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Linz's Mario Book—Updated!
Obleftivist Yawon Bwook says Donald Twump is "THE villain of our time." Which of the following best accords with your view?
Yes he is
He's not a villain but a hero
Putin might be a bigger villain
The mullahs might be bigger villains
ISIS might be bigger villains
Ugly Wimmin might be bigger villains
Black Lives Matter might be bigger villains
Snowflake moronnials might be bigger villains
College professors might be bigger villains
Fake News outlets might be bigger villains
Pomowankers might be bigger villains
Obleftivists might be bigger villains
None of the above—specify
Total votes: 10
[VIDEO] Inflation, the Gold Standard, and Fractional Reserve Banking
Submitted by mckeever on Wed, 2008-05-28 23:35
Interested in learning (or about learning more) about money and banking? Interested in the law as it pertains to money and banking? I have just released part/episode 5 of my “Understanding Money & Banking” video series. Titled “Inflation, the Gold Standard, and Fractional Reserve Banking“, part 5 challenges the view of some that inflation is simply the result of government expansion of the currency supply, and the view that “if we just returned to a gold standard, we would not have inflation”. Topics include: the nature of “gold standard”; useful vs. useless gold standards; hyper-inflation in history; fractional reserve banking; 100% reserve requirements.
I strongly recommend to everyone - including economics majors - that they watch the series in order, starting with episode 1, rather than just jump directly into episode 5 (see episode descriptions below). The reason: my conceptions, descriptions and terminology may differ considerably from that which you have read in economics texts. This is not to suggest that the economic texts “have it wrong”, per se. However, it has been my observation that many works of economics betray an ignorance of the nature of money, of banking, and of the mechanics of basic financial transactions such as the making of a deposit, the borrowing of money, etc. Hopefully, these videos will provide some useful insights to non-economists and economists alike, whether amateur or professional.
For those who have already watched episodes 1 through 4, jump right in (note: the video will be available world-wide within a day or two, if you cannot access it yet in your area…youtube videos take a while to propagate around the globe):
The Understanding Money & Banking series explains money and banking from the perspective of a lawyer with knowledge of economics, rather than from the perspective of an economist. The result is a rare, if not unique, opportunity to learn - in more precise terms - about the nature of money and of banking.
Episode 1, titled “What is Money?“, started with the basics that you will rarely, if ever, read in any book on economics. Topics covered include: the definition of “money”; the essential difference between money and that which is not money; key differences between “currency”, “debt”/”credit”, and “money”; the relationship between money and the use of force by government; the nature of cheques and of debit card transactions; the mechanics of how dollars/pounds really “change hands”.
Episode 2, titled “Anatomy of a Bank Loan“, gives you a rare insight into what is actually happening, mechanically and legally, when someone borrows money. Also discussed: the nature of credibility, and what one is actually buying with interest payments.
Episode 3, titled “Counterfeiting and the Quantity of Money“, discussed the relationship between prices and the number of dollars of which ones country’s money supply is comprised. Also covered: the relationship of productivity to the value of a dollar; the effects of increasing the total number of dollars; the essential reason that counterfeiting is a crime; who are the victims of counterfeiting?
Episode 4, titled “The Crafty Counterfeiter’s Motto“, this episode addresses the nature of current practice of increasing the supply of dollars as the economy grows (a practice that, during a period of economic growth, fights price deflation, even while falsely portraying the effort as one aimed to control price inflation). The central issue: is it wrong to take that which a person never knew they had coming to them in the first place?
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