Presented by George Reisman at the Mises Circle in Newport Beach, California; 14 November 2009. Sponsored by Louis E. Carabini. Includes an introduction and closing remarks by Douglas E. French.
Duration : 0:41:5
Tags: Banking, Beach, Carabini, Circle, Depression, Dougls, Downturn, Economic, Fed, Federal, Free, french, george, gold, Government, institute, Lou, Louis, Ludwig, Market, Mises, money, Newport, Plan, program, recovery, Reisman, Reserve, von
March 10th, 2010 at 2:27 pm
@Panpiper
I agree …
@Panpiper
I agree.
Well, they say the fish rots from the head, as the old saying goes.
I think its actually a two pronged move.
Politicians and Public.
I believe starting in the schools with the kids is the way to really change the country.
March 10th, 2010 at 2:27 pm
@Vid
I was thinking …
@Vid
I was thinking about this ‘gold standard’.
Reisman talks about how it would “reign” in governments ability to print money out of thin air.
We had a gold standard before, and they separated the two. Didn’t stop them then, wouldn’t stop them now. The man is a fool to believe so.
OF course I actually do support what he’s saying… Its a great idea. I wish my fiat money would quit being devalued. I wish I could save with no fear.
Politicians have an addiction to spending money.
March 10th, 2010 at 2:27 pm
That was a …
That was a brilliantly concise, and simple plan for action. If the political will existed, George Reisman demonstrated that it would be almost trivially easy from a policy point of view to get the country back on track. What is NOT simple of course, is mustering the political will and wisdom to enact such policies. As he himself pointed out, a necessary precondition is to convince the public of the fallacy of Marxian exploitation theory, and ‘that’ could be a long haul.
March 10th, 2010 at 2:27 pm
Fractional reserve …
Fractional reserve banking is NOT capitalism. Where is the damned capital?
March 10th, 2010 at 2:27 pm
19:03 “As a result …
19:03 “As a result of the credit expansion…”
…stop right there. No need to speak any further.
Whatever comes next is secondary… be it Keynesian or Mises or whoever proposing secondary solutions to ignored primary root causes.
March 10th, 2010 at 2:27 pm
Please Mr. Reisman, …
Please Mr. Reisman, speak of fraud, of unsustainability, of 1% reserves will never do, neither would 99%. Say OUT LOUD that credit expansion is FRAUD and to be outloawed… make a move in your old days!
This is NOT about housing bubbles. They’re mere symptoms. It’s not about ‘malinvestments’, it is about fraudulous expansion of the money supply!
Do you not dare to be policiy makers, do you not possess the qualities it takes to suggest workable solutions?
What’s the point of such a talk?
March 10th, 2010 at 2:27 pm
Actually, not true. …
Actually, not true. That only happens if there’s a fixed exchange rate that undervalues the gold. A free exchange rate would allow the better money to out-compete the bad money.
There’s a good vid on this “The Private Supply of Money” on Youtube from the misesmedia channel, by George Selgin
March 10th, 2010 at 2:27 pm
Hey MisesMedia, can …
Hey MisesMedia, can you provide transcripts for all these videos you post?
March 10th, 2010 at 2:27 pm
That’s a quick way …
That’s a quick way to get rid of all the gold. Gresham’s Law man.
March 10th, 2010 at 2:27 pm
Unfortunately you …
Unfortunately you are mistaken. Federal Reserve Notes (Dollars) are still the exclusive medium of exchange for all gold / oil transactions. As long as this monopoly exists the Dollar will maintain its status as the Worlds Reserve Currency. However, those days are very numbered. Yet, dont get me wrong, in no way am I saying that going off the gold standard was a good thing. Printing money is a tax against the poor / is used to finance warfare / welfare; both of which are counter-productive.
March 10th, 2010 at 2:27 pm
US basically …
US basically declared bankruptcy in 1971 when it said it would refuse to abide by the Brenten Woods agreement and redeem gold. That was essentially declaring bankruptcy, but in a nice way.
March 10th, 2010 at 2:27 pm
only way is to …
only way is to introduce a new currency which is gold backed, and have it offered in parallel to compete with the fiat. Let the market choose once again. Pretty obvious which people are going to choose. During this time you can freely exchange b/t the currencies. Of course I’d be dumping all my fiat to the new commodity based currency
March 10th, 2010 at 2:28 pm
people should just …
people should just start buying gold and silver so when the dollar goes bust they can have some real money to use. people like peter schiff have been warning us to purchase gold and silver for some time now, if some American’s didn’t head the warning and go broke when the dollar collapses then the with them, i say let the fed print the dollar into oblivion, the quicker they do that the quicker we can get rid of them
March 10th, 2010 at 2:29 pm
Excellence.
Excellence.
March 10th, 2010 at 2:29 pm
Hahaha. Gold …
Hahaha. Gold reserves…
March 10th, 2010 at 2:29 pm
They will never …
They will never declare bankruptcy to the world. They will do exactly what the Weimar Republic did when they had to pay war reparations…..print the money.
March 10th, 2010 at 2:29 pm
Ummm I don’t keep …
Ummm I don’t keep my cash in the bank. lol
March 10th, 2010 at 2:29 pm
let the federal …
let the federal government declare bankruptcy, who needs the fed anyway, em
March 10th, 2010 at 2:29 pm
What do people …
What do people where you are from not use bills anymore? Lots of people use cash and some, have massive amounts, like drug dealers haha.
March 10th, 2010 at 2:29 pm
1)What cash do you …
1)What cash do you mean ? Isn’t all cash deposited in some bank account ?
2)Your government will probably default one way or another.
March 10th, 2010 at 2:29 pm
Pretty good plan. …
Pretty good plan. But how do you account for all of the cash balances not held in finacial institutions and back them with gold?
Plus what about Government debt? Wouldn’t this cause all of our gold reserves to be drained by foreign creditors?
March 10th, 2010 at 2:29 pm
Great video ! Rate !
Great video ! Rate !
March 10th, 2010 at 2:30 pm
it was government …
it was government involvement in themarkets that created the collapse