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?”

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14,395 responses to “Honest Money”

  1. Adrian

    Have a look into Bitcoin.
    http://www.youtube.com/results?search_query=bitcoin

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  2. DonaldDriver

    I have not read all 7,000 posts, but we need to figure out spending before tackling the Fed issue. (I relaize that they are related.) If we owe $14 Trillion, we have virtually no way of paying that off, even if Paul Ryan comes in and slows governmental growth (he wouldn't reduce it, just make it grow more slowly). The only way out of this is to default, or to inflate our money so that we can pay the Chinese off in cheaper dollars. Again, not revolutionary thinking here, just staing the obvious. But who is going to come in and shut off the spigot? I know a lot of "conservatives" who feel in a compasisonate society such as ours, we should provide medical care to the needy? So now we have medicaid, medicare, tricare for all of our injured soldiers, food stamps, subsidized tuition, subsidized mortgages, subsidized health care via employer write-offs. The government has us where it wants us. No one wants to pull the plug on these freebies. Mr. Paul has an uphill battle here, and he should stop talking about global warming and pro-life issues. We don't need social conervatism at this point, we need someone who will convince the public of our impending financial doom when China and Asia stop buying our Treasuries.

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  3. Rekamlias

    I keep hear the FED is Printing money out of thin air. I wonder if that is true. If they are running on the Labor Standard they are buying and selling our labor. Once you print too much Labor Standard Currency (Longer then a lifetime) you are buy and selling your own unborn child's Labor. It is the perfect slavery.

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    1. Citizen

      They don't need to "print" any more money...

      just key in a slew of zeros and hit the enter key,

      Whalla... instant Trillions, when and where THEY need it.

      SAVE AMERICA.... END THE FED

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    2. Bachelor of Science in Economics

      The example used is not really realistic. An inflation jump of 100% over night? Regardless, inflation needs to stay around 2%. This keeps workers wages increasing, and also allows for economic growth. Long live the Fed.

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      1. Citizen

        Hello BS in Econ...

        Stop drinking the Central Bank kool-aid!

        Only the Banksters love the FED, are you one?

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  4. Citizen

    HOW DID THIS GET PAST THE CENSOR??
    This reporter nails it hard!

    Pay special note to mandate #4... stick it the American Tax Payers!!

    http://www.youtube.com/watch?v=mqmYRnBVmEo&feature=player_embedded

    Any Wonder Why We Can't Retire???

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  5. Citizen

    The FED...

    Has two (2) mandates
    1. Keep Inflation under control
    2. Keep Unemployment low

    IT HAS FAILED MISERABLY ON BOTH COUNTS

    They have inflated the dollar to lower it's purchasing power to now on 3 cents.

    The FED has created bubble after bubble and they have ALL BURST
    Creating a massive unemployment problem

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  6. John

    Hey everyone, great points all of you. A main point that was missed (didn't have time to check all of them so don't know if it was said), however, is the fact that so many companies have OUTSOURCED their jobs making it practically impossible for workers to band together to form unions and demand raises in pay (something that allowed a never ending cycle of inflation with increased income that kept the economy going). Now that they can simply go to other countries, avoid labor laws, and pay their new workers almost nothing.

    The solution: RAISE THE TARIFF of the country ridiculously high (high enough so that the tax of imports are greater than the minimum wage) making jobs return to the homeland and make a law demanding that American companies must pay all of their workers in foreign countries minimum wage as well. The problem, many countries will boycott our exports or crumble because we were their only support financially; however, if we continue the way we are, we are just going to fall with them.

    If we bring our businesses back, an overwhelming of jobs are created, competition is raised lowering prices, and a lowering of prices equals more spending which stimulate the economy. The difference here is that the jobs would be here to stay (if the law about overseas wages mentioned earlier happened). Tariffs would be brought back down (but still pretty high), but companies wouldn't earn as much as before if they left which would encourage them to stay here. Unions could then mess with these companies as much as they want. If we can become self sustaining in this American System, we can return to exportation and "branching out" to other countries fixing the world economy as well.

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    1. Citizen

      Tarriffs do nothing to change the fundamental problems...

      And that is government has grown too big (42% of GDP) and has added much to much tax and regulation burden on Americans businesses.

      The answer is not union collective bargaining and forcing higher labor prices. In fact that simply compounds the problem, driving even more jobs off shore, by raising costs of production and making our products unconpetitive.

      We've now suffered through 99 years of the FED, Income Taxes and Social programs that have added multiple layers of government overhead costs.

      An analogy would be....
      In 1913, the Federal government was less than 3% of GDP
      "an insignificant benign tumor"

      In 2012, the Federal government is nearly 42% of GDP
      "a malignant and terminal cancer"

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    2. John

      Well, not to sound petty, but I firmly believe that the main problem is big business itself and their outsourcing. I think that that would be the best way to bring those jobs back home and that bringing them back here is the key to reviving and stimulating America.

      However, you do also have a good point about government involvement in this country (a huge issue being governmental spending/programs that are totally pointless). I ask you now, what is your solution???

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      1. Citizen

        ITS SIMPLE

        LESS GOVERNMENT!

        MEANS
        MORE prosperity that STAYS in the hands of Private Citizens.

        Less Government OVERHEAD cost added to Businesses products made here.

        MEANS
        MORE sales to foreign markets and more jobs here at home.

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    3. flin

      thomas wood on child labor only going on in non market economy and why: the question becomes why are the children working? No one asks this question. The assumption is that if you have one of these third world countries where a lot of children work the assumption is that all the parents in that country stink. Like this a country of stinko parents. That we should just go in there and take these children away from all these parents. But we should really just ask try to understand the world around us. Why are the kids working in the first place. It is because the society they live in is so physically unproductive that if the kids dont work the family starves. That is why they work. That is why child labor has existed since the beginning of time. It is not like people said kids capitalism is here of to the mines. Kids have been working forever in evrey society. It never occured to anyone that someday you could live in a society in which your labor was so productive thanks to the capital goods at your disposal that you could work and earn enouph purchasing power so that your kid wouldnt have to. It never occured to anybody. But like at how much more work a person could do with a steam shovel then a regular shovel and multiply that extravagant that through our whole eocnomy. But up till the free market come along up till a capitalist economy evreybody just assumed okay life consists of grinding proverty and then you are dead. Evreybody assumed that. So no one in the year 1100 is going around protesting proverty. No one you will not find anyone protesting proverty or having a hunger strike or a candle light vigil about proverty because evreyone assumed of course you are going to be poor that is the way life is you are poor live with it. I mean even the king has to urinate and then toss it out the window because they did not have flushed toilets until very recently. The king for heavens sake. It is only when the free market comes along and we see that proverty begins to diminish that people become impatient with proverty and they say wait a minute for the first time it seems that proverty can be done away with then they start complaining about it. But what is the point complaining about it when you think it is a fixture of life. So in terms of the child labor issue child labor goes away not because you pass a law saying children are not going to work. It goes away becuase the economy thanks to the free market becomes capital intensive enouph that it produces enouph stuff that mom and dad can work the kids dont have to. That is what does it. In bangladesh the children charity oxfam pointed out that when a bunch of americans and europeans where griping and complaning about child labor in bangladesh. They have this big campaign against child labor in bangladesh. Did child labor go away when the banladesh goverment got rid of it. No what happened was as oxfam reported the children either went into prositution instead which as bad as it is to work in a sweatshop you know obviously it could be worse. They either went into prostitution or they starved. That is what happened. Well nice going geniuses. What way to solve that problem but that was the approach. Even the internatioal labor organizing which doesnt concede anything it admits okay the reason kids are working is because the society is so poor that they are contributing at least a quarter of the family income. when you are living in a society like that if you lose a quarter of the family income you are dead that is it. So what they need is more capitalism: https://www.youtube.com/watch?v=S7Qf0ey-pOo

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  7. Citizen

    The Many Collapses of Keynesianism
    Mises Daily: Thursday, July 12, 2012 by Llewellyn H. Rockwell Jr.

    "The core issue is that
    (1) we have a monetary and banking system that is socialistic and therefore used by the power elite to enrich themselves at our expense, and

    (2) the policy elite clings to the Keynesian pretense that government is capable of waging a war against market forces.

    That, and the fact that Keynesianism empowers the elite, is why this pathetic and dangerous history keeps repeating itself."

    So the BIG LIE is perpetuated at OUR expense!

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    1. Jeremy Bell

      What is wrong with low interest rates if one can afford it? Why are the people ignorant it’s due to lack of education?
      I like what you wrote we swallowed it hook line and sinker.
      I just got so tired of people going on and on about nothing. And not looking at the main issue, if one thinks they can just borrow money and have no worries then I got bad news for those people.

      The only way to combat Liberal Marxist is to educate the people about it. This means that Government needs to be put back in schools. Along with the people who know how bad this system is to teach our youth. Also people like us need to get involved with in our government.

      At times I wonder if all of this the past 12 to 20 years was a huge wake up call to the people; as if was all part of some grand plan. Yet that is wishful thinking!

      I said it once before and I will keep saying it!
      If one man can fix it then one man can destroy it and when this happens we have become a dictatorship!

      We the people need to stop thinking that only one man (or even two if you count rand) can fix everything. We need to stop the protest and find a way to get inside the system so that it can be repaired and stay fixed and to weed out the Liberal Marxist.

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      1. Citizen

        Jeremy Bell,

        I was struggling to give you a thumb....
        I think you understand "part" of the problem, but not really the "root" of the problem.

        Capital moves into areas where it has more purchasing power and out of areas where it is being restrained and confiscated.

        Total Statist governments have a vested interest in keeping people ignorant about their money counterfeiting operations. The FED is the single biggest instrument of government's power and having a "stupid and ignorant populace" is necessary to continue their total control by keeping us poor and ignorant.

        Government schools are designed to keep citizens ignorant about government and its operations. Free Market Economic is strictly forbidden!
        ONLY Keynesian Econ is taught because it gives the State total power to Centrally Plan our economy and therefore our lives.

        p.s. low interest rates are directly attributable to the FED currency counterfeiting operations. They simply create more phony money to buy back their phony debts.

        It's absolutely amazing to me that anyone is still buying those Treasury Bonds?
        Oh wait... they aren't, the FED is buying 67% of the Treasury debt using more counterfeiting powers pay for it.
        The ultimate and last word in money laundering schemes!

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        1. Jeremy

          Citizen
          The low interest rate was a joke! The thing with me is this if I take a loan to buy anything, and then if anything goes wrong it’s me I blame not the bank not the government. Because in the end did I really need that loan. So this where I am coming from, also when the people where crying about not having jobs I found a temp job and went overseas to work. I’m saying everyone do the same or think I am trying to saying anything here. (I don’t rely on the government if one does then one gives them power.) The only way to cut back on taxes is to stop asking for so much Socialist welfare and other programs. As for the banks, just don’t use them even if they come out with 0% interest rates.

          For schooling maybe it’s time for the people to become teachers and change the information that is taught. This means from state school board all the way to the DOE, it’s really the only way.

          I hope you get what I am trying to say here and hopefully the house passes the bill so that the Federal Reserve is audited and becomes a standard in the future.

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  8. Citizen

    AFTER NEARLY 100 years currency printing (inflation) its amazing how many Liberal Marxist still believe that we need more of the same.

    The FED has been a policy disaster, a hundred years of transfering money from the lower and middle class to the wealthy Political Elites and their Bankster cronies.

    NEITHER Capitalism nor our Constitution permits the FED fiat paper debt money.
    Capitalism discourages bogus fiat notes and, if allowed to work without government interference, Capitailsm would quickly dispose of those worthless notes.

    Legal Tendar laws have destroyed the value of the US Dollar forcing American capital off shore to preserve its purchasing value out of the clutches of the FED's inflation taxation machine.

    Many American corporations and individuals hold foreign currencies and bullion metals to PRESERVE their wealth from the the FED's currency dilution schemes.

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  9. jeremy bell

    Banks
    To those whom think that the banks where in this all by their selves, who think that they just called up the Federal Reserve for money. Have we forgotten or was this just left out of the media that Congress started to force the banks and leading intuitions to loan out more money. Congress is made up of our Senators and House of Representatives. If the banks didn’t do this they wouldn’t get more money. So in a panic the banks loaned out money as if it were free. Now who is at fault it seems no one wants to blame neither Congress nor themselves. They only want to focus all the blame on the bankers. Are they at fault 100% or do all three parties share the blame.
    I saw a group of people protesting. They had giant credit cards that shackled them as I saw this I wondered was a law placed that stated that I need to have a credit card. As people lost their homes, the yelling started and I wondered how many people bought homes with loans that they couldn’t afford. Then the issue of taxes came to play, taxes are too high I heard. Yet the people demanded that the government keep giving them free stuff.

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    1. Citizen

      Partially Right...

      Government USES the Central Bank, 'The FED' to promote an agenda of economic stimulous as a political candy!

      Politicians are forever giving special favors to their political base, e.g. Unions, and Defense Contractors, are two of the major benefactors of FED credit spending.

      The FED credit creation power is abused for populist spending agenda.
      Programs like the Community Reinvestment Act, is the signature legislation that gave us the Housing Bubble that collapsed.
      And politicians force the Banks to make the loans or face government law suits.
      And those loans are 'laundered' money through the GSE, Fanny and Freddy

      What a scam!

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      1. jeremy bell

        Scam or not is not the topic here. The politicians forcing the banks to loan out money is not the issue either. The issue is that loans were not mandatory for the people to take. Yet we blame the loans.

        I don’t understand the protest going on today with the high taxes. We the people forced our politicians to put government assistance into law. The people protested and in the end got what they wanted. Now we see the rise of the 99%. If this group would put their standards of living in with the rest of the world they would be in the 1%, the people do not realize this.

        I referred last time to the protest with giant credit cards shackling them.
        The question to that was.

        When were credit cards mandatory regardless of how easy it was to get one? In the end who is to blame?

        The only way to break the cycle is we the people need to do away with the victim ideology that has encased this once great nation.

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        1. Citizen

          Jeremy,

          Well yes and no...
          The politicians are peddling low interest free money and forcing banks to make loans they would otherwise not make.

          The poor smucks who borrow the money are ignorant of the economics and are clueless about how they might lose their shirts in a housing bubble.

          "In the end" ... WE the People are to blame for foolishly thinking that government can give us something we haven't earned or saved.
          The Fractional Reserve FED is simply "the tool" of Marxist Socialist to redistribute wealth to benefit thier social utopian agenda.
          And sadly... Americans have swallowed it Hook Line and Sinker!

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  10. Citizen

    100 YEARS IS ENOUGH!

    END THE FED....NOW !

    The Progressive Socialists have had their way for 100 years with their 'Fiat Money" system, printing and creating credit out of thin air since 1913.

    100 years of corruption, deciet and wholesale theft of Americas wealth redistributed to every political special interest, except for the American citizens.

    100 years where every political interest, except the Amiercian people. has been given billions of tax payer money to benefit only the ultra wealthy banksters.

    100 years of clandestine funding of war after war after endless war. Paying for the bottomless contracts for the ever expanding Military Industrial Complex.

    100 years of BUYING foreign government friendships, influencing their political elections and funding secret ops to disable unfriendly oppositions.

    100 years of private citizen's wealth being dissolved and diluted into worthless paper script where no amount of savings can evern hope to secure a comfortable retirement.

    100 years of ever rising taxes and creaping inflation pushing everyone into paying rich peoples tax rates on subsistance paycheck to paycheck lifestyles.

    The FED has been a miserable custer-F of a failure for the American citizens. But a great success for the Banksters

    Isn't it about time
    WE the PEOPLE
    should End the FED and return our nation
    BACK TO a Sound Money FUTURE of fiscal sanity ?
    TEA

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  11. Citizen

    Now that ObamaCare is the Law of the Land....

    Just wait now for them to WRITE the tens of thousands of interpretive 'RULES' that will be drawn from the 2700 pages of the Law.

    Of course there is NO money to pay for all this government healthcare interference on a massive scale.
    So the FED and it's member banks will be asked to 'facilitate' the health care provisions by floating the massive debts that are now inevitible.

    The BHO healthcare plan will add a minimum of $500 BILLION of costs to our government's mounting annual debts, moving the annual deficit spending from the current $1.3Trillion to an annual $1.8Trillion deficit added to the national debt.

    Of course we don't have the money, nor will we ever have that much money ever, thus it can only be fabricated out of thin air by diluting our savings and our nations citizen's net material wealth.

    So We the People are destined to see a whole lot more of 'Dis-Honest' Money.

    Fabricated Money, as Karl Marx theorized, will bring about the
    Socialist Workers Utopia.
    But history has demonstrated time and time again that Marx was wrong and those governments have collapsed every time!
    We are next...

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  12. Citizen

    Free Money Trolls,

    Hey guys... there are no "grants" or other freebies at this web site....

    That's over at the BHO aka "Lying King's" web site

    Don't hold your breath, it might be a while for a response...
    But keep trying....!

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    1. john

      Please see www.understandingmoney101.com

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  13. Abel Vermeer

    I cling on to listening to the rumor speak about receiving boundless online grant applications so I have been looking around for the most excellent site to get one. Could you tell me please, where could i acquire some?

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    Wow! this cartoon type YouTube video I have viewed when I was in primary level and at the moment I am in academy and seeing that again here.

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  16. Александр

    Рон Пол, RESPECT!!! Как жаль, что большинство американцев являются не ведающими овцами, блуждающие во тьме и не понимающие как им повезло, что у них есть Вы. Сейчас у США есть шанс снова вернуть былую славу и силу благодаря Вам. Искренни надеюсь на Вашу победу и на то, что в мире наконец-то появится страна для людей и Американская мечта снова станет явью.

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  18. Citizen

    So...
    How much more proof do YOU need?

    WE now know that the FED issued an addtional $5 TRILLION dollars to cover Government's entitlement expenditures.
    It's not a $1.3 Trillion DEFICIT...
    it's $6.3 trillion of spending ABOVE what They collect in Taxes!

    Hmmmm.... where did that "extra" money come from?

    NO!!!! they didn't print it did they!!! Ahhhh!!!

    That's $46,0000 per every man, woman, and child in America!!!

    Why don't they just send us a Check?

    Does the IRS or Taxes really mean anything, when Government drains it's citizens dry and still can't pay it's bills?

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  21. Eric Miller

    I agree with Ron Paul on what he stands for in regards of the Federal Reserve. The government tells us everyday that it is against the law for someone to launder money to criminals. If it is against the law for a private citizen to handle money and be involved with criminal affairs, then it should be against the law for a private organization to handle money and be involved with public affairs. it is not their money they do not earn it they do not work for it so they should not be entitled to it.

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  22. Bill Witaker

    Rome is burning and we are Rome. Both ancient Rome and China experienced what we are experiencing today, and it can be seen in their coinage. The Romans went from gold and silver to brass…then to copper as they could no longer get tin as the empire shrank from Britain.

    I find Ron Paul in the most unusual places and thought the following piece particularly interesting!

    http://www.youtube.com/watch?v=-ZZhmXMHZdA&feature=youtu.be

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  23. dale

    Re: the Hojo motor (cheap power) and the "oil and power companies who quashed it". Well, isn't this a lesson in what completely laissez faire free enterprise will do? For the sake of their bottom line, forget the sake of humanity. Wouldn't a little gov't "interference" (encouragement) have been welcome here? Speaking of which, I heard an author of a new book (alas, I forget the name of it) being interviewed about a new fuel, a superfuel, called thorium, which could replace nuclear much easier and cheaper and safer. Thorium, according to this author, is plentiful here and throughout the world. China and India are already investing heavily in it. Shouldn't our gov't encourage industry to do the same? Or will we let the oil and power and nuclear companies "quash" it? There is a role for gov't. Look what happened to our economy when Pres. Clinton and his bankster advisors repealed the Glass-Steagall Act? That act (limiting what banks can do) was put in place by GOV'T after the Great Depression.

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    1. Citizen

      dale,

      The problem with
      "...a little gov’t “interference” (encouragement) have been welcome here? "

      is that there are NO LIMITS to the amount of interference!

      The mind set is... if a little "interference" works, then a LOT should work much better.

      Government INTERFERNCE is the problem.... definitely NOT the solution!
      So Government has evolved into a MONSTEROUS machine of absolute control of EVERYTHING we do.
      Our government, and specifically the Liberals, know no limits to government interference.

      But history has shown and conclusively demonstrated that Government and their Central Banks have been the root of our BOOMS-BUST business cycles. The process has resulted in perpetual wealth transfers from the middle class to the wealthly political elites.

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      1. Another Citizen

        Citizen,

        I think you are using the term "interference" too loosely. There IS such a thing as good regulation, and good interference. If the government had gotten involved and regulated derivatives a decade ago, we wouldn't be in the mess we're in right now. Capitalism is fueled by greed and without regulation, the little people are going to get left behind.

        If you actually go back and look at our BOOMS and BUSTS, you'll see that each and every recovery was directly preceded by the passage of new regulations. Once those regulations are repealed, in the case of Glass-Steagall this is particularly evident, you will see that's when the economy starts to falter.

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        1. Citizen

          Hi Alternate Citizen

          Your conclusions are typical symtomatic reactions of government aparratceks.

          People constantly complain about life's follies and then clammer...
          "there oughta be a law"

          So more laws are written and the problem remains and things get worse... more laws written...etc.

          But none of the laws make a wit of difference..

          You Write:
          "Capitalism is fueled by greed and without regulation, the little people are going to get left behind"

          NO...
          Capitalism is fundamental to the human condition of "self preservation". People seek their own selfish interests to survive in a uncertain world. That's NOT greed!

          Capitalism is "fueled" my the Price Mechanism and people are "Free to
          Choose"(Milton Friedmen) what they believe and know to be best for them and their families. That's NOT greed!

          Capitalism Frees people from the tyranny of Central Planners who "pretend" that they care more about others than themselves. That's the biggest lie ever.

          The "Little People" are NOT "left behind" because government doesn't pass more laws to transfer and redistribute wealth.
          The "little people" are ALWAYS going to be little people and giving them Other Peoples money and stuff only change them into Big Obese People, living off government cheese handouts.

          Glass-Steagal smeagal is another Interference ruse that "empowers" the Government Central Planners with undeserved authority over our lives.

          Please, take a deep breath of fresh air, and repeat....
          "Government is the Problem"
          and repeat 30 time or as needed!

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  24. dale

    Anything can be money, gold, silver, or paper, so long as it's issued by a sovereign government, debt-free. That's what the Constitution calls for. If Congress issued a U.S. Dollar, not a Federal Reserve Note, and spent it into circulation without the involvement, Heaven forbid, of any central bank, America could put the unemployed to work rebuilding our infrastructure, and we could also invest and build energy renewables, solar, wind, etc.

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    1. DEAN

      Just wanted to chime in on the renewable energy bit, solar and wind are good but check the Howard Johnson Magnet Motor or Hojo motor, it was on the cover of science and mechanics 1980 spring edition. Had the oil and power companies not quashed it and bought out all the patents in order to prevent the further development in the field of free energy, we, the people would have saved thousands of hard earned $$$$s per year. Instead, they have become immensely rich on our blood, sweat and tears. GO HOJO!!!!!! Don't let them continue to milk the public, and allow them to continuously raise the energy rates to become richer on our backs. You can build your own; it's not that hard. Somebody posted a video on you tube showing that he built one out of wood and magnets.....AND IT WORKS !

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      1. Citizen

        Dean,

        I agree... private enterprise IS able to resist the big oil monster.
        Let the price rise to $500 a barrel, that's GOOD.

        Then alternate energies will blossom and get "off the grid" We can do it WITHOUT constant government interference and coersion.

        We must learn to live off the grid and without government involvement.

        Bio-Fuel from algea or other fuel crops are viable IF government lets them grow Tax Free.

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        1. DEAN

          Citizen,

          I do live off the grid have for years, which is why I try to direct peoples attention to the Howard Johnson Magnet Motor.

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          1. Citizen

            Dean,

            Post a link to the HOJO magnet motor.

            I love perpetual motion machines, just haven't seen one yet!

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    2. Citizen

      Dale,

      WRONG.... Our Constitution requires that government MINT COIN and regulate the value thereof... meaning purity of the metal and accurate in weight.

      NOT print paper notes, essentially "create" money out of thin air.

      The Constitution NEVER anticipated Paper Printing as being currency, indeed it emphasized that the STATES were restricted to ONLY minting gold or silver coin, being an unambigeous requirement.

      AND Government has no dam business getting involved in solar, wnid or other renewable energies. If the Free Market won't support it, we don't need it.... don't SUBSIDIZE boondoggle projects with Tax Payer money, it is ALWAYS guaranteed to fail.

      The Private Sector is fully capable of innovation and creating a market that has REAL DEMAND, not artificial stimulated FED financed mal-investments.

      Government is the PROBLEM... not the answer!

      TEA

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      1. dale

        TEA, you sound like Ronald Reagan. Gov't isn't always the problem, during the Depression it was the solution, otherwise my father might have starved waiting for "the market" to create a job for him. Gov't gave us our highways, our space program, not to mention Medicare and Social Security. Who else will rein in our out of control Corporatocracy, but government? Gov't is supposed to be us, the People. Let the "market" remove the gov't bit from its mouth, and it will stampede us all off a cliff, as it did in our current "recession". Look at China, with its modern infrastructure, high-speed rail, etc. That was created by a gov't-controlled market. Don't we all know by now that we need alternative energy? Why doesn't the "market" supply it? Too busy looking for more oil to drill, that's why. Paper can be money as long as it's issued debt-free, by Congress.

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        1. DEAN

          but look at how small GOV. was during that time, and our money was backed buy gold.

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          1. Citizen

            Yes, and back then

            We worked for 15 cents per hour and no one paid "income taxes" except real big industrialist tycoons paid those taxes.

            NOW, we are all being taxed on "income" like we were making millions because Government has INFLATED the currency to push US all into the highest "rich guy" tax brackets

            Wages are NOT income....... but YOU and I are being squeezed for 25-40% of our income every week, SS tax is 15.6% alone, add state, and fed income tax.

            Are YOU a millionaire?
            I didn't think so, So why are you being taxed like one?

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    3. Citizen

      Dale,

      Your wrong....
      "spent it into circulation without the involvement, Heaven forbid, of any central bank, America could put the unemployed to work rebuilding our infrastructure, and we could also invest and build energy renewables, solar, wind, etc"

      This is a FANTASY of the Socialists and the People for the Mathmatically Perfected Economy zombies.
      FOOLS believe that government can simply '"PRINT" prosperity. It has nor ever will work... Zimbabwe is the lastest in a long line of currency disasters.

      Prosperty is tangible commodities.... not paper!

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  25. Eugene Copes

    As a Newbie, I am constantly browsing online for articles that can benefit me. Thank you

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  26. Ronald A Whiteman

    We need to inforce the oath of office.
    If we did they would not be doing that they are doing.
    You know them by that they are doing and voting for.

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

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  27. Bill Witaker

    Google ROME BURNING ART and you will see what is happening to our nation and its currency in the first video at the top of the page...Jefferson, Jackson, Franklin, burn into Nero and brass coins!

    Go Ron Paul!

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  28. Citizen

    Governments, specifically their Central Banks don't want their citizens to have REAL MONEY,

    That's why they demand that their citizen (sheeple) use their fake PAPER NOTE money. That's why they call those notes "Legal Tender" so YOU can't use anything else as money.

    If WE sheeple were to use a competing money, say silver or gold, then our Governments couldn't assess taxes and inflate (dilute) our buying power.

    Moral of the story....
    Don't upset the apple cart !
    Just keep using their filthy worthless paper notes and your "Sheeple" status will remain intact.

    Baaaaaaaaa!

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    1. Say what? Really?

      Once upon a time, the US economy was backed by gold. For every dollar on the market, there was a dollar's worth of gold in a bank somewhere. And it wasn't just the US. Just about every country in the world did the same thing. It's a system of economy called Mercantilism.
      Now, mercantilism works great, but there's a couple of issues. The first is that the economy is locked. There is only as much prosperity as there is gold. That's both good and bad. It won't fluctuate, but it won't get any higher, either. The average standard of living would never change. The second problem is that there isn't enough gold in the world to support the US economy, let alone any other country. When the Feds "create" money, there's a reason for it. There is the potential for loss, but there's also incredible potential for gain.

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  29. bill poole

    http://www.youtube.com/watch?v=-ZZhmXMHZdA&feature=youtu.be

    Rome is burning and we are Rome. Both ancient Rome and China experienced what we are experiencing today, and it can be seen in their coinage. The Romans went from gold and silver to brass...then to copper as they could no longer get tin as the empire shrank from Britain.

    http://www.youtube.com/watch?v=-ZZhmXMHZdA&feature=youtu.be

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  30. DEAN

    Higher interest can be a downer if you are in the market to purchase something you want, but if you are positioned in a way that allows for interest yielding accounts or a secured loan you only loose about 3-4% which the bank gets.

    Back in the old days when our currency was backed buy gold & silver, one income could run a household, and most hard working families had a little bit invested in the market maybe double E savings bonds that cost $47.50 to purchase a $100.00 bond, but I think the FED killed those off in the late 80s. Point is you could save enough to hopefully pay for your children's collage and a good retirement plan.

    How come the millions of gallons of oil getting pumped out of Alaska, ND, and MO every week doesn't create a drop in price to the consumer? Maybe use it as leverage against OPEC. 40-45 dollars a barrel is all we should be paying, which works out to a $1.00- $1.20 a gallon like in 2005. The best chance we have is to get RON PAUL into office, get out and VOTE......

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  31. DEAN

    Maybe some of you remember back in the mid 80s you could get something called a ten year T-Bill with compounding interest or just get the monthly interest check. So a $10,000.00 T-Bill at 17.8% was $178.00 a month, that allowed me to buy a new car for $156.00 a month and cover $22.00 of the $36.00 a month Ins. payment petty good deal. 100 thousand dollars with AIG in 2005 payed squat $334 or so a month, not even twice what I was getting with 10 grand, of coarse the interest rates aren't the same but come on 1.05% compounding interest on a ten year CD, Bull, if you opt. for the monthly check you get a little over 10 dollars month. If you borrow 10 grand for 5 years you pay around $120.00 a month depending on credit rating. 5 year CD, 16 dollars a month. So why did the BANKS NEED OUR TAX $$$$$$$$$$$. AND what about the 100 million or so they make off overdraft charges a day very low est.

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    1. Citizen

      Dean,

      I remember going to the closing table with my customers during the early 80's and they closed on loans paying 17.25% apr.

      The only reason that the FED is able to keep "interest rates at 0.5%" to its member banks is by printing money, "monetizing it's debts".

      Essentially, when your bank is bankrupt and you own a printing press...The FED
      Well problem solved, temporarily

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  32. moneysolutions

    How much mined gold exists in the world?

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    1. Citizen

      Google it

      http://en.wikipedia.org/wiki/List_of_countries_by_gold_production

      The world gold mining operations average about 2,600 tons annually

      Probably about the same amount of tons the FED prints in 100 notes annually too.

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  33. Monetaryjustice

    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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    1. monetaryjustice

      Can the no voters come forward and prove anything?

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    2. DEAN

      I'm researching, but it seemed to work just fine until about 40 or 45 years ago, still reading

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    3. Citizen

      MonetaryJustice

      Currency disposition is a function of Central Banks printing excess currency notes without backing. Only the Banksters love that "disposition".

      There are two (2) kinds of inflation/deflation
      Commodity and Currency.

      Commodities fall in price when there is surplus and weak demand, and prices rise when there is scarcity and high demand. That will never change, in a Free Market, the Price Mechanism balances the supply

      Currency inflation/deflation is a function of Central Bank credit creation, lending money they don't have in reserves, thus they INFLATE the money supply out of Thin Air. If you or I did this, we'd be locked up. But Government sponsored Central Banks deliverately INFLATE/DEFLATE the money supply to benefit their crony friends.

      When was the last time YOU got a $500 Million dollar loan with a bankrupt balance sheet. zero income report?
      Yeah, that's right, YOU ain't "politically connected" like Solyndra !

      Short answer, currency inflation/deflation will never be solved as long as Government Central Banks have unrestrained printing presses

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  34. Monetaryjustice

    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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    1. Citizen

      Monetaryjustice,

      Circular logic: there are NO "reserves" in the FED Reserve?

      There is only Quantitative Easing, i.e. "cyber money" created out of thin air.

      The FED has purchase 61% of the US Treasury auctions since January...
      It's purchased those Bonds with NO reserves, no real money, only a cyber digital entry on their balance sheet.

      INFLATION/DEFLATION are monetary distortions, fabricated by privlaged elite Banksters.... The FED is run by sociaopaths, delusional neurotics who actually believe they can defy the laws of nature.
      The balloons and busts will continue as long as they, FED Central Banks, have the power to counterfeit the currency at will.

      But your sly attempt to pitch the "Mathematically Perfected Economy" balloney here on Sound / Honest Money is rude.
      Mike is correct on one issue,
      interest paid on fabricated debt money is "terminal"

      But so too is interest free Printing which no panacea, when there is no substantive commodity backing the currency. Fiat paper are NOTES, payable to the bearer on demand in gold or silver.... all else is simply government theft of private property via intentional Inflation-Deflation.

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  35. DEAN

    It's a shame, can't even use two of my Morgan Silver DOLLARS to go fill up my gas tank, should be able to get about 8 gallons of gas for each one.

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    1. Citizen

      Dean,

      YOU CAN... In Utah!
      They passed legislation allowing the use of gold and silver bullion coins as money!

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