You guys need to go watch some youtube videos or something so you know how this stuff works. I would suggest reading but I don't think that will do it for you.
The disinformation campaign has been ramped-up lately. Nothing like youtube to get your ideas & "information". It seems to be a sign of the times. I suspect that your main source of info is youtube, right?
That's actually where they get all their data. The Bulgarian youtube anyways. lol
I find it curious that you bash silver while buying it, and that you seem to know so much more than the typical poster here without citing any references yourself.
Q: Are You Printing Money? Bernanke: Not Literally
@derryb said:
Thanks to legislation introduced by Ron Paul, it is a convenient way for Americans to buy and own precious metals.
This doesn't make sense though, it is very very easy to buy metals if you have the money. More likely is that he has political donors who are silver producers. But haven't they been making these since the 80s?
Since 1986. Paul made it easier for Americans to buy and hold quality precious metals by requiring their government to make the metals readily available. Prior to that Americans had to depend on foreign mints and often shady bullion dealers. The premiums that still exist on American Eagles give testimony to the value and success of Paul's vision.
@taxmad said: @derryb - you did notice his username, right?
You guys need to go watch some youtube videos or something so you know how this stuff works. I would suggest reading but I don't think that will do it for you.
@derryb said:
Thanks to legislation introduced by Ron Paul, it is a convenient way for Americans to buy and own precious metals.
This doesn't make sense though, it is very very easy to buy metals if you have the money. More likely is that he has political donors who are silver producers. But haven't they been making these since the 80s?
Since 1986. Paul made it easier for Americans to buy and hold quality precious metals by requiring their government to make the metals readily available. Prior to that Americans had to depend on foreign mints and often shady bullion dealers. The premiums that still exist on American Eagles give testimony to the value and success of Paul's vision.
Which House Resolution?
Public Law 99-185—DEC. 17, 1985, "Gold Bullion Coin Act of 1985"
@taxmad said: @derryb - you did notice his username, right?
You guys need to go watch some youtube videos or something so you know how this stuff works. I would suggest reading but I don't think that will do it for you.
@derryb said:
Thanks to legislation introduced by Ron Paul, it is a convenient way for Americans to buy and own precious metals.
This doesn't make sense though, it is very very easy to buy metals if you have the money. More likely is that he has political donors who are silver producers. But haven't they been making these since the 80s?
Since 1986. Paul made it easier for Americans to buy and hold quality precious metals by requiring their government to make the metals readily available. Prior to that Americans had to depend on foreign mints and often shady bullion dealers. The premiums that still exist on American Eagles give testimony to the value and success of Paul's vision.
Which House Resolution?
Public Law 99-185—DEC. 17, 1985, "Gold Bullion Coin Act of 1985"
Ron Paul sponsored bills in 1983 to create gold coins, which apparently didn't go anywhere. Paul lost the election in 1984, so he was out of office in 1985 (Wikipedia says he went back to his medical practice) so he couldn't have had anything directly to do with the Gold Bullion Coin Act of 1985
Public Law 99-185—DEC. 17, 1985, "Gold Bullion Coin Act of 1985"
Ron Paul sponsored bills in 1983 to create gold coins, which apparently didn't go anywhere. Paul lost the election in 1984, so he was out of office in 1985 (Wikipedia says he went back to his medical practice) so he couldn't have had anything directly to do with the Gold Bullion Coin Act of 1985.
Thanks for confirming that his legislative efforts were a driving force in eventually creating the American Eagle program.
Public Law 99-185—DEC. 17, 1985, "Gold Bullion Coin Act of 1985"
Ron Paul sponsored bills in 1983 to create gold coins, which apparently didn't go anywhere. Paul lost the election in 1984, so he was out of office in 1985 (Wikipedia says he went back to his medical practice) so he couldn't have had anything directly to do with the Gold Bullion Coin Act of 1985.
Thanks for confirming that his legislative efforts were a driving force in eventually creating the American Eagle program.
His efforts were most definitely not a driving force, considering he wasn’t in Congress when the act was drafted and passed.
You think fractional reserve lending is 'printing money?' It is not.
Let's walk you through it. What, in your mind - is fractional reserve lending? Aside from the fact that the lending banks don't actually print anything, what do you think fractional reserve lending is?
Fractional reserve lending creates debt, that is the money supply. No new money is created, banks do not have that power, only the fed can create new dollars.
Your statement is muddled. The Federal Reserve System is more than just the 12 Federal Reserve Banks. If you think that money isn't created when a member bank creates a loan, maybe you should review the definitions of "money" and how it's being measured.
No new money is created, banks do not have that power, only the fed can create new dollars.
Do you think that the loans that member banks create are denominated in something other than dollars? Every loan by a member bank is indeed creating new money. What else would you believe that fractional reserve lending does? Are the dollars created by virtue of the new loan not spendable in the economy? Tell me how those dollars are somehow different than the ones being printed by the Fed's printing department. Tell me the distinction. Or maybe learn something here.
The money supply is debt. End of story. if you don't grasp that you know nothing of money.
See the previous comment. Learn something.
the comments I was responding to were downright stupid, leaving me at somewhat of a loss.
Your reliance on youtube hasn't done you any favors.
Q: Are You Printing Money? Bernanke: Not Literally
Public Law 99-185—DEC. 17, 1985, "Gold Bullion Coin Act of 1985"
Ron Paul sponsored bills in 1983 to create gold coins, which apparently didn't go anywhere. Paul lost the election in 1984, so he was out of office in 1985 (Wikipedia says he went back to his medical practice) so he couldn't have had anything directly to do with the Gold Bullion Coin Act of 1985.
Thanks for confirming that his legislative efforts were a driving force in eventually creating the American Eagle program.
His efforts were most definitely not a driving force, considering he wasn’t in Congress when the act was drafted and passed.
"The Gold Bullion Act of 1985 that authorized the minting of American gold investment coins in four sizes (1 ounce, ½ ounce, ¼ ounce, and 1/10th ounce) came about because of a combination of lobbying efforts by gold mining interests and several years of legislative efforts by Rep. Ron Paul (R-TX)."
@jmski52 said:
Let's walk you through it. What, in your mind - is fractional reserve lending? Aside from the fact that the lending banks don't actually print anything, what do you think fractional reserve lending is?
it isn't 'in my mind", I know what it is, it is a very simple concept. A dollar bill is a token. When banks loan out money they are NOT creating a new token. They are taking an existing token that I (person 1) give them and loaning it to someone else (person 2). A new token is NOT created, debt is created, this debt is counted as the money supply.
Banks are permitted to loan out 10X of what they take in deposits (search fractional lending). This means in many cases they create, out of thin air, up to 9 out of 10 dollars they loan. They take that 1 token they have on hand and give up to 10 tokens to the borrower. All 10 of the tokens they give the borrower are real or else the borrower would not be able to spend his loan. The loan may take the form of a mortgage (debt to be repaid in the future) or it may take the form of a cash loan such as a home equity loan. Even a loan for future repayment requires immediate cash be presented to the borrower at the time of the loan; the seller of the asset being financed expects full cash payment when the asset is transferred to the borrower. A loan provides all of that cash up front. Fractional lending results in the creation of new money. It takes real money (cash) to pay off the seller of the asset. He is not accepting credit for the asset, the loaning bank is.
Banks are not just a storage place for deposits, they are primarily a financial intermediary between savers and borrowers. This is where their profits are generated.
I know what it is, it is a very simple concept. A dollar bill is a token. When banks loan out money they are NOT creating a new token. They are taking an existing token that I (person 1) give them and loaning it to someone else (person 2). A new token is NOT created, debt is created, this debt is counted as the money supply. The confusion about this comes when person 2 buys something with that token from person 3 and person 3 also puts that token in the same bank. Now the same token is in the same bank twice, but there is still only one token. If that bank had no other customers and both person 1 and person 3 tried to withdraw their token, they would be unable to do so because no new tokens were created
Sorry, I wouldn't give that answer a passing grade. Refer to derryb's response, above.
Q: Are You Printing Money? Bernanke: Not Literally
@jmski52 said: I know what it is, it is a very simple concept. A dollar bill is a token. When banks loan out money they are NOT creating a new token. They are taking an existing token that I (person 1) give them and loaning it to someone else (person 2). A new token is NOT created, debt is created, this debt is counted as the money supply. The confusion about this comes when person 2 buys something with that token from person 3 and person 3 also puts that token in the same bank. Now the same token is in the same bank twice, but there is still only one token. If that bank had no other customers and both person 1 and person 3 tried to withdraw their token, they would be unable to do so because no new tokens were created
Sorry, I wouldn't give that answer a passing grade. Refer to derryb's response, above.
OMG, that means if I put 10 dollars in the bank they can loan out 9. It doesn't mean they are creating new dollars. They did this same thing when they we using gold coins, they were not create new gold coins when they loaned out money. Are you guys drunk or something?
I think I am just going to delete my account, I can't take this nonsense anymore.
No, it means if you put 10 dollars in the bank they are allowed to use it to loan out $100. This is how they create money. It's also how they create profit out of thin air. Loans are their bread and butter. They pay account holders to save (not much) while borrowers fill their pockets with loan interest.
if I put 10 dollars in the bank they can loan out 9. It doesn't mean they are creating new dollars. They did this same thing when they we using gold coins, they were not create new gold coins when they loaned out money. Are you guys drunk or something?
I don't think I've ever encountered such a confused mix of misinformation about money or banking in my life. 3 separate nuggets of misinformation in one short post. Where is this stuff being taught? Probably nowhere.
Q: Are You Printing Money? Bernanke: Not Literally
Go ahead, stick with the University of Government Media aka mainstream news. Gutter news to go with your gutter metal. I'll take foreign press's unbiased coverage of US news and events every time.
@derryb said:
Go ahead, stick with the University of Government Media aka mainstream news. Gutter news to go with your gutter metal. I'll take foreign press's unbiased coverage of US news and events every time.
Yup because gutter newz is US news. The continued arrogance of 4.25% of the worlds population. Wake up, you sir/mam are completely irrelevant.
Comments
You guys need to go watch some youtube videos or something so you know how this stuff works. I would suggest reading but I don't think that will do it for you.
The disinformation campaign has been ramped-up lately. Nothing like youtube to get your ideas & "information". It seems to be a sign of the times. I suspect that your main source of info is youtube, right?
That's actually where they get all their data. The Bulgarian youtube anyways. lol
I find it curious that you bash silver while buying it, and that you seem to know so much more than the typical poster here without citing any references yourself.
I knew it would happen.
Which House Resolution?
Public Law 99-185—DEC. 17, 1985, "Gold Bullion Coin Act of 1985"
Give Me Liberty or Give Me Debt
Ron Paul sponsored bills in 1983 to create gold coins, which apparently didn't go anywhere. Paul lost the election in 1984, so he was out of office in 1985 (Wikipedia says he went back to his medical practice) so he couldn't have had anything directly to do with the Gold Bullion Coin Act of 1985
Thanks for confirming that his legislative efforts were a driving force in eventually creating the American Eagle program.
Give Me Liberty or Give Me Debt
His efforts were most definitely not a driving force, considering he wasn’t in Congress when the act was drafted and passed.
You think fractional reserve lending is 'printing money?' It is not.
Let's walk you through it. What, in your mind - is fractional reserve lending? Aside from the fact that the lending banks don't actually print anything, what do you think fractional reserve lending is?
Fractional reserve lending creates debt, that is the money supply. No new money is created, banks do not have that power, only the fed can create new dollars.
Your statement is muddled. The Federal Reserve System is more than just the 12 Federal Reserve Banks. If you think that money isn't created when a member bank creates a loan, maybe you should review the definitions of "money" and how it's being measured.
No new money is created, banks do not have that power, only the fed can create new dollars.
Do you think that the loans that member banks create are denominated in something other than dollars? Every loan by a member bank is indeed creating new money. What else would you believe that fractional reserve lending does? Are the dollars created by virtue of the new loan not spendable in the economy? Tell me how those dollars are somehow different than the ones being printed by the Fed's printing department. Tell me the distinction. Or maybe learn something here.
The money supply is debt. End of story. if you don't grasp that you know nothing of money.
See the previous comment. Learn something.
the comments I was responding to were downright stupid, leaving me at somewhat of a loss.
Your reliance on youtube hasn't done you any favors.
I knew it would happen.
COINWORLD: American Gold Eagles – A Brief History and Current Values
"The Gold Bullion Act of 1985 that authorized the minting of American gold investment coins in four sizes (1 ounce, ½ ounce, ¼ ounce, and 1/10th ounce) came about because of a combination of lobbying efforts by gold mining interests and several years of legislative efforts by Rep. Ron Paul (R-TX)."
Give Me Liberty or Give Me Debt
Banks are permitted to loan out 10X of what they take in deposits (search fractional lending). This means in many cases they create, out of thin air, up to 9 out of 10 dollars they loan. They take that 1 token they have on hand and give up to 10 tokens to the borrower. All 10 of the tokens they give the borrower are real or else the borrower would not be able to spend his loan. The loan may take the form of a mortgage (debt to be repaid in the future) or it may take the form of a cash loan such as a home equity loan. Even a loan for future repayment requires immediate cash be presented to the borrower at the time of the loan; the seller of the asset being financed expects full cash payment when the asset is transferred to the borrower. A loan provides all of that cash up front. Fractional lending results in the creation of new money. It takes real money (cash) to pay off the seller of the asset. He is not accepting credit for the asset, the loaning bank is.
Banks are not just a storage place for deposits, they are primarily a financial intermediary between savers and borrowers. This is where their profits are generated.
How banks create money:
". . . the vast majority of money in the economy today comes from these loans created by banks."
And, FWIW A great primer on credit and debt.
Give Me Liberty or Give Me Debt
I know what it is, it is a very simple concept. A dollar bill is a token. When banks loan out money they are NOT creating a new token. They are taking an existing token that I (person 1) give them and loaning it to someone else (person 2). A new token is NOT created, debt is created, this debt is counted as the money supply. The confusion about this comes when person 2 buys something with that token from person 3 and person 3 also puts that token in the same bank. Now the same token is in the same bank twice, but there is still only one token. If that bank had no other customers and both person 1 and person 3 tried to withdraw their token, they would be unable to do so because no new tokens were created
Sorry, I wouldn't give that answer a passing grade. Refer to derryb's response, above.
I knew it would happen.
No, it means if you put 10 dollars in the bank they are allowed to use it to loan out $100. This is how they create money. It's also how they create profit out of thin air. Loans are their bread and butter. They pay account holders to save (not much) while borrowers fill their pockets with loan interest.
Give Me Liberty or Give Me Debt
if I put 10 dollars in the bank they can loan out 9. It doesn't mean they are creating new dollars. They did this same thing when they we using gold coins, they were not create new gold coins when they loaned out money. Are you guys drunk or something?
I don't think I've ever encountered such a confused mix of misinformation about money or banking in my life. 3 separate nuggets of misinformation in one short post. Where is this stuff being taught? Probably nowhere.
I knew it would happen.
youtube
Give Me Liberty or Give Me Debt
University of Bulgaria aka Zerohedge
The whole worlds off its rocker, buy Gold™.
Go ahead, stick with the University of Government Media aka mainstream news. Gutter news to go with your gutter metal. I'll take foreign press's unbiased coverage of US news and events every time.
Give Me Liberty or Give Me Debt
Yup because gutter newz is US news. The continued arrogance of 4.25% of the worlds population. Wake up, you sir/mam are completely irrelevant.
The whole worlds off its rocker, buy Gold™.
You're like having a puppy that I only have to feed digital bytes. Rest assured that I'm relevant to those that matter.
Give Me Liberty or Give Me Debt
You're relevant only in your own mind. Sorry no ill harm, simply just the facts. Stack on, $7 premium ASEs. Genius! lol
The whole worlds off its rocker, buy Gold™.
Right. LOL
Give Me Liberty or Give Me Debt