The most important subject we face is discussed too little: how money is created and how the process corrupts society. My speech on "Money Creation and Society".
I like the idea the company Kinesis Gold uses. Gold and Silver Tokens and crypto tokens on the blockchain you buy and save and the gold and/or silver tokens are 100% redeemable in physical gold and/or silver that is stored in audited and insured vaults. You can transact and spend your money through either debit cards or apps on your devices.
That was a really interesting debate and I was impressed by those who contributed. My personal takeaway is that we need to regularly ask ourselves the questions 'what is money?' and 'what is the difference between money and credit?' Thanks Steve
I agree with all the points in your speech in the House of Commons. What a pity that the issues being debated only attracted such an appallingly low turn-out. I counted nine MPs on each side of the House, with one Labour MP on his way out (unless there were more out of camera shot). Your fellow MPs at the time on both sides of the House obviously didn't think there was a problem with the current fiat money print-a-thon and spend-a-thon.
Generally speaking, things like this are too complicated for MPs because it is not material for a leaflet but to be fair to them, it was also the day of the Rochester and Strood by election.
If governments want to fund health, welfare and education beyond what taxpayers are willing to pay, perhaps taxpayers do not really want those things to that degree...
Perhaps but as Bastiat wrote long ago, "The State is the great fiction whereby everyone seeks to live at the expense of everyone else."
Throughout my time in parliament, I saw that the public in aggregate would like lower taxes plus higher spending, which is why the state ends up borrowing and then debasing the currency to keep the Ponzi scheme going, as has been done for 54 years.
My most recent related Substack which contains relevant links is here:
I believe firmly that we are living through a great unravelling of the post-war way of life, a way of life which has been ultimately funded through currency debasement since the end of the Bretton Woods system in 1971. The Global Financial Crisis was the first major sign of the fatal flaws in our system and the response to it was more of the same: cheap credit and QE...
My book with Max Rangeley, "Are we in the biggest bubble in history?" may be downloaded here:
Thank you for the links and your thoughts on my little note. I suppose things will just have to go on until they break and everyone is running around with their hair on fire, though there are so glimmers of sense in Argentina and here in the USA...
This issue requires much more publicity. As you say Steve, the fact that it is probable nothing will be done before the collapse of the current system, and that the majority of people aren’t even aware of how the system works, let alone the pitfalls behind it, is truly frightening.
This is a great piece and the summary HoC speech was brilliant- I will listen to the full speech and , from the sound of things George Osborne and Ed Balls might learn something if they did too! I’ve long wondered how far back the corruption of finance goes - 1971, 1933, 1913 or earlier but there is probably no single point - these were stepping stones. If there is one that’s closest it maybe Greenspan launching the Fed put from 1987. Bottom line is the one resource most of us have, time, is getting us less and less in goods, services and homes whereas those with assets are doing better which is delaying getting on the housing ladder, family formation and creating an ever more frustrated and disaffected younger generation. The Henry Ford quote is very apposite and with the world becoming an increasingly uncertain place the last thing we need is deep social division if we are going to navigate our way safely.
96% of governments are borrowing money instead of issuing it.
#PositiveMoney.
REGIONS with a STATE run central bank a.k.a MONEY supply not PROVIDED by a PRIVATELY owned/FUNDED central bank as a LOAN that will be repaid with INTEREST added a.k.a no DEBT a.k.a no FOOLISHNESS!!!
[NORTHDAKOTA]
[NORTHKOREA]
[VENEZUELA]
[HUNGARY]
[ICELAND]
[SYRIA]
[CUBA]
[IRAN]
#Libya was on this list till 2011. #PositiveMoney.
I like the idea the company Kinesis Gold uses. Gold and Silver Tokens and crypto tokens on the blockchain you buy and save and the gold and/or silver tokens are 100% redeemable in physical gold and/or silver that is stored in audited and insured vaults. You can transact and spend your money through either debit cards or apps on your devices.
Thanks - I will have a look.
That was a really interesting debate and I was impressed by those who contributed. My personal takeaway is that we need to regularly ask ourselves the questions 'what is money?' and 'what is the difference between money and credit?' Thanks Steve
Thank you!
I agree with all the points in your speech in the House of Commons. What a pity that the issues being debated only attracted such an appallingly low turn-out. I counted nine MPs on each side of the House, with one Labour MP on his way out (unless there were more out of camera shot). Your fellow MPs at the time on both sides of the House obviously didn't think there was a problem with the current fiat money print-a-thon and spend-a-thon.
Generally speaking, things like this are too complicated for MPs because it is not material for a leaflet but to be fair to them, it was also the day of the Rochester and Strood by election.
or was it Happy Hour in the HoC bars ?
If governments want to fund health, welfare and education beyond what taxpayers are willing to pay, perhaps taxpayers do not really want those things to that degree...
Perhaps but as Bastiat wrote long ago, "The State is the great fiction whereby everyone seeks to live at the expense of everyone else."
Throughout my time in parliament, I saw that the public in aggregate would like lower taxes plus higher spending, which is why the state ends up borrowing and then debasing the currency to keep the Ponzi scheme going, as has been done for 54 years.
My most recent related Substack which contains relevant links is here:
https://fightingforafreefuture.substack.com/p/return-to-growth
I believe firmly that we are living through a great unravelling of the post-war way of life, a way of life which has been ultimately funded through currency debasement since the end of the Bretton Woods system in 1971. The Global Financial Crisis was the first major sign of the fatal flaws in our system and the response to it was more of the same: cheap credit and QE...
My book with Max Rangeley, "Are we in the biggest bubble in history?" may be downloaded here:
https://www.stevebaker.info/wp-content/uploads/2022/07/Steve-Baker-Max-Rangeley-Monograph-on-the-Bubble.pdf
Thank you for the links and your thoughts on my little note. I suppose things will just have to go on until they break and everyone is running around with their hair on fire, though there are so glimmers of sense in Argentina and here in the USA...
This issue requires much more publicity. As you say Steve, the fact that it is probable nothing will be done before the collapse of the current system, and that the majority of people aren’t even aware of how the system works, let alone the pitfalls behind it, is truly frightening.
Agreed. We must not despair though: it’s not the Cuban missile crisis
This is a great piece and the summary HoC speech was brilliant- I will listen to the full speech and , from the sound of things George Osborne and Ed Balls might learn something if they did too! I’ve long wondered how far back the corruption of finance goes - 1971, 1933, 1913 or earlier but there is probably no single point - these were stepping stones. If there is one that’s closest it maybe Greenspan launching the Fed put from 1987. Bottom line is the one resource most of us have, time, is getting us less and less in goods, services and homes whereas those with assets are doing better which is delaying getting on the housing ladder, family formation and creating an ever more frustrated and disaffected younger generation. The Henry Ford quote is very apposite and with the world becoming an increasingly uncertain place the last thing we need is deep social division if we are going to navigate our way safely.
Thanks Graham! Once upon a time, Greenspan was very sound, writing on gold and economic freedom:
https://www.stevebaker.info/2009/04/the-revolution-ron-paul-vs-alan-greenspan/
Greenspan did not recant when Ron Paul gave him the opportunity to do so. See also my substack "Power corrupts".
Absolutely- he was a hard money man until he was corrupted, paving the way for the age of debt. I wonder if there was a Roman Greenspan?!!!
96% of governments are borrowing money instead of issuing it.
#PositiveMoney.
REGIONS with a STATE run central bank a.k.a MONEY supply not PROVIDED by a PRIVATELY owned/FUNDED central bank as a LOAN that will be repaid with INTEREST added a.k.a no DEBT a.k.a no FOOLISHNESS!!!
[NORTHDAKOTA]
[NORTHKOREA]
[VENEZUELA]
[HUNGARY]
[ICELAND]
[SYRIA]
[CUBA]
[IRAN]
#Libya was on this list till 2011. #PositiveMoney.
https://www.facebook.com/groups/952599420005398