Banking Is Not Evil

[Danke]

I don't see how I failed to address it. Obviously if people are in concentration camps, the state is involved.

Good thing the state isn't involved in banking and we have so many choices, like the Liberty Dollar, etc.

 

[erowe1]

Good thing the state isn't involved in banking and we have so many choices, like the Liberty Dollar, etc.

Uh, it is.

So, are you saying now that the problem is the state (like I said in the post that supposedly totally missed the whole point)?

 

[Danke]

Uh, it is.

So, are you saying now that the problem is the state (like I said in the post that supposedly totally missed the whole point)?

If you aren't following the conversation in this thread and can't understand the point dannno brought up, then there is really no use. Nice thought bringing up Jews. Always a good strategy when discussing banking to shut down the conversation. I had a reporter try that on me after a Ron Paul event.

 

[Zippyjuan]

Consider this:
Excerpted from: It is Dangerous to Be Right When the Government is Wrong by Andrew Napolitano. All rights to the author and publisher. I actually just finished Chapter 12 which is entitled: A Dime Isn't Worth a Penny Anymore: The Right to Sound Money.





It is immoral. It is dishonest. And it shouldn't exist in a free society. One hundred percent reserve rates and a gold standard would effectively stop this leviathan in its tracks.

Consider that for 90% of the time mentined in that article we WERE on a gold standard.

 

[erowe1]

If you aren't following the conversation in this thread and can't understand the point dannno brought up, then there is really no use. Nice thought bringing up Jews. Always a good strategy when discussing banking to shut down the conversation. I had a reporter try that on me after a Ron Paul event.

You must not have read the post of mine that he was replying to.

And, yeah, it's a pretty safe bet that the people with the visceral reactions against banks and anyone who supports them, even to the point of condemning a free market if it means that free people would be allowed to have fractional reserve banks, there's something more going on, and it's not really about anything to do with economics. We've all seen it here 1,000 times. I'd be interested in seeing who it was that called Slutter evil for supporting banks. Maybe it will turn out not to be RickyJ or one of the other resident Jew haters. Maybe it's someone else with some other irrational bias that I didn't think of.

 

[kathy88]

Holy shit. People on RPFs defending centralized banking and fractional reserve banking? RIP.

 

[erowe1]

Holy shit. People on RPFs defending centralized banking and fractional reserve banking? RIP.

Who's defending centralized banking?

 

[erowe1]

It is very much so deceptive to lend out more money than you have. If there is a bank run someone will be left holding the bag.

Doesn't being deceptive have to involve deceiving someone?

 

[Danke]

Maybe it will turn out not to be RickyJ or one of the other resident Jew haters. Maybe it's someone else with some other irrational bias that I didn't think of.

And there we have it folks. RP is irrational.

 

[erowe1]

And there we have it folks. RP is irrational.

You think RP would have done that?

I don't ever even remember him condemning fractional reserve banking in itself. Do you?

 

[kcchiefs6465]

Consider that for 90% of the time mentined in that article we WERE on a gold standard.

One hundred percent reserve rates and a gold standard would effectively stop this leviathan in its tracks.

The only way banks should be able to loan someone's money is if that person agrees not to withdraw the money for a said amount of time. Fractional reserve banking creates a moral hazard.

People expanding credit out of the flick of a pen is immoral. It is all well and good until people wake up and see the scheme. Then someone gets fucked out of the wealth they had stored.

That was a nice attempt at misdirection though, Zippy. Gold cannot be easily manipulated. Except when you have fractional reserve lending scams that create money out of thin air. Bills of credit that could never be covered if people wanted what was theirs. What, am I supposed to ignored that the bank doesn't have what it promises to people and that it collects interest on thin air?

Where do I sign up? Alas, I'm not a shyster. Bauer did see what many others didn't. Unfortunately in his wake is misery, poverty, and debt based indentured servitude.

 

[kcchiefs6465]

Doesn't being deceptive have to involve deceiving someone?

Yes.

 

[erowe1]

The only way banks should be able to loan someone's money is if that person agrees not to withdraw the money for a said amount of time.

Rules like that should be decided between the parties involved in the contract, not imposed on them by others.

 

[erowe1]

Yes.

But what you described doesn't involve deceiving anyone.

 

[Danke]

You think RP would have done that?

I don't ever even remember him condemning fractional reserve banking in itself. Do you?

You have been here since Sep 2007? Seriously?

I marched with RP to demonstrate at the Federal Reserve.

Hey, but keep throwing out the Jew card, ya that works with us.



http://www.dailypaul.com/119914/fractional-reserve-banking-is-fraudulent-ron-paul-on-cnbc

 

[erowe1]

You have been here since Sep 2007? Seriously?

I marched with RP to demonstrate at the Federal Reserve.

Hey, but keep throwing out the Jew card, ya that works with us.



http://www.dailypaul.com/119914/fractional-reserve-banking-is-fraudulent-ron-paul-on-cnbc

He says right in that video that regulations won't solve our problem and we need the market to work. I hear him say a lot of things wrong with the current system, so far he is yet to mention fractional reserve banking.

Is there any key point you have in mind where he speaks against fractional reserve banking?

 

[Danan]

FRB seems like a practice that couldn't survive in a free market. As such, there is no reason to outlaw it. If it would survive, then obviously only because people are accepting it. Negative consequences such as the devaluation of bank notes would only effect bank notes issued by fractional reserve banks, not by others, so there is no real problem here. If you don't want your notes to depreciate, go to a full reserve bank.

 

[kcchiefs6465]

FRB seems like a practice that couldn't survive in a free market. As such, there is no reason to outlaw it. If it would survive, then obviously only because people are accepting it. Negative consequences such as the devaluation of bank notes would only effect bank notes issued by fractional reserve banks, not by others, so there is no real problem here. If you don't want your notes to depreciate, go to a full reserve bank.

I get what you're saying and I agree.

As it stands now, we cannot.

 

[erowe1]

Looking through End the Fed, whenever Ron Paul says anything negative about fractional reserve banking, he always qualifies himself that he's talking about something the state is involved in with phrases like "government backed fractional reserve banking" or "fractional reserve banking and fiat money."

 

[erowe1]

On a lark I thought to myself that maybe the common denominator between all the anti-bank people is Alex Jones. So I tried to see if he had that mindset, and I stumbled on this republication of one of RP's Texas Straight Talks.
http://www.infowars.com/fractional-reserve-banking-government-and-moral-hazard/

Key quote:

The solution to the problem of financial instability is to establish a truly free-market banking system. Banks should no longer have a government backstop of any sort in the event of failure. Banks, like every other business, should have to face the spectre of market regulation. Those banks which engage in sound business practices, keep adequate reserves on hand, and gain the confidence of their customers will survive, while others fall by the wayside.