Ron Paul slams Bernanke Today…

[greekfire]

I think the data surrounding M3 was absent for a while, but recently has been collected by a private corporation. I think the underlying point here is that paper (fiat) money should be backed by tangible assets such as gold and silver, rather than be printed out of thin air.

[Deal Hunter]

I’m fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed “debt-free.”

Abraham Lincoln printed money out of thin air, but he provided for the borrowed money/credit to be payable in full. For example: You need to borrow $100, so the Fed prints $100 and then charges you 10% interest on the money. This means that you have to come up with $110 dollars. Well, how the hell are you going to do that when only $100 was printed???? Where do you find the other $10? Hence in the current fiat system, the debt can NEVER be repaid.

Lincoln’s method was to print $110 dollars. Give you the $100 you need to borrow and spend the other $10 in your local economy. That way you can earn the $110 by conducting your business and deploying your investments in the local economy. When you earn the $110, you pay it back and your debt-free. Ta Da!

I know, where’s the profit for central banks in Lincoln’s crazy method? Hey, here’s a bit of money trivia for y’all. There were a handful of men in our history that have tried to pioneer a debt-free money system or opposed a private central bank: George Washington, Ben Franklin, Andrew Jackson, Abraham Lincoln and John F. Kennedy. All happen to be on our money! Cool, huh?

[Deal Hunter]

I’m fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed “debt-free.”

Abraham Lincoln printed money out of thin air, but he provided for the borrowed money/credit to be payable in full. For example: You need to borrow $100, so the Fed prints $100 and then charges you 10% interest on the money. This means that you have to come up with $110 dollars. Well, how the hell are you going to do that when only $100 was printed???? Where do you find the other $10? Hence in the current fiat system, the debt can NEVER be repaid.

Lincoln’s method was to print $110 dollars. Give you the $100 you need to borrow and spend the other $10 in your local economy. That way you can earn the $110 by conducting your business and deploying your investments in the local economy. When you earn the $110, you pay it back and your debt-free. Ta Da!

I know, where’s the profit for central banks in Lincoln’s crazy method? Hey, here’s a bit of money trivia for y’all. There were a handful of men in our history that have tried to pioneer a debt-free money system or opposed a private central bank: George Washington, Ben Franklin, Andrew Jackson, Abraham Lincoln and John F. Kennedy. All happen to be on our money! Cool, huh?

[Deal Hunter]

I’m fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed “debt-free.”

Abraham Lincoln printed money out of thin air, but he provided for the borrowed money/credit to be payable in full. For example: You need to borrow $100, so the Fed prints $100 and then charges you 10% interest on the money. This means that you have to come up with $110 dollars. Well, how the hell are you going to do that when only $100 was printed???? Where do you find the other $10? Hence in the current fiat system, the debt can NEVER be repaid.

Lincoln’s method was to print $110 dollars. Give you the $100 you need to borrow and spend the other $10 in your local economy. That way you can earn the $110 by conducting your business and deploying your investments in the local economy. When you earn the $110, you pay it back and your debt-free. Ta Da!

I know, where’s the profit for central banks in Lincoln’s crazy method? Hey, here’s a bit of money trivia for y’all. There were a handful of men in our history that have tried to pioneer a debt-free money system or opposed a private central bank: George Washington, Ben Franklin, Andrew Jackson, Abraham Lincoln and John F. Kennedy. All happen to be on our money! Cool, huh?

[Deal Hunter]

I’m fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed “debt-free.”

Abraham Lincoln printed money out of thin air, but he provided for the borrowed money/credit to be payable in full. For example: You need to borrow $100, so the Fed prints $100 and then charges you 10% interest on the money. This means that you have to come up with $110 dollars. Well, how the hell are you going to do that when only $100 was printed???? Where do you find the other $10? Hence in the current fiat system, the debt can NEVER be repaid.

Lincoln’s method was to print $110 dollars. Give you the $100 you need to borrow and spend the other $10 in your local economy. That way you can earn the $110 by conducting your business and deploying your investments in the local economy. When you earn the $110, you pay it back and your debt-free. Ta Da!

I know, where’s the profit for central banks in Lincoln’s crazy method? Hey, here’s a bit of money trivia for y’all. There were a handful of men in our history that have tried to pioneer a debt-free money system or opposed a private central bank: George Washington, Ben Franklin, Andrew Jackson, Abraham Lincoln and John F. Kennedy. All happen to be on our money! Cool, huh?

[Deal Hunter]

I’m fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed “debt-free.”

Abraham Lincoln printed money out of thin air, but he provided for the borrowed money/credit to be payable in full. For example: You need to borrow $100, so the Fed prints $100 and then charges you 10% interest on the money. This means that you have to come up with $110 dollars. Well, how the hell are you going to do that when only $100 was printed???? Where do you find the other $10? Hence in the current fiat system, the debt can NEVER be repaid.

Lincoln’s method was to print $110 dollars. Give you the $100 you need to borrow and spend the other $10 in your local economy. That way you can earn the $110 by conducting your business and deploying your investments in the local economy. When you earn the $110, you pay it back and your debt-free. Ta Da!

I know, where’s the profit for central banks in Lincoln’s crazy method? Hey, here’s a bit of money trivia for y’all. There were a handful of men in our history that have tried to pioneer a debt-free money system or opposed a private central bank: George Washington, Ben Franklin, Andrew Jackson, Abraham Lincoln and John F. Kennedy. All happen to be on our money! Cool, huh?

[greekfire]

"I'm fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed "debt-free."

Are you kidding me?  Abraham Lincoln printed money out of thin air because he had to fund a (Civil) war that he didn't have the funds in which to conduct without doing so.

The term "debt free" is totally relative.

[greekfire]

"I'm fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed "debt-free."

Are you kidding me?  Abraham Lincoln printed money out of thin air because he had to fund a (Civil) war that he didn't have the funds in which to conduct without doing so.

The term "debt free" is totally relative.

[greekfire]

"I'm fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed "debt-free."

Are you kidding me?  Abraham Lincoln printed money out of thin air because he had to fund a (Civil) war that he didn't have the funds in which to conduct without doing so.

The term "debt free" is totally relative.

[greekfire]

"I'm fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed "debt-free."

Are you kidding me?  Abraham Lincoln printed money out of thin air because he had to fund a (Civil) war that he didn't have the funds in which to conduct without doing so.

The term "debt free" is totally relative.

[greekfire]

"I'm fundamentally not bothered that money is printed out of thin air. What bothers me about monetary policy is that the money is not printed "debt-free."

Are you kidding me?  Abraham Lincoln printed money out of thin air because he had to fund a (Civil) war that he didn't have the funds in which to conduct without doing so.

The term "debt free" is totally relative.

[Deal Hunter]

I see your point.

But…. aren’t we in a couple of wars that need a bit of funding now as well??? Is it less bothersome to expand money for Iraq? Is that less irritating than expanding money to fund a collapsing domestic economy?

I guess so.

I don’t see how debt free is a relative term in this case. If I owe you $110 and I give you $110, then I don’t owe you anything anymore. When Guido said, “Lucco Brazi sleeps with the fishes.” They were even, that should have been the end of the movie!

[Deal Hunter]

I see your point.

But…. aren’t we in a couple of wars that need a bit of funding now as well??? Is it less bothersome to expand money for Iraq? Is that less irritating than expanding money to fund a collapsing domestic economy?

I guess so.

I don’t see how debt free is a relative term in this case. If I owe you $110 and I give you $110, then I don’t owe you anything anymore. When Guido said, “Lucco Brazi sleeps with the fishes.” They were even, that should have been the end of the movie!

[Deal Hunter]

I see your point.

But…. aren’t we in a couple of wars that need a bit of funding now as well??? Is it less bothersome to expand money for Iraq? Is that less irritating than expanding money to fund a collapsing domestic economy?

I guess so.

I don’t see how debt free is a relative term in this case. If I owe you $110 and I give you $110, then I don’t owe you anything anymore. When Guido said, “Lucco Brazi sleeps with the fishes.” They were even, that should have been the end of the movie!

[Deal Hunter]

I see your point.

But…. aren’t we in a couple of wars that need a bit of funding now as well??? Is it less bothersome to expand money for Iraq? Is that less irritating than expanding money to fund a collapsing domestic economy?

I guess so.

I don’t see how debt free is a relative term in this case. If I owe you $110 and I give you $110, then I don’t owe you anything anymore. When Guido said, “Lucco Brazi sleeps with the fishes.” They were even, that should have been the end of the movie!

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