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Spreading misinformation, or misleading people is irresponsible in my mind, I'd love to hear your response.
If you really feel the government is ripping you off that badly with inflation, have you considered TIPS (treasury inflation-protected securities)?
If you don't have time for Money Masters, perhaps you should watch Money as Debt instead here: http://video.google.com/videoplay?docid=-905047....
Please do not insult people on this site by suggesting that somehow we are against investment. Inflation kills investments and so does holding the inflation rate artificially low. Think about it, if Bernanke sets the rate at 2% in the US but the free market interest rate in Freemarketland is 7.5%, where would you invest your money? Artificially low investment rates have been driving investors away from our economy for years. Also, the real inflation rate in this country has been MUCH higher than the government numbers for years, wiping out any "gains" made over the official amounts. Check out shadowstats.com
No one sets an inflation rate. No one.
... to buy a house, a car, finance an education...
Without fractional reserve banking, not only would loans be impossible (except via individual brokers), the amount of money used to create enough money for transactions would be horrendous.
Read the bill again, specifically section 12. Though the bill does prohibit fractional reserve banking, it does not prohibit lending and credit. It merely affirms that it is the DEPOSITOR'S money, and therefore it is the DEPOSITOR'S decision to lend it out. The DEPOSITOR is the one that takes on the risk (and receives the reward) for lending his/her money out.
Yes, there would be less credit available, but there would still be a healthy amount. You would still be able to give an entrepreneur a good chunk of start-up capital, but people would live entirely in debt.
It's the perfect solution, really.