More debt than currency ever printed the money system is a scam

a reply to: dfnj2015

Thats been the case since the dollar as it currently exists was developed. The Federal Reserve Act of 1913 is the reason that, as long as the system remains in its current format, there will always be two dollars debt, for every single dollar in circulation anywhere, at any time. It was that way on day one. Such is the situation in fact, that paying down the deficit entire would collapse the currency, because the currencies existence relies upon the debt against which it was raised. Eliminate the debt, you eliminate the currency.

Its a fascinating subject, but the bottom line is, that unless money as a concept starts to be about exchange of precious metals, rather than exchange of paper notes which in and of themselves only have a notional value, nothing is going to change at all.

originally posted by: TrueBrit
The Federal Reserve Act of 1913 is the reason that, as long as the system remains in its current format, there will always be two dollars debt, for every single dollar in circulation anywhere, at any time.

It was more an aspect of decoupling in the Nixon administration.

Its a fascinating subject, but the bottom line is, that unless money as a concept starts to be about exchange of precious metals, rather than exchange of paper notes which in and of themselves only have a notional value, nothing is going to change at all.

There isn't enough gold in the world to cover a fraction of the amount of currency and debt in the world. A better approach would be currency tied to a basket of commodities.

this is the very purpose bitcoin was created. It is a deflationary currency rather than an inflationary currency.

Don't keep your savings in a bank account, put it in bitcoin.

a reply to: seasonal
People like Obamacare.. no one liked the bailouts..

Espeacially when tax dollars pay the bill and then the tax payers don’t get a benefit..

originally posted by: JoshuaCox

People like Obamacare.. no one liked the bailouts..

More Americans don't like either.

a reply to: AugustusMasonicus

Tying a currency to a basket of commodities would require the central bank/government to stockpile large reserves of the commodities.

This would remove them from their use in the economy (putting up prices) and leave the currency vulnerable to speculative attacks.

Either that or introduce price controls, which would political impossible and even more damaging to the economy.

originally posted by: booyakasha
this is the very purpose bitcoin was created. It is a deflationary currency rather than an inflationary currency.

Don't keep your savings in a bank account, put it in bitcoin.

Deflation is more damaging to an economy than inflation. There is a reason why central banks target a small rate of inflation.

originally posted by: ScepticScot
Tying a currency to a basket of commodities would require the central bank/government to stockpile large reserves of the commodities.

Not necessarily. They could be tied to the spot price of an array of commodities.

Larry Kudlow has spoken about this regularly, see his opinion pieces on the subject.

a reply to: dfnj2015

So fyi, it would be SUPER, fiscally irresponsible to pay off all the debt. Because that would crash the economy and leave it with no money left in the system to restart it.

originally posted by: AugustusMasonicus

originally posted by: ScepticScot
Tying a currency to a basket of commodities would require the central bank/government to stockpile large reserves of the commodities.

Not necessarily. They could be tied to the spot price of an array of commodities.

Larry Kudlow has spoken about this regularly, see his opinion pieces on the subject.

Can't find anything by Kudlow talking specifically about a commodity indexed currency. If you have a link or an article title would genuinely like to read it.

That said, unless he has a cunning plan to overcome market forces, I can't see any way you can index the dollar against multiple commodities with out the government buying and selling the commodities on a massive scale.

a reply to: ScepticScot


Source.

Source.

A couple of quick ones, I can try and search more later. Also extensively discussed in his JFK/Reagan book.

I wish to share this article with the ATS'ers...

kingworldnews.com...

Greyerz – The Trade Of The Century And Why The Public’s Money In Banks Will Be Incinerated

also check out the menu of 'Broadcasts' listed in the right-of-the-page, beneath the menu of text stories

originally posted by: AugustusMasonicus
a reply to: ScepticScot


Source.

Source.

A couple of quick ones, I can try and search more later. Also extensively discussed in his JFK/Reagan book.

In those articles he seems to be talking more about using commodities prices as a inflation indicator rather than a linking the currency to specific commodities.

I would agree with him however about the labour market being a poor indicator of future inflation.

a reply to: St Udio

Financial doom porn with the usual links trying to sell you gold.

a reply to: ScepticScot


He's been speaking about it for decades, here's an older source.

originally posted by: AugustusMasonicus
a reply to: ScepticScot


He's been speaking about it for decades, here's an older source.

Well in this one he talks about the desirability of dollar that maintains its value against a basket of commodities (In-between the heavily doses of American exceptionalism).

However it's short on detail. Which seems to the recurring theme with majority of discussions about any form of ' backed ' currrency.

I can get the appeal of commodity currency even if I disagree , however I have yet to read a convincing explanation of how one would actually be implemented.