Smashing Myths and Restoring Sound Money
Saturday, January 23rd, 2010 at
9:06 pm
Presented by Thomas E. Woods, Jr. at “Depression, Monetary Destruction, and the Path to Sound Money”: the Mises Circle in Greenville, South Carolina, 3 October 2009. Sponsored by Atlantic Bullion and Coin, and Professional Planning of Easley, LLC.
Tagged with: Money • Myths • Restoring • Smashing • Sound
Filed under: eZine Articles
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Congrats to your 4th child, but be careful with inflation
Tom E. Woods is a handsome motherfucker~~!
The really messed up part is that it’s impossible to fully understand exactly how it all works.
There are so many interactions with the monetary side (Fed, the individual banks and fractional reserves) and the consumer side (govt, taxpayers, “normal consumers”) that there IS no predictive ability.
Which is supposed to be the big selling point of the Fed in the first place.
I say “supposed to be” because the real benefit of the Fed goes to its member banks.
Glad I waited for Thom’s explanation.
Under a Fractional Reserve regime of savings and loans then the Banking Industry will unnaturally retain control of a disproportional amount of money thus “stuffing the ballot box” of consumer preference.
My intuitive, and rationally illogical, conclusion was that all players are harmed by devaluing currency. While the real world case demonstrates that’s banks that can will create money regardless of it’s effect on the value of the money itself.
That’s a very good point, equating units of the currency to votes on economic activity. Inflating fiat money is morally tantamount to stuffing a ballot box.
-jcr
Thomas Woods Rocks, I always enjoy listening to his lectures and talks.
FYI: this video/talk is essentially the case for sound money. This is not just for wonks. In fact, This piece does a good job of explaining this issue for those who are neither economists nor students of the subject.
excellent post, thanks!
Learn the word; ‘Fiat’ money. Paper money backed by nothing except a bureaucrat, who can make what money you do have worth less, so they can give more of that fiat money to their friends and the speculators. That is literally how it is that the rich get richer while the poor get poorer. Fiat money is the culprit. Fiat money is the problem. A 100% reserve, gold currency is the answer.
That’s like saying you hate food, clothing and a warm and dry shelter. Money is no different, it’s just a better way to gain those things, and other things. You don’t hate money. You hate ‘fiat’ money. Fiat money is what enables speculators and leveraged buyouts, conspicuous consumption, massive debt, wars of aggression, etc., etc..
Money? I hate it.
Maybe, we should, try and get… Woods to run for president? *crosses fingers*
I suspect that if Ron Paul could speak as well as Thomas Woods, he’d be president right now.
Yeah, they know everything about the system… that’s a complete failure and is currently collapsing.
Just from watching these videos, I’ve learned more than most Economics students and so call ‘professionals’ understand.
fractional reserve is fraud now and it will be fraud then.
if we returned to a metal standard (not paper) then fractional reserve would be fraud. No amendment necessary
Excellent Speech. Its the economics class liberal colleges don’t teach.
I like the way this guy explains money.
This guy is really an amazing speaker!! Thanks for posting the talk!
Tom, I hope you debate with Steve Liesman on CNBC. He’s all about “deflationary spirals!”
I like the fact that Tom addressed fractional reserve banking. Even if we get rid of the federal reserve, we should have a transition phase away from fractional banking. Put it into the Constitution that: only metal commodities can be money, no fractional reserve lending, and Congress cannot dictate the value of money. Money should be allowed to float freely. If we can do this, the world will experience the peace that it deserves.
The conspiracy is real, but I agree with Stefan Molyneux that it is also irrelevent. It doesn’t change what is true, and what the solution is.
dis⋅com⋅bob⋅u⋅late verb (used with object), to confuse or disconcert
The whole constitution was a mistake. I like the articles of confederation FAR better.