The Money Masters

[TruthSeeker1234]

And it's not a strawman to compare money you made up to the dollar and imply it has the same worth. Also I own gold coins that I got with paper money.

Great. I'll buy all of your $20 gold coins for $25 each. You will profit $5 per. Deal?

 

[Anti-sophist]

When you say "you and me and banks" you just mean banks right?

No. You can buy government bonds just like anyone else.

and when you say "bought" what are they buying it with?

Cash. Please do not confused money with cash. They are not the same thing.

and when you say "we are loaning them" you mean the "banks are loaning them?"

No. When you take your cash and buy a government bond. You are loaning the money to them.

 

[332nd]

Nonsense. No one decided gold was cool. The market decided gold was cool.

Whooosh.

 

[332nd]

Great. I'll buy all of your $20 gold coins for $25 each. You will profit $5 per. Deal?

Nope.

 

[Elizabeth I]

I'm suggesting we dissolve the federal reserve, IRS, and abolish the income tax. Charge those involved in the swindling of the American people (bush, cheney, private bank execs, etc.) with treason or civil lawsuits to the tune of 8 trillion, 998 billion, give the power of printing currency back to the people, educate people on why this happened, and return to a constitutionally driven, limited government which serves its people.

I'm not thrilled with Bush and Cheney but I think the Federal Reserve and the IRS were around long before they were.

No, I'm saying that even if prices did somehow increase (which I don't think they would) you would still be giving your money to other Americans...who give it to other Americans...etc. Which is much better than giving it to the billionaire banking execs.

Some of those billionaire banking execs are Americans.

And do you think the president of the bank has his own private vault of all the money in the bank that he can roll around in, like Scrooge McDuck? Banks put money back into the economy, through investment. AND all kinds of people own stock in banks, and so benefit economically from the banks' success.

 

[chipmunk stew]

The Federal Reserve System is a quasi-governmental banking system composed of (1) a presidentially-appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) 12 regional Federal Reserve Banks located in major cities throughout the nation; and (4) numerous private member banks, which own varying amounts of stock in the regional Federal Reserve Banks. Ben Bernanke serves as the current Chairman of the Board of Governors of the Federal Reserve System.

So it's not accurate to call The Federal Reserve System private, then, is it?

Otherwise, you'd have to consider the old-fashioned gold reserve system private, too, since private citizens would own varying amounts of gold stock in the reserve.

 

[defaultdotxbe]

the US has a 12.5 trillion dollar economy

the US gold reserve is valued at 164 billion

please explain to me how you intend to back a 12.5 trillion dollar economy with only 164 billion dollars worth of gold, bearing in mind that the entire point is that the value of gold is constant against inflation (meaning you can revalue the dollar, but not the gold)

 

[Free Thinkr]

But that wasn't your argument, was it? You were saying that you couldn't afford that $150,000 house without taking a loan (and paying interest to the mean bankers).

I will repeat, if you eliminate the income tax EVERYONE gets more net income. The person who COULD afford the $150,000 house can now afford the $200,000 house. So guess what happens to that $150,000 house you liked. It's now selling for $200,000... and you still can't afford it.

Want to know how to buy that $150,000 house? Get an education, get a job, and stop complaining.

Actually, you happened into the real source of wealth concentration: absolute land ownership. Land cannot be created, thus an increase in wealth is met with a similar increase in land values; thus gains in wealth are pocketed by those holding land (large corporations own the great bulk of land value). Inflation is somewhat a hidden tax, but it's small potatoes when compared to the effect of land monopoly.

EDIT: I should mention, you make a good point, but it is only applicable in some cases, most notably land. You speak of housing, but it is land, not the house thereupon, that increases in value with an increase in the wealth of society. That is because land is fixed in supply. Whereas normal products, such as food or cars or clothes will increase in supply if there is an increase in demand, land just increases in value, due to it's supply being fixed. This also happens with one-of-a-kind things such as baseball cards and whatnot. But it's not true that everything would become more expensive if everyone had more money; but you're right that people would have little more purchasing power, due to the all-encompassing power of land values (everyone has to live and work somewhere!).