Financial Information
Gold is Free Market Money | Walter Block
business money market accounts
Recorded at the Mises Institute Supporters Summit, 1 November 2008; Auburn, Alabama. Walter Block is a professor and chair of economics, college of business administration, at Loyola University. See WalterBlock.com for more information.
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#2 written by swahili77 1 year ago
When he approached the “60 year” example, I thought he might get to the important thing about exponential functions (like compound interest): they are all pyramid games that need the belief of suckers to work for the ones who harvest. “The good 4% triangle”. Ideas of interest have been around for thousands of years as well as some people that had more than they need. So that 1 penny at 0 AD at 4% interest – what is that worth now? Many times the weight of the Earth in pure gold. Wake up!
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#6 written by Aristotle100 1 year ago
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#8 written by gunthaarz 1 year ago
borrowing money from the FED means having to pay the FED interest on money the FED doesn’t have, just prints. if gov spends
money to create something, they order a “chair” or a road from you. you make it, you get money from the gov. the gov gets a road it can
toll or give to you & business so wealth is CREATED. why would gov want to “borrow” money at interest from the FED, money the FED doesnt have, when money’s supposed to reflect work thats being DONE, not numbers borrowed. -
#11 written by swahili77 1 year ago
Nobody (not even bankers backed up by police) COULD accumulate that! There have been people demanding interest for more than 2000 years and they still are. The interest rates have varied, but 4% has never been considered extreme. But the results are Extreme. The point is that even modest interest is a Pyramid game, it’s just not as obvious as the ones where you are promised 10 times your input in a few months.
Interest leads to crash. -
#12 written by gunthaarz 1 year ago
it is possible to have a FIAT currency. The crux of it is to have democratic control over its issuance and not having to pay the money “back” with interest to a FED that does not have any money in the first place.The main thing to realize is that every nation can be self sustainable. you dont somehow get your money from other countries. if that was the case where do they get _their_ money from? The more people that work, the more wealth is created, or more possibilities for exchange if youwill.
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#13 written by AFRIKTODAY 1 year ago
The current system is supposedly democratic with apparently the congress overseeing the FED. Replacing the Fed by the congress will not change anything since these institutions are at the hand of the same people and looking up for their own interest. Free market money is best because it is controlled by the market itself, the individuals whose work and creativity allow for the growth of the society.
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#14 written by broeman 1 year ago
I agree with Afriktoday, since you can see it in all the countries, who has direct government control over their central banks (even though they still claim that they are independent institutions). The gold standard is the best way to control the central bank, but even better, just abolish it and let banks choose their own insurances.
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#15 written by soylentgreenb 1 year ago
“The point is that even modest interest is a Pyramid game…”
Not in any respect.
“Interest leads to crash. ”
The objective of the game is to lend to people who make capital investments and pay you back with interest from their increased earnings. A crash is what you pay for grossly misallocating resources; better luck next time.
Not investing leads to negative growth. All investment entails risk, whether or not any borrowing is involved.
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#16 written by gutsrace 1 year ago
“Gold is Free Market Money” – Yes – BUT (And I’m asking not declaring) : If those bastards who are now in possession of the gold from both Fort Knox and the gold confiscated from the American public in years past, wouldn’t they then have undue influence on the value of whatever money is backed by gold? I am under the impression that that gold found it’s way to a small core of elites behind the Fed and the Bank of England.
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#17 written by DarthKazi 1 year ago
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#18 written by swahili77 1 year ago
The important thing is to allocate resources to things that are “good” (sustainable, healthy, fair) rather than “good investment” (=giving back compound interest (which is exponential) or more).
It is important to see that “development” and “growth” are different, and that no matter what you invest in, that will lead to diminished growth in something else. But even “negative growth” doesn’t rule out “positive development”. In fact many things will NEED negative growth if we are to develop!
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#20 written by stealthswimmer 1 year ago
gold didn’t “find” its way there. The government wanted to control the money supply and therefore instituted a central bank. The reasoning behind it was that many banks would inflate more than a single bank….well it turns out to have been untrue. Central banks have often caused more inflation than many competing banks and caused bigger crises.
Secondly, there’s nothing wrong with bigness. In the market, you get big by providing people with things they want, government does it by jailing ppl
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#22 written by centurion180ad 1 year ago
@AFRIKTODAY The Federal Reserve System is a private //criminal// organization, wholly owned & operated by a mass murdering Debt Syndicate of offshore BANKERS. The Congress HAS NO POWER what-so-ever, until the power to repudiate fraudulent debt is seized upon, the MINT begins to coin money, and Congress performs its Constitutional duty of issuing the Nation’s currency & credit.
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#24 written by centurion180ad 1 year ago
I was with the professor, right up to his conclusions. He blames tariffs and organized labor for the closing of production facilities. Bollix. I liked his description of prevent value, but I disagree with his conclusion that lowering the rate produces a distortion in long term investment. Distortion occurs no matter the rate, because irredeemable debt currency sieved through a fractional reserves system has eviscerated the Wage, Pension & Clearing funds.
. I wouldn’t even call that a paragraph my friend but hey it explained everything! Nice job
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This lecture in one paragraph:
FED manipulates interest rates. Interest rates are prices. Thus the FED is enacting price controls. Price controls creates misallocations. These misallocations induce the business cycle.