Hi all,
I've recently seen this documentary:http://www.secretofoz.com/
The author has also made a film called "The Money Masters", back in 90's.http://video.google.com/videoplay?docid=-515319560256183936
What do you think about his ideas on money. He proposes that the government issues debt free money as it sees fit (for public works etc.), without being backed by a commodity. It implies full-reserve banking. One interesting note though - "inflation" is not discussed in that document at all, perhaps because it's implied since federal government/states would print as much money as they want, so long it's debt free?
I generally agree on most of his observations/proposals, except that the government controls the money supply - I am not sure how it would be enforced that the money supply stays the same, i.e. that they will not start inflating to pay for government's programs.
Juraj
Juraj: Hi all, I've recently seen this documentary:http://www.secretofoz.com/ The author has also made a film called "The Money Masters", back in 90's.http://video.google.com/videoplay?docid=-515319560256183936 What do you think about his ideas on money. He proposes that the government issues debt free money as it sees fit (for public works etc.), without being backed by a commodity. It implies full-reserve banking. One interesting note though - "inflation" is not discussed in that document at all, perhaps because it's implied since federal government/states would print as much money as they want, so long it's debt free? I generally agree on most of his observations/proposals, except that the government controls the money supply - I am not sure how it would be enforced that the money supply stays the same, i.e. that they will not start inflating to pay for government's programs. Juraj
I became interested in economics becouse I watchecd The Money Masters. In fact, I liked it so much, that I watched it twice more in one month. But through studying economics I have seen why the solution he proposes its imposible. Also, his story on the late part of the USA history has some flaws. Still is a great movie on how the central banks operates.
One of the main problems I have with his proposal is that it has been tried in history and it has allways ended in hiper-inflation. Politicians get addicted to the printing presses and they just fuck up. Also, there is the question about price distortion and that it would create economic cycles.
Juraj:What do you think about his ideas on money. He proposes that the government issues debt free money as it sees fit (for public works etc.), without being backed by a commodity. It implies full-reserve banking. One interesting note though - "inflation" is not discussed in that document at all, perhaps because it's implied since federal government/states would print as much money as they want, so long it's debt free?
It is Socialist propaganda in disguise. These videos reveal some truth on how banking works (emphasis on some) and that is all. The rest is pure garbage.
If you want a credible video on banking and the Fed, then try here.
I can also recommend to you what may be the best book on banking (for the novice or expert) out there: The Mystery of Banking by Murray N. Rothbard