. So the Fed’s current “solution” to overcoming inflation is… creating even more of it.

Fiat money is a dangerous addiction. Even if the Fed found a way to stop inflation, as long as the current system persists the temptation will always be there to resume pushing the easy money button. That’s why we need to get back on the gold standard and eliminate the Federal Reserve altogether.

But that won’t happen “before tomorrow morning”, as Henry Ford said, or even this year. Ron Paul believes that the first step towards monetary freedom is to allow open competition in currencies. Once gold and silver are allowed as legal tender and can be sold without sales tax, everyone can use them to store their wealth and to pay for the things they want to buy. The Federal Reserve will finally have a very compelling motivation to stay honest and maintain the value of the dollar because if they don’t, they will simply lose all their customers.

Ron Paul has been an advocate of the gold standard and open competition in currencies for many years. He is the Federal Reserve’s most outspoken opponent in Congress and has frequently questioned Alan Greenspan and Ben Bernanke about the Fed’s actions.

Join the Ron Paul Revolution and help us put the Fed where it belongs: into the history books and out of our financial lives.

More Information

Thomas Jefferson and Andrew Jackson understood “The Monster”. But to most Americans today, the Federal Reserve is just a name on the dollar bill. They have no idea of what the central bank does to the economy, or to their own economic lives; of how and why it was founded and operates; or of the sound money and banking that could end the statism, inflation, and business cycles that the Fed generates.

Dedicated to Murray N. Rothbard, steeped in American history and Austrian economics, and featuring Ron Paul, Joseph Salerno, Hans Hoppe, and Lew Rockwell, this extraordinary new film is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority.

In this 1988 interview, Ron Paul talks about money, banking and the Federal Reserve, and predicts the current financial crisis.

Show: American Power Structure
Date: August 1988

Explanation of Fiat Money:

Here’s an amazing introduction to the history of the US dollar:

The American Dream Film:

Ron Paul Money Lecture Series — “What is Money?”


7,318 responses to “Honest Money”

  1. Citizen

    Hello Curious,

    This week has been a great for woodbe bullion owners, gold and silver have hit 3 month lows and YOU should be stocking up now!

    Coinage Act of 1792…. Own some real money, BUY GOLD AND SILVER!!

    p.s. sure glad they fixed this web blog site!

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  2. Not a follower

    Is this the same theory that a certain accountant in Angleton uses when he helps others not pay taxes or helps others hide money so that they don’t have to repay their debts? The same accountant who started “paladine combine” but testifies under oath in IRS hearings that he has no clue who, what or where Paladine Combine is? It’s interesting how family can cause trouble–and they do. And the great thing is that all of it can be found on the Internet—-you just have to meet ONE person to know where to begin looking and there it is.

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  3. MattPapke

    Our Website lastchanceforliberty.com is up please visit and spread the word. There is a letter we need to send to the GOP party members to let them know we want Dr. Paul as our nominee.

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  4. john lockes ghost

    I’m curious as to how we transition from our current monetary standard to one backed by silver, gold or some other metal. I’m not opposed to the idea, at least not yet, but I’d like to know how we get from point A to point B.

    »crosslinked«

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    1. Citizen

      @john lockes ghost

      Slow and gradual…

      1st: Legalize gold and silver bullion coin to be used as “Legal Tender” without taxiing the appreciation due to price inflation.

      2nd: Allow Public and Private Contracts to be paid in bullion coin.

      3rd: RESTRAIN the FED from further Fractional Reserve credit money creation

      4th: ENCOURAGE individual STATES to mint bullion coins as the Constitution permits. At first they would stores of value but eventually they would become contractional payments.

      5th: Regulate FOREIGN currencys to be consistant with our univeral Weights and Measures!

      A Troy Ounce of gold or silver IS THE STANDARD! Half, Quarter, Tenths are the common fractional values. Numeration values mean nothing, call it what you will, but an OZ of pure gold or silver metal is NOT counterfeitable without quick detection.

      FINALLY

      VOTE RON PAUL 2012!!!!

      TEA

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      1. john lockes ghost

        That doesn’t answer the question as to investments, bank accounts, indebtedness, etc. @Citizen @john lockes ghost

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        1. Citizen

          @john lockes ghost

          Contracts written in FED Res notes will remain in force until those debts are discharged.

          No one would be forced to “convert” their currency, but in time, there sould be an exchange rate similar to the current values today.

          Gold is $1,700 Fed Res Notes

          Silver is $ 30 Fed Res Notes

          -Investments, stocks, bonds, etc. would still be denominated in Fed Notes.

          -Bank accounts would slowly be converted into terms of gold or silver coins.

          -Debts would likewise converge with the exchange of paper for bullion coin.

          Keep in mind that electronic exchange media (credit/debit cards) would still be used! We would not carry the metals any more than we do today.

          The difference being that the paper… if still used would have Redemption Value at a bank or the US Treasury.

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  5. Citizen

    The SINGLE MOST IMPORTANT blog page, and It still doesn’t work!

    Please get it done soon.

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  6. drw729

    Regarding your inflation scenario… “One beautiful morning, you wake up and realize that you own twice as much cash as you had just last night. Magic money elves entered your home and bank account and simply doubled your entire cash assets. ”

    The reality is, you, or I, don’t ever benefit by doubling, or even increasing your cash assets. Our cash assets remain exactly the same, it is the large banks and other institutions that receive the newly-created “money” in their possession, while it still has the same purchasing power as your money, and they reap the benefits of this purchasing power – not you or I. As these banks and institutions spend and loan this new money into circulation, the increased money supply causes prices to rise – more dollars chasing the same goods and services – and you and I slowly pay more for items, making our dollars worth less and less. We don’t ever keep up with this through equivalent increases in our incomes, and therefore slowly sink in net worth away from true middle class status.Of course, as the dollar becomes worth less and less in the market place, the banks cash net worth appears to shrink also, however they have benefited mightily on the front-end “bubble” by being able to acquire real hard assets at pre-inflationary prices, using their freshly acquired dollars that have not been adjusteddownwards to inflation yet.Since 1913 the US Dollar has lost 97% of its purchasing power, and every single bit of that loss was absorbed by the dwindling and unprotected middle class

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    1. holden602

      @drw729your cash assetts are just doubly taxed when they double. There is no answer to this unless gold, silver and platinum are refuted as standards. The only thing that can be used is the supply and demand medium at which you can not live without food and water. If you have oil, I can trade you or I can wait for you to die of starvation and then take what you have. But lets be civilized about it and trade a pint of water for a pint of oil. Or shall you just drink your oil. Good luck growing some meat and veg.

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      1. Citizen

        @holden602@drw729

        Money is a medium of exchange, nothing more, nothing less. You can trade water for oil or sugar for bullets, but those things are not commonly exchangable or divisible in a Free Market.

        So what IS your problem with using solid prescious metals as a Store of Value and Medium of Exchange?

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  7. Citizen

    HEY!

    WEBMASTER… GET IT FIXED!

    P L E E E E A S E !!!!!

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  8. Citizen

    RETURN to gold and silver coin as legal tender and get the Government out of the Banking business and thinks will get much better in very short order.

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  9. Citizen

    PEOPLE… Ron Paul IS all about Honest Money / Commodity Money

    Ending the FED is the first step in a long journey of reforms to

    Return to Treasury minted prescious metal coin as Legal Tender

    Restoring the power ot the money back to the citizens

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  10. Citizen

    The best blog site on Sound-Hoest Money on the entire WWW

    STILL BROKEN….?

    Come guys… get it fixed!!!!!

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  11. Citizen

    COMMODITY MONEY… there is NO other solution !

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  12. Citizen

    It likely that the USD will last only another 5 years or less.

    Some believe the dollars collapse will happen after the 2012 Election when Obama is a Lame Duck president.

    No one know the timing for sure, but no one can doubt that it WILL collapse

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    1. holden602

      @Citizen

      it will help the world and US if they get Ron Paul in as Prez. Dont think they will do it cause most Yanks are not smart enough, they want to vote for the young stupid guys.

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      1. Citizen

        @holden602@Citizen

        I’m afraid your right… Ron Paul is not a Populist candidate.

        AND

        He does not support the Military Industrial Complex, that’s where the money is to get elected…

        Hey… but we can Dream can’t we?

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  13. Fingrinn

    As a Ron Paul supporter and Non American, I am in complete favour of a return to the Gold System. Too many times here In New Zealand, we have been a victim of the federal reserves greed, that causes mayhem Worldwide. It is time America went back to its golden years and become World leader in democracy and fairness.

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  14. madcow

    Poor Ron Paul is clearly out of touch with even another topic in economics. We tried the gold standard and it didn’t work. The reason is that tying the money supply to how much gold has been found causes wild business cycles creating disaster for many people as they watch their life’s savings getting wiped out. During the Great Depression, the Fed was unable to ease credit because of this restriction, thereby prolonging the mess we were in.

    Ron, please go to college and take at least a few courses in economics. Try two in macro-economics and two in micro-economics at a minimum. I wish all politicians would do this and it should be a requirement for your position. By spouting your uneducated nonsense, you do our country a terrible disservice. In fact, you are downright dangerous.

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    1. holden602

      @madcowyou are an idiot.

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      1. holden602

        @madcow

        btw, Spent too much time in the chatroom of your local community college? Gladly debate you on any economic subject of your choice, especially this one. Pick your poison,

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    2. Citizen

      @madcow

      Try not drinking the Keynesian Kool-Aid for a day or so, just maybe you’ll sober up…

      Unrestrained credit fiat money creation and debt is precisely why we are in this MESS!

      The Gold Standard…. RESTRAINS the political theft!

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  15. EzioTheSentinel

    Excellent explanation, sir. I imagine that this information is a bit risky to bring to light. We, as a country, have been divided and lied to. I feel relieved that you are behaving as an intelligent human being, and not as a politician. The difference between the two? The former understands that if one of us falls, we all will follow shortly after. The latter allows the promises of “party loyalty” and the spoils of victory to cloud their judgement in the ever-present battle between what benefits a man, and what benefits a nation. So long as you maintain the admirable standards of honesty and objectivity, you secure the support of not only myself, but all who understand the big picture. We will stand together, or we will fall separately.

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  16. Citizen

    Is this blog site is broken…?

    TESTING post 10-19-11

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  17. Jessie Clyde

    Here’s another version: http://www.dailypaul.com/183587/why-end-the-fed

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  18. Jessie Clyde

    Forward this if you like it: http://orinje.com/threads/262076-Why-End-the-Fed

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  19. Wolf1927

    A thorough explanation of our current banking industry and how our money is actually debt.

    http://youtu.be/Dc3sKwwAaCU

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  20. ohlweiler.james

    A thorough explanation of our current monetary system and how our money is debt

    http://youtu.be/Dc3sKwwAaCU

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  21. anarchist

    Au contrere mon frere, gold and silver have been the norm for ANY currency for 6,000 years!

    The treasury department would control the silver and gold, like they are constitutionally

    empowered to do so; AFTER the Federal Reserve System is COMPLETELY dismantled.

    As far as “we” having any gold left; I doubt it! But, I don’t think the founding fathers came into

    all that they did with a mountain of gold. They started from scratch; just like we are going to

    have to do!

    Louisiana Creole

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    1. holden602

      @anarchist

      why not base everything on supply and demand? They have oil, ok, we have water and food.

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    2. Citizen

      @anarchist

      The FED has taken our gold as collateral for our DEBT!

      Might I suggest that..

      WE THE PEOPLE must “repudiate” the Federal Reserve Currency and

      TAKE BACK our gold?

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  22. just a guy

    I love Ron Paul I really do. But we CAN NOT go back to a gold based currency. Now, just as then, our country will still fail. The only proper way we can become debt free from the Fed or any of the other centralized banks is to resurrect the old Green Back system President Lincoln established. All of the currency is controlled by the government and only with the rise of population is there a rise on how much is in circulation. To back a currency with gold is to give power to those who have the means to buy gold. The bankers have all the money and in turn will have all the gold. Putting us right back where we started

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    1. holden602

      @just a guy

      I think he is trying to make a point. We have to go back to when the US produced all of the products that the world wanted before we kicked their ass and empowered them to overtake us in technology. The “gold standard” thing is just to make sure we are competitive. Do you think he or anyone could change that in a single (or double) term in office?

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    2. kidknot

      @just a guy you are so right

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  23. austrianschool101

    If we are to legalize competition in the currency market how do we deal with the threat of counterfeiting?

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    1. Citizen

      @austrianschool101No need to worry about counterfeiting…. Commodity money is virtually “fool proof”

      Real money doesn’t need explanation or defense

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  24. regisjbeakensr

    illegal immigrants closer to 20 m get 280 a week thats 293,280,000,000 yr not counting benefits and if i pop out a kid do you seperate me and my child. takev the child with you or yes we seperate them sounds harsh but you decide i didn’t i just gave you options.i’m for 3 fences between each fence a group of windmills every 100′ with generators keeping them running at good speed. middle fence elecrtricuted and 3rd fence guarded by servicemen 20,000. 5,000 troops in cities at first to clean them up we impound and sell drugs to mexicans money goes to education year round schooling giving a 6th grader right to choose a major and pick classes math and english mandatory avg student has bachelor degree in 12 years. no more loans grants free living no illegals getting free education that we pd. for.

    only president needs to travel and that should be limited he has his hands full here. i believe in just 2 comments i solved our debt crisis its tough love rich are paying for mess they caused. kharma. now i would flea bargain debt right now the world is thinking we’re going under they will take 50% cash as settlement and bringing jobs as ron paul has said puts us in the black

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  25. End the Fed

    Hey Everybody!

    Did you see the article on Ron Paul.com about the Florida 5 poll results?

    “Ron Paul came in a strong fifth at the Republican Party of Florida’s Presidency 5 straw poll in Orlando, Florida. After winning last week’s California straw poll with 44.9% of the vote, the Congressman did not make a personal appearance at this weekend’s “GOP establishment” event as he had traveled to Baton Rouge, Louisiana, on Friday to open a new campaign office and speak to a massive crowd of supporters at Louisiana State University.

    The Presidency 5 straw poll was overwhelmingly won by former Federal Reserve Bank of Kansas City Chairman Herman Cain, who convincingly edged out former frontrunner Rick Perry. Perry had poured massive resources into the straw poll, hoping to prove that his campaign was not going down in flames after his disastrous performance in Thursday’s Google / Fox News debate. Even though the Texas governor ended up with only 15.4% of the vote, he did manage to narrowly beat his rival Mitt Romney, who gained 14%.

    =============================

    Herman Cain was the Chairman of the Kansas City Federal Reserve branch?

    That is what THIS web site has published… check it out.

    Plus candidate Herman Cain is for the Gold Standard !!!

    He is on tape REPEATING it at near the end of Thursday night’s debate in Florida, when Jon Huntsman approved of his gold color tie (both candidates were wearing gold ties) and Herman Cain agreed they are both for a gold standard.

    Holy Conspiracy Theory… Citizen ~ Jim.
    Former Fed Chairman wants gold standard NOW.
    To complete part two (deflation) of Jefferson’s famous warning!

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    1. Just Saying

      Former Chairman of the Kansas City Federal Reserve branch he was!

      http://www.theatlantic.com/politics/archive/2011/05/herman-cain-federal-reserve-chairman-tea-party-champion/239519/

      It was speculated that there would be interesting debate between Cain and Paul, but that has not been the case, as Cain is claiming the gold standard now. Interesting conversion or subterfuge? Hmmmmmmmm……….

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      1. Just Saying

        Here is more about the gold standard:

        http://www.realclearpolitics.com/video/2010/12/28/herman_cain_return_to_the_gold_standard.html

        Straight from the man’s own mouth… NOW the former Chairman of the Kansas City Federal Reserve branch wants to switch to the gold standard.

        Incredible… wonder what Citizen has to say about that?

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        1. Just Saying

          Probably call me a Marxist Conspiracy Theorist or something along that line, but that would only validate other arguments against him. But really man… holy f#%&… Thomas Jefferson’s warning ring a bell?

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      2. Citizen

        Politician’s say whatever they need to play on populist emotions.

        What’s not to understand.

        Sure they all agree that the FED is the culprit…

        SO WHAT?

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    2. Jim

      LOL, you nimrod, of course he is SAYING that. He’s a politician, he is perfectly aware that people are fed up with the fed.

      The real question is, does he REALLY BELIEVE it?

      Duh, politicians always SAY what they think the people want to hear. Just look at Obama. Hope and change. Bring home the troops. Yeah, he said it, but it sure DIDN’T happen.

      Just in general, haven’t you even noticed how all the candidates are sounding more and more like Ron Paul? It’s just lip service.

      Ron Paul is the ONLY ONE who believes what he says.

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      1. Jim

        The republicans are fighting a battle on two fronts, although, they really shouldn’t be.

        On one front, they want a republican as president.

        On the other front, they are fighting to keep Ron Paul out of it.

        They really aren’t different than democrats though. They do however, have to play the game to maintain the illusion of two parties.

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      2. cris

        Herman Cain Exposed… used to be chairman of federal reserve… have a listen… they say all winners at Florida end of Presidents… can this be whats in store for 2012?

        http://theintelhub.com/2011/05/08/herman-cain-exposed-no-need-to-audit-the-federal-reserve/

        Herman Cain says no need to audit the Fed and let’s switch to a gold standard. So the Fed guys don’t want to be audited, but want to switch back to gold. Hmmmm……. INDEED.

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        1. Just Saying

          I can not simply dismiss what this guy is saying. We have it on video, conflicting positions, no to audit, yes to restore gold standard.

          How about keeping it private, run by the Fed?

          Cain is not calling for ending the Fed, just restoring the gold standard and by the way… you can’t audit the Fed either. The more one digs into this, the more it truly does look like the prophecy that Jefferson foretold after Hamilton created the privately owned First Bank of the United States in 1791.

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      3. Jim

        Yes, Herman worked for the fed. I don’t believe a darn thing he says.

        Let’s say you and a few of your friends, embarked upon a shady enterprise, that robbed millions of people and enriched you and your buddies.

        Now lets say that on the horizon, there exists the threat of those people finding out just how bad you robbed them. Wouldn’t you rather change the subject or the focus from what methods you used to rob them to something else? When a big dog is chasing you, toss a bone to distract him.

        You certainly wouldn’t want them to audit you and find out just how bad it really was.

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      4. holden602

        and Ron is the only one that hasn’t changed positions on every issue just to see if it made him more popular. I am a lifeong Independent voter that has always voted for an independent or a democrat but I firmly believe that RP is the only person with a soution that I can deal with. First time Rep. voter and proud of it as long as this party is smart enough to vote for him.

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  26. c

    Curious,
    SAYS
    “Stimulus Money = WEALTH REDISTRIBUTION.
    WHERE do you think all that money is going?
    In the pockets of the poor? THINK about it…

    Snuff ‘Nuff said…

    No, not really….it went into the pockets of the wealthy banksters (your favorites)
    and devalued the money in YOUR pocket….
    The poor and middle class get screwed regularly

    Wealth RE-Distribution MEANS from the Have-Nots to the Haves!
    definitely not to the poor….

    That’s what Fiat Paper Money is FOR!!
    Its for taking YOUR money silly!

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  27. Jim
    1. Jim
  28. George H. Ritz

    Dear Jim;

    Thank you for your apology. Perhaps this article I worte last year and published by ‘End The Fed’ will help you understand my position.

    ===================

    The Case for Paper Currency

    http://endthefedusa.ning.com/profiles/blogs/the-case-for-paper-currency

    Offer a toddler a choice between a nickel in one hand and a dime in the other and he/she will usually choose the nickel because it’s bigger, not realizing the that dime is worth twice as much. This is one example of how appearances can be (and are) deceiving. In this example the only matter of importance is the value of the dime over the nickel without regard for the substance of either. Who knows or cares about the metal content of a coin? All that matters is its comparative value in trade.

    Advocates of gold and silver coinage and certificates demonstrate that they have learned nothing from the lessons of history. The gold stored in Amstel Bauer’s vault was the basis of fractional reserve banking when he leveraged this supply by lending out more certificates at interest than there was gold to back them. One only has to regard the global economic conditions of today to see where that leads. Silver is no better; being cheaper and more plentiful than gold makes no difference, as the same temptation to hoard and manipulate would still be present. The flaw in any system based on precious metals is the same: a currency based on a commodity itself becomes a commodity, and the desire to store up great quantities of such currency competes with the overall consumption of goods and services in regular trade.

    Gold Bugs and advocates of silver dismiss paper currencies as being worthless but that is the very reason why paper is the best choice. A currency should have no intrinsic value of its own, but should serve only as a facilitator of commerce. Dollars have served very well in that role over time, even the admittedly worthless Federal Reserve Notes. People exchange these notes for goods and services without regard for backing, as there clearly is none. Modern technology is now at the point where durable paper, design, and anti-counterfeiting measures can be had very inexpensively and can greatly reduce the cost of producing a stable, tamper proof paper currency.

    The effectiveness of a currency has nothing whatsoever to do with its material composition but rather with its conditions of issue. A viable currency should be inexpensively produced, be unencumbered by debt, should not be valued relative to any material standard, and should be produced in quantities proportional to the economic necessities of the demographic it serves. Taking these particulars one at a time, the first item is fairly self evident: that a paper currency can be produced more simply and at a lower cost than hard coinage in silver or gold, which would require securing these metals in quantity, the fabrication of dies, and stamping machinery to produce the coins. Beside being cumbersome to handle in large amounts, the possibility of fraud would be an ever-present concern. The costs would be prohibitive.

    The second item, a debt free currency, would thwart the predatory banking practices by which labor and capital are burdened by usurious, parasitic claims on the collective wealth. The proper role of banks should be to administer rather than control a currency, to serve as safe repositories of community wealth, and to attract deposits by offering reasonable interest rates on deposits and lending money at rates sufficient to meet their normal operating expenses. Banks should be not-for-profit, privately held institutions, whose operations would depend upon efficient management and sound banking principle.

    Thirdly, a currency should not be valued respecting any material standard (gold, silver) as fluctuations in the price of these commodities would impose an artificial value on the currency and open the way to devaluation, inflation, and inordinate business cycles. The value of a currency should be determined by free market exchanges consistent with the laws of supply and demand.

    Finally, the volume of currency should be adequate to the needs of commerce proportional to the population of the market area. The quantity of cash required by a demographic would, like water, seek its own level. As our concern here is to replace a bankrupt, debt based monetary system with a progressive, stable, and debt free model, the introduction of a new currency would entail the displacement of the old. Thus the new currency would be purchased using current dollars at a discount. Example: one community dollar (Collar) = $0.90. This would serve as a further incentive to make the trade.

    Fundamental to any discussion of this kind must be the subject values. In earlier writings I made the point that money is anything that has value: to further sharpen this point it is necessary to define exactly what kind of value this is. In the case of money the value is intrinsic, as opposed to currency which has only practical value. Article 1,Section 8, of the US Constitution gives the Congress the responsibility to “coin money and the regulate the value thereof.” When this document was written money was gold and silver, and this is key to complete understanding. What gave these metals their intrinsic value over time was the fact that people valued them for their decorative qualities; religious totems and personal adornments.Today these latent values have been expanded by their usage in the field of electronics, as conductors, contacts, and various uses in the space program. Thus the intrinsic value of these metals settles on the fact that they may be used to make things.

    Currency, on the other hand, has only practical value. An example of this proposition would be a simple can opener. The purchase price is its Retail Value, the sum of the cost of manufacture and a profit for the producer. The can opener has no intrinsic value because once purchased it has no resale value except possibly in a yard sale for 25 to 50 cents. But the can opener has a practical value because it opens cans and can be used in that capacity for years. Comparing currencies and can openers might seem outlandish at first, but they share a common purpose in that they facilitate acquisition. The only difference is in scope: the can opener releases the contents of the can, currency releases a commodity from seller to buyer in a wide range of applications.

    Aside from food, clothing, and shelter, all commodities have assigned values. The value of a commodity is determined by the desire of a person to own the good for a variety of reasons. Collectors value coins, stamps, and art works for their rarity, beauty, and by some only for the anticipated appreciation in value of these items. The value of collectibles is conventional: that is, the value of a rare item of this kind is assessed by the group of collectors, by consensus, and not subjectively as in practically all other exchanges. Exchanges of this kind and of similarly expensive commodities would have to be done in Dollars as the scope of such trades would be well beyond the capacity of a community currency.

    The main function of an expandable paper currency would be to establish exchange values for basic items of necessity and to organize the fixed assets of an area into productive channels of activity. By shifting commerce from Dollars to a local currency, the reduced dependency on Fed notes would result in fewer taxes imposed as community currencies would not be recognized by the government as legitimate currency. Bans on the use of such currencies would be difficult to impose and impossible to enforce not only on the basis of basic human rights, but by the fact that the vast majority of those charged with enforcing such Draconian ordinances would benefit from the new system. With states, counties, cities, and towns suffering under drastic cutbacks in basic services, a new local currency would provide an attractive alternative to business as usual. Unemployment cannot be adequately addressed by the mere creation of jobs, but by the organization of assets; land, structures, machinery, raw materials – things of real value, ergo money. As many of the unemployed are tradesmen, carpenters, plumbers, and the like, a community paper currency that can be readily expanded will bring fresh incentives to build small businesses of every description. Sheriffs’ departments and local police forces would benefit from the creation of new jobs, at first augmented by the community currency, and at length being entirely supported by it. This would enable law enforcement officers to do their sworn duty to protect the citizens of their locales without the strictures imposed by the government as blackmail for federal funds. The idea at first would be to introduce the new currency to spare the use of Dollars for basic necessities, thereby stretching Dollar based budgets to apply to areas not yet covered by the community currency. In every instance the deciding factor will be the fifty sovereign states, specifically the creation of state banks patterned after the Bank of North Dakota.

    Getting rid of the Federal Reserve will only be possible by displacement, a process that has been in use for decades. It’s a solution that has been hidden in plain sight all this time and which employs a currency that doesn’t register as such in most peoples’ minds. Store and manufacturers’ coupons. As these pieces of paper are spent in lieu of dollars so can an alternative currency do the same but on a much broader scale.

    Let’s get into action on the grand scale. Our first objective should be to endorse an alternative currency rather than community currency, one design that fits all the requirements for a debt free currency regardless the community. We need to pull the separate programs together into a rational whole and put the people back in the driver’s seat with a true currency of the people, by the people, and for the people. Only in that way can we effectively get rid of the legalized counterfeiting of the corrupt Ponzi scheme that is the Federal Reserve.

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    1. Jim

      Sounds like creating a micro state economy.

      Competing currency, and laws that allow that, would help the people. Might as well allow gold and silver to circulate as well, couldn’t hurt right?

      Let the people decide what they want to use for exchange.

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      1. George H. Ritz

        I never precluded gold or silver, Jim, my objection is forced use of such by making gold and silver legal tender. By all means, let the people decide. Those who insist on gold will soon realize their own folly as other businessmen who accept the more widely held currency get far more customers.

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    2. Open Minded

      How do you solve inflation and deflation?

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      1. Citizen

        Stop Inflation by Ending the FED’s easy credit money creation…
        Booms are a deliberate policy of Central Banks to PUMP flash money into the economy

        Deflation is the antithesis of Inflation… get rid of the the Inflation and there is no CORRECTION… deflation.

        Prices Changes in Commodities CAN NOT be gotten rid of
        or “SOLVED”
        as you presume needs to be accomplished by Fiscal Authority!!

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    3. Citizen

      Dear George,

      “The Case for Paper Currency”
      The history of gold and silver coinage had problems as does any currency, but not nearly the the magnitude of abuses precipitated by government’s that force paper notes as legal tender.

      When the population resists higher taxes, invariably the governments turn to monetizing their debts by abusive printing and value dilution.

      The goldsmiths/banksters found that they could deceive depositors and borrowers alike by fractional reserve banking schemes. Essentially lending money they don’t have at interest. The fact the FED has raised this thievery to a fine art speaks volumes for terminating this practice.
      Frac Res Banking is a license to steal, to charge up to 9 times the actual value on deposit.

      “”a currency based on a commodity itself becomes a commodity, and the desire to store up great quantities of such currency competes with the overall consumption of goods and services in regular trade.”"
      ***********
      Hoarding by a few anal bankers is a weak rational for promoting paper currencies. While I concur that hoarding is a disagreeable character flaw, it’s hardly a basis for monetary policy… more a wealth envy issue.

      “”dismiss paper currencies as being worthless but that is the very reason why paper is the best choice. A currency should have no intrinsic value of its own”"
      *************
      Ya I’ve heard that argument too, saying it should only be worth what government says it’s worth. Only problem being that elections happen every 4 years and every new regime has a different agenda and opinion on how much more is worth. Generally they ALL print as much as needed to pay off their political debts.

      “”should serve only as a facilitator of commerce.”"
      ******************
      Well George, “facilitate commerce” regardless of the real market conditions and actual consumer demand. I think Bawney Fwank thought the same thing and he sponsored the Sub-Prime housing catastrophe. And Solyndra is another example of a political agenda gone wrong…called a “green economy”. A boondoggle sponsored by Tax Payer money…
      So what RESTRAINS this sort of Mal-Investment using other peoples money… or worse, just printing it and diluting retirement savings of the frugal?

      Not withstanding your re-defining what money is…saying that it…
      “should be produced in quantities proportional to the economic necessities of the demographic it serves.”"
      And that’s been the problem all along… a subjective political agenda and Who determines the “Economic Necessities”, not market demand, rather political supply.

      1. “paper currency can be produced more simply and at a lower cost…”
      **********
      expensive dies and stamping machines are in fact a positive factor defeating more flimsy attempts at fraud.
      2. debt free currency, would thwart the predatory banking practices”
      ***********
      I concur, governments SHOULD NOT exceed (spend more) then the taxes they collect. But that’s really where we Austrian Economists depart from you Keynesians who advocate Printing as much as is Politically Expedient.
      So what part of a $1.6 Trillion deficit spending heroin habit escapes you?
      Thus an Austrian Economist would advocate…
      Minting Coins from revenues collected in taxes… in the order of magnitude of 3%-4% of GDP annually to guarantee an adequate growth of the money supply.
      Government currently collects $2.4 Trillion of our $14 Trillion economy…
      Or about 17% of GDP
      But BIG GOVERNMENT STATISTS believe they need an additional $1.6 Trillion of “borrowed money” or another 11.4% to keep the Welfare and Warfare State running smoothly…
      QUESTION:
      Mr. Reese…when is there enough printing of money that
      “should be produced in quantities proportional to the economic necessities of the demographic it serves.”"

      ANSWER: I, as an Austrian Economist, suggest that an economy growing at 3%-4% should be more than sufficient for reasonable economic growth…And that if Government purchased that much in bullion to mint coins, from “Tax Collections” money would be spent INTO circulation and would keep pace with the healthy economic growth…
      QUESTION:
      What’s wrong with that model??

      3rd.
      “currency should not be valued respecting any material standard (gold, silver) as fluctuations in the price of these commodities would impose an artificial value on the currency and open the way to devaluation, inflation
      *************
      I disagree… everything changes in value, the only constant is change… Mike Montagne promotes this same notion that money should have an “immutable value”.
      That begs the question…. immutable against WHAT?
      Other commodities?,
      Manufactured goods?
      Labor?
      How is that possible….
      Cotton and peanuts have risen in fiat paper terms 200% since 2009
      Precious Metals have likewise risen
      Hey but big screen monitors have dropped in half over the same time frame?
      QUESTION:
      Are you suggesting that we FIX the prices of all goods, services and labor?

      YOU SAY
      ” The value of a currency should be determined by free market exchanges consistent with the laws of supply and demand.”
      *******
      Supply and Demand for the currency?
      Money Traders speculate all day long to skim the profits…
      What makes a valueless paper currency any more or less susceptible to currency traders than bullion traders??
      Is the fact that Switzerland pegged their Franc to the Euro last week to stop its gaining strength and slow its loss of trade with it’s European neighbors.
      The fact that ECB is printing the euro like there’s no tomorrow has nothing to do with that??

      “As our concern here is to replace a bankrupt, debt based monetary system with a progressive, stable, and debt free model,”"
      ***********
      I’m sorry George… it won’t work any different than what we have.
      Issuing (printing) paper money even “debt free” simply dilutes the currency held by the population, inflating the supply, reduces its purchasing power, and debases the citizen’s wealth. Transferring wealth to a politically preferred class at the expense of another less preferred

      “Article 1,Section 8, of the US Constitution gives the Congress the responsibility to “coin money and the regulate the value thereof.” When this document was written money was gold and silver”
      **********
      BUT not because of the primitive tribal reasons you attribute to it.
      “decorative qualities; religious totems and personal adornments”
      NO, because of its uniformity, durability, divisibility, compact size and not counterfeitable
      The “intrinsic” value rests in its undisputed durability and recognizable character… no matter what form it’s beaten into bullion metals retain their value. Not so for ink and paper!

      “The main function of an expandable paper currency would be to establish exchange values for basic items of necessity and to organize the fixed assets of an area into productive channels of activity.”
      ***********
      Now you’re talking like a true Marxist,
      “to organize the fixed assets …. into productive channels of activity”
      Well said comrade! A planned economy, organized by the politburo Commissar.
      You know… someone who is “politically” smarter than you or I.

      I like your idea of Community Currencies… DE-Centralized money.
      States should Mint their own Coin currency as Legal Tender.
      It doesn’t matter what is stamped on it, just that it’s of common Weight and Purity “regulate the value thereof”

      “Unemployment cannot be adequately addressed by the mere creation of jobs, but by the organization of assets; land, structures, machinery, raw materials ”
      *************
      Again… another Marxist Das Kapital standard response…
      We just need to “organize” other peoples assets to serve the Collective!

      States and the Federal Governments should ONLY
      MINT COINS of commodity metals

      Private Banks can take those private coins (money) and issue notes at 100% reserve value. Make loans, exchange assets with proper full bullion currency backing.
      Ending the FED and all private Fractional Reserve schemes will eliminate the majority of the fraud.

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    4. Citizen

      Dear George,

      Just “allowing” gold or silver to be used ALONG side of Fiat Paper will permit people to SAVE once again!

      Fiat Credit Money Creation IS the sole source of INFLATION. You’re bent on Fiat Paper money is based upon a Socialist view that money creation benefits the poor and down trodden….That’s YOUR error Sir!

      Fiat Paper Money transfers power and wealth into the UPPER 10% of the population, striping wealth from those who YOU pretend to defend.

      Stop pretending that there is an “Angel Guardians” who are above thieving temptations.

      They don’t exist. The Political Powers will always print money to further their corrupt goals.

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  29. Open Minded

    Now on TNS Radio. Mike Montagne speaking about MPE. Our public controlled currency/monetary system. The equivalent of barter…

    http://tnsradio.ning.com/

    Click High Quality player

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  30. Jim

    This whole current system of monetary policy with paper money, is more than just a transfer of wealth. It is a transfer of self determination.

    We are becoming slaves.

    In the beginning, a man would put forth effort to produce something of value. Through his own efforts, he bettered HIS situation by his own labor. The product of his labor was then transferable through barter or selling for coinage, thereby enriching his HIS life and family.

    He was his own man. Coinage represented the value of his work.

    The value was created by his labor to PRODUCE something, and HE gained from his efforts.

    That is what money is, it represents the work that he did to produce something of worth.

    So, this man through his own efforts, enhances himself and is rewarded for his work. He reaps what he sows. Nobody else is getting the reward for his work. He is self determining. A free man.

    What is a slave? A slave is owned by someone else. The work that a slave does, does not go to enhance his position. He does not gain from his efforts, his master does.

    By moving away from coinage, and by using paper or electronic means, the wealth and self determination of a man is being taken away. Our NOTION of WHAT money is, has been changing.

    Paper now is tied to NOTHING. Remember, money is supposed to represent the work or effort put forth to create a product. A fed note has NO objective definition.

    They are in essence, getting rid of money, the real definition of money, and replacing it with something completely worthless. We are basically working for FREE.

    We put forth the effort of our labor, we get a worthless piece of paper, that has NO REAL WEALTH. They gain the benefit of OUR labor, and we get a worthless piece of paper.

    We work, they benefit.

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    1. Honesty ~ Not Gold

      Nice try, but paper is not the issue. Franklin proved it. Lincoln proved it. And most importantly, you and the rest of the gold bugs are trying to foist a fraud by claiming gold or silver or any other specie was widely held by free men. BARTER was 99.99999999% of all economic activity under your golden dream. Why is this PROVEN FACT so important? Because under barter, one has no idea if his work will be valued by another, ergo repressed INCENTIVE to work harder than neccessary for simple subsistence. Money changes this equation, but not if you restrict money to some limited commodity. There must be ENOUGH of this commodity to disperse among ALL the workers, or it ARTIFICIALLY ENRICHES the holders of the CHOOSEN commodity in question, it leaves the gold horders to get richer without effort, because the gold can not represent more labor without diminishing labor’s (work’s) purchasing power.

      Get it?

      I doubt it, for if you did, you wouldn’t be preaching this gold crap!

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      1. Open Minded

        Thumbs up!

        Have you been listening to Mike Montagne and his MPE?

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      2. Jim

        Just HOW MUCH gold would I have to ‘hoarde’ to be able to effectively have an impact on the world market price? Or even on a national level?

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        1. Honesty ~ Not Gold

          LOL

          Think BEYOND your own selfish interests WHEN discussing PUBLIC policy. Be as selfish as you desire when limited to you and. your family

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          1. Jim

            Yeah, right, I was asking that question because I wanted to know how much more gold I needed to corner the market.

            I just checked my vault yesterday and only had 7 million pounds of gold.

            Got any gold fillings in your teeth? I have pliers.

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        2. Open Minded

          it’s impossible to solve inflation OR deflation with a gold standard. If represented wealth is less than the representative reserves, still, no precept prevents you from suffering a circulation exceeding the reserves, particularly if you further subject debts to interest. But this objection is largely only hypothetical, because generally, on the contrary, the real danger is suffering a restricted circulation (deflation). As industry and production tend to grow, you are deprived of the further circulation which you need to sustain that industry, if and when it exceeds the monetary reserves. So the more real (practical) fault is it cannot solve deflation. But even worse, is its further fault, that if it coexists with interest, it can’t solve terminal failure, or perpetual subversion of the *disposition* of the currency, that as interest inherently and irreversibly dedicates ever more of every unit of the circulation to servicing falsified, artificial debts, versus sustaining the desired industry. It means nothing to pretend solution then, unless you have answered for all three faults: inflation, deflation, and disposition.

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        3. Open Minded

          The math is very simple: divide the monetary gold on hand by the number of people. In the case of the U.S., reported monetary reserves are $80b, divided by a 300m population = 266$ per capita to do all our business, save for the future, resolve our debts. Thus nonetheless, a “return” to the standard is not just a case which CAN be artificially deflated — but which, so long as representable property exceeds $266 per capita, is a case of PERPETUAL, MONUMENTAL deflation.

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        4. Open Minded

          If you would understand the nature of our ¨obfuscated¨ money you would know it is time to sell your gold NOW…..we´re going into a stag-deflationary environment and cash will be king…

          Unless there will be QE3,4,5,6,7,8,9,….which I don´t think will happen. They have what they wanted, and they are going to bleed us dry for the next 5-10 years…

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          1. Jim

            No, they are going to created chaos both monetarily and politically around the world, and use that to force us into a global currency, eventually an electronic global currency. They may go straight for that or use some kind of paper until they go electronic.

            All for our own good naturally.

            1Th 5:2 For yourselves know perfectly that the day of the Lord shall so come as a thief in the night.
            1Th 5:3 For when they shall say: Peace and security; then shall sudden destruction come upon them, as the pains upon her that is with child, and they shall not escape.

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      3. Jim

        Oh, and one more thing, funny how which word you use can change the connotation.

        Couldn’t you substitute the word ‘save’ for the word ‘hoard?’

        Savings are what BUILD capital. Oh, I forgot, we aren’t supposed to save, we are supposed to SPEND.

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        1. Honesty ~ Not Gold

          I detect a dispicable LIAR… Jim.

          You know, Mr, paycheck to paycheck who is not rich!!!

          How can such a person SAVE anything?

          LIAR

          P.S.- Economist have already answered this as the optimum rate of savings being 20%, for the 80% must go back into the economy to PAY other workers. When this does not happen, JOBS disappear… or go to despotic regimes where pseudo-slaves or serfs work for little to nothing but subsistence.

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          1. Jim

            Did I say I was saving?

            Why don’t you first learn to read. Work especially on COMPREHENSION.

            I think it would do wonders for you.

            Call me a liar because you fail to understand a very simple statement.

            I have some names for you. The accuser. The adversary. The spoiler. The slanderer. The father of contention.

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      4. Citizen

        DIS-Honesty ~Paper

        “”BARTER was 99.99999999% of all economic activity under your golden dream.”"
        ******
        Hey did you know your 9 key was stuck?

        You’re entitle to your opinion… but not your facts, you’ve “proven nothing”

        “”Money changes this equation, but not if you restrict money to some limited commodity. There must be ENOUGH of this commodity to disperse among ALL the workers,”"
        **********
        So your real complaint is that you have lots of Fed Res paper but no silver or gold coin…. well maybe you should just go exchange your paper and get over it!

        “”it ARTIFICIALLY ENRICHES the holders of the CHOOSEN commodity in question, it leaves the gold horders to get richer without effort”
        **********
        OMG, you mean there are RICH PEOPLE in the world who have more stuff than YOU do?
        They have more paper money than YOU
        They have more houses than YOU
        They have more cars than YOU
        And they have more SEX than YOU
        Well that’s just down right disgusting…
        YOU should go take some of their stuff and make it fair!

        “because the gold can not represent more labor without diminishing labor’s (work’s) purchasing power.”
        *******
        Seriously? You believe that Marxist crap!
        I thought you compete for the job and save your income and start your own exploitative enterprise and hire other people and exploit their labor?

        “Get it?”
        *********
        NO, I’m pretty sure YOU DON’T!

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        1. Jim

          LOL@Citizen, too funny.

          =====
          OMG, you mean there are RICH PEOPLE in the world who have more stuff than YOU do?
          =====

          Now you ruined his day. Tsk tsk. Or maybe you made it. Now he has another excuse to have big brother ‘redistribute’ your wealth to him.

          I’m not rich, I’m not even well off, well, by monetary standards, I have my health and food etc, but even I realize that being rich, isn’t in it’s self a fault.

          If earned honestly, it is a reward. I suspect some of the people on here are either envious of people with wealth (which brings in another sense of irony based on their statements) or are trying to divide the people by trying to inject some kind of class war mentality.

          I think there really is some kind of class war going on, but not all wealthy people are part of the elites.

          There is a difference.

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  31. Curious

    Hi Citizen:

    In one of your previous posts, you stated that you borrowed a half a million FIAT dollars at 8.5% interest for your business.

    For a person who decries the “worthless” Federal Reserve Notes, you sure are taking full advantage of the (usurious) SYSTEM.

    See, I’ve figured it out with you: You don’t care how you increase your PURCHASING POWER, as long as you do, whether it’s by fiat dollars or UNsound gold, makes no difference to you, really.

    Those so-called “worthless Fed Reserve notes” are not so worthless are they, Citizen? Or you wouldn’t be borrowing so many and attempting to profit from them.

    A while back you said that you also got a home loan at a decent rate. For a person who HATES fiat dollars, you sure BORROW a bunch of them, so they couldn’t be too worthless to you in your mind, now, could they?

    And Bernanke’s printing press has generally benefited the gold speculators, so what are you complaining about? He’s potentially making you RICH, and isn’t that your goal?

    Peace.

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    1. Citizen

      Curious,

      Cute… but not true

      I’m FORCED to use Uncle Ben’s Magic Paper Money….

      If I had a choice….I’d prefer to be paid in gold and silver coin and I would pay my crews in the same.

      But guess what…. I don’t have THAT CHOICE!

      I have to compete using YOUR FED paper notes as a score keeping and accounting system…

      Meanwhile… YOUR FED paper notes are eroding in purchasing power because YOU insist on printing them and giving them to my Political Enemies
      You know, those Banksters, Crony Big Businesses like Solyndra and GE and GM….
      Yep, I’m just a hard working contractor not favored by the political elitists who get the bail outs, while my income erodes annually to favor YOUR FED paper note “REDISTRIBUTION” agenda… Curious

      Try again….

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  32. Dieter Herrmann

    Hallo,

    Greetings from Österreich, which means Eastern State literally translated and what you English call Austria for some strange reason.

    I am curious as to why some of you insist that gold is our economic system? Austrian Economics? We do not practice this medieval, merchantisistic, aristocratic monetary system. The JEWS who created your golden system must stop implicating the good peoples of Österreich with their evil intentions.

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  33. Open Minded

    Mike in discussion with Robert Murphy-Von Mises/Austrian Economist

    Must listen

    http://www.youtube.com/user/chotaboy66#p/u/9/757nGMowLf4

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    1. Citizen

      Open Mind??? And EMPTY as well!

      Rambling Mike Montagne strikes up another a mind numbing rambling drone again
      Rambling On and On and On and On about the exact same thing…

      Each video is begun with “What if God were one of us”…
      Yes we understand about the “obfuscation of our money”
      Yes we know about the unsustainable debt…
      Yes we are aware that we are being stripped of our wealth….

      But never the less MPE stands for Marxist Progressive Eugenics, a whimsical notion that with a little computing and Mike in charge… the world monetary system (and a keg of beer) would become a well oiled machine, humming along like the proverbial “evenly rotating economy” that Karl Marx wrote about.

      Yes after hearing Mike’s endless repetition of the same mind MPE talking points, one quickly recognizes the repeated fallacies he proposes.
      Fix prices and values to be calculated with an oversimplification of math. Ignore market conditions and demand/supply forces and impose a Uber Control Central Exchange system that regulates everything.
      Well Herr Adolf Montagne….it’s been tried and it doesn’t work…
      Speaking of working… have you been lately?

      The link suggests that Mike is engaged in a discussion / debate with Robert Murphy of the Von Mises Institute….
      NO, he is not… both videos are a duplicate repeat of the same old droning nonsense….
      Don’t waste you’re time….with MPE

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      1. Honesty ~ Not Gold

        I wasn’t going to watch the video, but if the Supreme Liar is so against MPE, I know in my heart that I should watch this and approach the subject with an open mind.

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      2. Open Minded

        (Fyi: Mike is engaged in a discussion with R. Murphy. You just have to skip through a few chapters. These discussions take about 2-2.5 hours and sometimes more)

        Citizen;

        If you yourself could ascend above your own drivel, then you might be disposed not to talk stupidly or childishly.
        Can you prove there is no solution to inflation and deflation? Multiplication of debt by interest? Can you disprove anything?
        If you could, I presume you would *show* how it is nonsens, instead of condemning yourself to merely making the claim.
        We don’t need to solve inflation and deflation, systemic manipulation of the cost or value of money or property, or inherent multiplication of debt by interest?
        Download the math; refute the math. Is it a foregone conclusion that you would prevail?

        Trolls are trolls. They don’t come here to learn. They don’t come to debate. They come to call names, because that’s all they have; and because there’s so many of them, it’s no wonder the country is fallen to what it has.

        You are part of the solution? You’re part of the necessary vision?
        No. You’re the very core of the destruction of this country

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    2. Open Minded

      For those who want to go the interview direct here is the correct link. Start at 08:02

      http://www.youtube.com/user/chotaboy66#p/u/8/XUklDBKAv_s

      Cheers

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    3. Citizen

      Open Minded and Honesty ~ Not Goldie Locks

      The discussion with Robert Murphy…
      The actual link is
      http://www.youtube.com/watch?v=XUklDBKAv_s&feature=watch_response
      From 8:05 to 16:10
      http://www.youtube.com/watch?v=mz0gfbnJquY&NR=1
      From 0:00 to 12:20 Mike interrupts Robert…
      “subjective values versus immutable values”
      From 12:20 Mike interrupts (CUTS OFF) Robert..to 15:10
      and rambles on about “preserving the subjective value in at a 1:1:1 value”
      http://www.youtube.com/watch?v=gtwqUi5GexU&NR=1
      From 0:00 to 3:11
      Mike laughs and says that Bob has no answer about controlling inflation
      But you don’t hear say that… Mike claims Bob said that
      From 3:11 to 9:59
      Bob says that circulating commodity money may work as Mike is suggesting, but admits there may be more reading and understanding of Mike theory…
      ************
      “Austrian Econ does not pretend to solve all the problems”
      (unlike Mikes MPE which does portend to do)
      ***********
      “Austrian Econ analyzes the consequences of actions of various ideas, Socialism, Fiat Money Printing or other system”
      **********

      People issue via the Gov the currency verses Fredrick Hayke
      Not having a Central Bank be the Lender of Last Resort…

      Wow, an analytical framework to evaluate all these things

      Mike would expect the allowance of MPE to “maintain representations of their production”

      From 9:59 to End
      Mike continues without Bob about Just Trade… but absent any dialogue..
      As he promotes the ideas of MPE of “immutable” constant value of money keeping all “production” at a constraint of value between producers and consumers.

      While that sounds all kinds of wonderful, it suggests that horse carriages and buggy whips would still be our current form of transportation today, because Mike’s MPE would suggest that the 1:1:1 dictates that buyers maintain their level of purchasing of those items that producers have a constant value for their goods and be paid with immutable money.
      *****On that SINGLE POINT, MPE falls apart because it PRESUMES that human tastes, preferences and purchasing remain constant. It makes little difference about changes in technology, competing items, market demand conditions et al that will inevitably change those 1:1:1 math ratios that Mike promotes..

      Lacking also in this “encounter” with Robert Murphy, is any discussion about long term indebtedness and price premiums on borrowed money.
      Another area where MPE departs from Reality and wanders gleefully down the yellow brick road into la-la land.

      I’m so sorry but please read MPE for yourselves and see where it departs from any analytical framework to evaluate it. It presumes so many things that are simply not real working constructs or even feasible.

      MPE is a Theory that is so FAR detached from REALITY… that it requires a psychotic break from real world markets and human behavior.

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  34. Lemusique

    I have to admit, I originally came on this site just to do due diligence on how bad all the Republican candidates are…and then I found this man.

    This man sounds like a dream candidate. I feel horrible, because I really wanted to voted for my President, but Ron Paul just may have my vote – he sounds ideal.

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  35. Ron Paul 2012!

    Ron Paul must be listening, for he didn’t mention or call for the gold standard last night. Ron Paul did mention sound money, but as George H. Ritz so eloquently states it, neither gold or paper is sound… public control makes it sound.

    End the Fed, because it is PRIVATE CONTROL over public currency!

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    1. Jim

      He has ALWAYS said to place the hard currency into the hands of the PEOPLE.

      Gold or silver COINS in the hands of the PEOPLE. That helps keep our money safe.

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      1. Citizen

        Jim,

        That’s right… Dr. Paul has always promoted “hard currency” in the hands of the People….

        But these sad sack Fiat Paper Money Troll keep arguing for PAPER here on the Ron Paul Honest “Hard” money blog site…

        I think they’re lost sheep of the Bawney Fwank flock where
        Endless Magic Money is Bawney’s montwa…. “Just Pwint Mowe

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    2. Honesty ~ Not Gold

      Ron Paul 2012!

      You are absolutely correct. I even watched the debate again (just got done!) specifically looking for ANY reference to the gold standard by ANY candidate. There were several, from Herman Cain, from Jon Huntsman, from Gary Johnson, but NONE from Ron Paul. I think that is a first for that, but I am not certain for I do not believe I have seen or heard everything Ron Paul EVER said… like Jim here seems to believe has to make such a FALSE statement about last night.

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      1. Jim

        I wasn’t talking about last night, Herman.

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    3. Citizen

      Honest Money IS Commodity Money

      Paper FAILS because People Fail….

      Gold, Silver, Copper, don’t fail….the are the only CONSTANT!

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      1. Curious

        Hi Citizen:

        Citizen: Honest Money IS Commodity Money

        Paper FAILS because People Fail….

        Gold, Silver, Copper, don’t fail….the are the only CONSTANT!

        Curious: Gold and silver are HARDLY a CONSTANT. They are VERY volatile, even more volatile than the DOLLAR.

        Citizen and Jim, you are both in extreme denial to say that gold is “sound money.” That’s just simply NOT true. It is VOLATILE MONEY, UNSOUND MONEY.

        It LOSES VALUE and is subject to MARKET MANIPULATION just as much as fiat dollars are, and if you’re HONEST, you’ll admit that.

        GOLD just lost almost SIX PERCENT of its value per ounce. That’s SIGNIFICANT devaluation of your money by MARKET forces.

        SILVER lost almost EIGHTEEN PERCENT in ONE DAY. Talk about loss of purchasing power! Think about if you lost 16% of the value of your fiat dollar bank accounts in one day?!

        The DOLLAR is more STABLE than gold and silver.

        The issue we’re all trying to solve is LOSS OF PURCHASING POWER.

        With fiat dollars, Bernanke generates too many dollars and they lose value.

        With gold and silver, there are MANY ways to cause loss of value on the market, many.

        PLEASE try to be HONEST and acknowledge the OBVIOUS TRUTH that the value of money is vulnerable to all sorts of forces, whether it’s gold or paper, and YOU KNOW IT, or you’re literally blinded by a shiny yellow metal.

        Peace.

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