The Secret of Oz: Financial Reform for America

[fullautovalmet76]

My undergraduate and graduate education centered around finance, specifically in the areas of the capital markets and banking. The following video gives a pretty good overview of the scam we have been handed with the Federal Reserve and fractional reserve lending:

As I mentioned above about my formal training in this area I can tell you much of what the presenter states in this documentary is true. I can remember being in an international finance class where I learned about the BIS in Switzerland. And how I was shocked to learn that the Soviet Union held its reserve currency in Eurodollars in U.S. banks in Europe....think about that one for a moment....It occurred to me that this whole system is one big freaking scam. It's a centrally planned world economy using money and interest rates.

Whether you agree or not with the premise, please watch whole thing and think about it.

-FullAuto

[fightingquaker13]

I rarely name names on my posts. I figure if folks wanted to be on the net, they'd post their own stuff. However, I will do so here. One of my profs in grad school was Gretchen Ritter. She would hate you all. Until we had a beer. Then, well, she's not an Obama socialist, but a Jack London, Big Bill Haywoood, IWW, "Tom, do you have an extra ten feet of rope" type. (Seriously, she would either kill Tom or f..k him. 6-4 and pick them  ) On the third beer, she'd at least be a friend of the family. Anyway, her book "Gold Bugs and Greenbackers" pretty much documents Full Autos claims about Baums political leanings. I, and she, don't buy the conspiracy bit. It boils down to Greshams Law. "When Two Currencies are of Equal Value: The One of the Least Intrinsic Value Will Prevail".  Short version? "Bad money Drives out Good". I haven't sat down to listen to the whole two hour spiel, but I will. Full Auto read Gramsci, I'll listen to this guy, It'll just be a bit at a time. So far, I think he has a point, but is stretching it a bit. I hope others will chime in. Think of it as a book club. We read (listen) to say 15-20 minutes and then discuss. Seriously, its an important topic, we all have varying POVs, lets use a common text as a jumping off point and see where it leads. If Oprah has a Book Club, why not Full Auto? I'm signing up. Posts to follow, I hope others join.
FQ13

PS If you wish to join dozens in reading a serious work on the idea of a national bank and its implications for democracy and republicanism, (and note Ritter knows the difference); here's the book. Its worth a read if you're bored or pissed at the Fed. Peer reviewed and and published by Cambridge University Press, so not a fly by night job.

http://books.google.com/books?id=2WijQs72ET0C&printsec=frontcover&dq=goldbugs+and+greenbacks+gretchen+ritter&source=bl&ots=JNPCq-43Xh&sig=M_pRsMTPY4YrVpfT1JjPFEiGMVo&hl=en&ei=ktPcTMaoOIOglAe7g8TdDA&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBYQ6AEwAA#v=onepage&q&f=false

[tombogan03884]

I do not have the background to fully  understand money at this level.I do know we did quite well with out a national bank after Jackson shut it down.
I have however had that "Good money, bad money" theory explained to me and found it to be almost as self evident as the nose on your face.
In my opinion there is no place in a free market economy for a "National Bank" to do any thing more than hold the nations tax revenue, Seems like we are in far more need of a National accountant.
And I don't see why the Treasury Dept. does not handle all Govt money matters, it is pretty much their whole purpose after all.
As to the complexity of it, It would be simple if it were honest.

Here's an interesting pair of news stories though.

http://news.yahoo.com/s/ap/20101112/ap_on_bi_ge/obama_asia

More at link ;
YOKOHAMA, Japan – President Barack Obama claimed a stronger hand on the world stage Friday despite electoral defeats at home, failure to get a free-trade agreement with South Korea and lackluster international support for his get-tough policy with China on trade and currency disputes.

"It wasn't any easier to talk about currency when I was first elected and my poll numbers were at 65 percent," Obama argued at the close of the G-20 summit, after bluntly accusing Beijing of undervaluing its currency.

http://news.yahoo.com/s/ap/20101112/ap_on_re_as/as_economic_summits

More at link;

G-20 refuses to back US push on China's currency