Capitalism Hits the Fan (Lecture)

[popsiclestix]

You can't take things out of context like that. You've been watching too much Glenn Beck. Also, the "states" still aren't doing that, even if you want to chop up what it says. The printed money may technically come from a state, but it's the federal government that is actually doing it, not the states.

Also, private banks don't control the issuing of currency - that's the job of the Federal Reserve (that's the Nation's Bank). Thomas Jefferson has said many great things, but that particular one isn't relevant here.

I think you need to take a lesson on fractional reserve lending. When a bank only holds, *maybe* 10% of actual currency in their vaults by deposits and lends out 90 cents per dollar, then you have some serious money creation

[Ferion]

I think you need to take a lesson on fractional reserve lending. When a bank only holds, *maybe* 10% of actual currency in their vaults by deposits and lends out 90 cents per dollar, then you have some serious money creation

You think the Fed doesn't take that into account when they determine the money supply? Private banks don't control the issuing of currency.

[Pirian]

I think you need to take a lesson on fractional reserve lending. When a bank only holds, *maybe* 10% of actual currency in their vaults by deposits and lends out 90 cents per dollar, then you have some serious money creation

You think the Fed doesn't take that into account when they determine the money supply? Private banks don't control the issuing of currency.

Thanks

[archibaldcrane]

Popsicledude, that line is so that there isn't a "Wisconsin dollar" and a "Kentucky rupee" and a "Texas cowturdintheshapeofanickel".

States can't make their own currency, period. It has nothing whatsoever to do with fiat currency vs. Gold/silver standard. Please realize this, you look like a retard right now.

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[Kuya]

Austrian economics often makes one look retarded, so it's truly not his doing.

[test123]

[popsiclestix]

Austrian economics often makes one look retarded, so it's truly not his doing.

Nope don't feel retarded. Time will come soon enough when QE2 ends and QE3 begins.

[aurik]

What part of "no state" applies to the federal government?

By your own logic, if that clause applies to the federal government, so does "enter into any Treaty, Alliance, or Confederation". Guess all foreign treaties are illegal.

Repostin' this because you don't feel retarded.

[Kuya]

Nope don't feel retarded. Time will come soon enough when QE2 ends and QE3 begins.

Well i said that you look, not that you feel. I forgive your mistake.

[archibaldcrane]

Do retards, like Corky-level, know they're retarded?

Serious question.

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[Plow]

corky level sure, much farther than that and it really depends on what the problem is, mostly if it's something that affects their maturity so they may not be capable of understanding the difference anyway