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Discussion in 'Politics, Religion, Social Issues' started by LIVEFRMNYC, Jan 1, 2014.
The Collapse of The American Dream Explained in Animation
I need to go do today's NYT crossword puzzle. Can someone please watch this and summarize what it says?
The federal reserve in conjunction with banks and federal enforcers is destroying the American economy/Dream
Some interesting bits
"It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world."
"I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared."
Thomas Jefferson to William Plumer, July 21, 1816
So, another diatribe about the gold standard, eh? I hope all the true believers in commodity money out there have moved all their assets into commodities of various kinds. They should be sitting pretty after the coming hyperinflation.
It wasn't so much about the merit of the gold standard. It mentions elements of gold from a historical perspective.
But it does make sense to "secure" portions of investments in commodities. Though gold got raped this year, down like 25% in 2013.
If you didn't get in early you got hosed. That whole precious metal surge is quite the bubble that is going to destroy a lot of personal wealth if people don't keep tabs on the market.
20:00 onwards is wholly incorrect.
Government debt is easily repaid and the vast majority is easily serviceable. Central Banks can simply print money and the overall public debt level has very little need to be paid down. Governments are not households or individuals.
This is the "The Fed killed JFK" conspiracy theory if anybody else doesn't want to waste their time watching this melodramatic and greatly exaggerated video.
The misinterpreted Ben Franklin quote on freedom and security.
I would recommend the first 10 minutes if anybody doesn't know what is already openly available and explained by the Federal Reserve itself. The Fed also provides an extensive and complex explanation of all of its functions in its booklet.
The Federal Reserve isn't likely to be a plot commanded by evil international bankers, but it is easy to accuse them of that. These people are forgetting that Congress has always retained absolute authority over the Federal Reserve (the Fed only has operational and managerial independence) and its remit or jurisdiction can always be changed through an Act of Congress.
The first 10 minutes are incredibly basic but insightful because if you really want to secure your future don't spend more than you have, don't borrow more than you need, don't confuse personal wealth and net worth with your credit limit, and learn to save.
Who do you think owns unofficially owns Congress? It's the big banks of course. Those like Citigroup, Morgan Stanley, BOA, and etc: whom have received trillions of dollars from the Federal Reserve. And I'm not talking about the billions from the well known bailout.
What do you mean owns congress?
Then why don't they do so? Why not print $17T to pay off the debt? Why tax the populace at all?
One hand washes the other.
Just one example is: Campaigns don't get funded for no reason.
Cuz he's wrong there. The government can't just go out and print money without having a foundation to base all that cash off of. If they did, cans of coke would cost $12.99 they day after.
You make it sound like the electorate doesn't get to vote on who gets in office.
You make it seem like those with huge funding don't have the clear advantage.
I'm not wrong. The Government could just print $17T and pay off the debt. It's just that the negative response with inflation would outweigh any positive effects gained by paying off the debt. That doesn't change the fact that they have the power to do it. Governments have been "printing" money to pay for themselves for centuries.
This forums quality is down quite far over the past 12 months congrats.
Hyperinflation I suspect is the biggest reason.
Doing that would essentially wipe out a chunk of wealth.
Imagine you have $200,000 in retirement savings today, and tomorrow bread suddenly costs $50 an ounce because of hyper inflation.
Too much is skimmed off the top by people that only produce Bureaucracies.
Not unlike the House taking a cut of every poker pot. That money never gets back in the game.
That's more or less what I was saying. Yeah, the government could print off all the money they need, but the resulting damage to the economy through inflation would be considerably worse than being saddled with debt.
See, the thing about the debt is that it's just...there. Unlike bog standard debt as it applies to us, there's no one breathing down the government's neck to pay it off in a timely fashion, and no way they can default on it. The heaviest half of it is money the US owes to its own programs and people. It's not a good thing to have around, but it's hardly the end of the world, either.
The national debt is not a simple IOU, from what I have read, about half the debt is money the government owes to the government.
So, instead we do it 2% at a time so we don't notice what's happening over the long term. Like boiling a frog.
Inflation is like a stealth tax.
Yeah exactly lol
A bunch of it is owed to the Social Security system, because Social Security (and even Medicare for now) have large surpluses. (Medicare's won't last too long.) It is, in effect, a debt to people like me who have already paid into the system for about 40 years and would like to start collecting sometime if we live long enough.
The other part represents real IOUs. Again, in effect, a subsidy to wealthier U.S. citizens. This part of the debt actually helps stabilize the economy-- up to a point. But, it is quite a bit larger than it needs to be.
People always bring up, and have brought up, the possibility of hyperinflation. That possibility is looming larger now, because of the increasing unwillingness of the wealthy to pay taxes. As a hedge against inflation, people can always put all of their wealth elsewhere: real estate, easily stored commodities like gold, silver, platinum, palladium, and rare earths. Nobody is making people stuff money under their mattresses. If they are concerned about the possibility of hyperinflation, they can just make sure they don't hold cash or bonds.
The system is brilliant. Debt must exist for the system to continue in its current format.
I know this might upset some... but North Americans and any "democratized" country with a central bank has life a little easier than in countries where people starve and have no running water.
The problem with central banking is that a few people have all the power and wealth and don't care about poverty or making the planet a better place so eventually Earth is turned into a wasteland. Therefore, we never get anything better than we have today because it is all based on commerce.
Show me big bussiness that can actually "cast the first stone" and still be as wealthy.