“When someone removes a cancer, what do you replace it with?” Brilliant answer to anyone who asks, “Well what will we do if we get rid of (insert gov’t department of choice)?”
@@nasisimi1 How do you say that after 2008? the guys ended the world economy and no one from the elite responsible for that was arrested! They are above the law.
+Ola Nordmann there are several problems with having the gold standard, that you don't have with a fiat currency: 1) It takes a lot of resources to extract and transport the gold, resources that might have been allocated more efficiently elsewhere in the economy. This was a point that was famously argued by Milton Friedman against the gold standard. 2) While it is true that inflation over very long periods of time have been lower and more stable on the gold standard, inflation/deflation on a year to year basis was much higher and volatile, which caused many unnecessary banking failures (due to deflation), and reduced efficiency in the economy (due to rampant inflation). 3) Interest rates on the gold standard tend to run contrary to the rates that are most beneficial to the economy during economic cyclicals (interest rates were higher during downturns, and lower during booms effectively exacerbating the cyclicals) 4) The currency would be subject to speculative attacks against its value (Which was why Britain among others had to leave the gold standard in the early 30s)
shakka mannaka God dag! Et år sinden jeg skrev den komentaren, så har endret meningene mine litt. I stedet for å avskaffe sentralbanken, bør vi avskaffe Staten.
Hei. Det var en et enda større hopp. Hvis du ikke skjønte det så skrev jeg kommentaren i forsvar til sentralbanken, fordi jeg mener den er en netto-positiv bidragsyter til næringslivet. Jeg synes også det er en dårlig idè å avskaffe staten, grunnet at studier antyder at det vil resultere i underinvesteringer av grunnleggende goder som god infrastruktur, forsvar og beskyttelse mot markedsrelaterte eksternaliteter. Hvis du har lest "Basic Economics" av Sowell, så anerkjenner til og med han nytteverdien av å ha en sterk stat. Man kan i midlertidig ha en diskusjon om størrelsen og rekkevidde til staten
shakka mannaka Staten har ingen penger. De 4 ordene summerer argumentet for kapitalisme; Staten kan ikke bruke mer penger enn det Staten stjeler fra den private sektoren. Staten kan trykke, låne eller rane, men den kan ikke produsere noe som helst. Markedet har ingen problemer med å produsere biler, tog og fly, så hva får deg til å tro at markedet ikke kan produsere vei? Hva burde min straff være vis jeg nekter å bruke kroner? Jeg mener ikke vi bør innføre gull-standard, jeg mener vi bør oppheve "tvungen betalingsmiddel"-loven, og la markedet bestemme fritt, hva som skal være penger. Jeg personlig stemmer gull og sølv.
The idea of a government in itself is not the problem. The problem is self interest. The best person for the job doesn’t want the job. So we are left to be run by power hungry sociopaths. Unfortunately I don’t think this will ever change.
The Fed should be ended a long time ago. Thomas Sowell states it well as he does. He is more than a perfect rolemodel for the black community. He inspires me and i would vote him president over any of the latest presidents in the us. I am not a American nor am i black.. just a humanitarian thats all
@john-zh6ld Dear sir. You are very very correct of what you said. If you take away the Fed then everything goes back to the United States Treasury. Were does the IRS comes from the United States Treasury department. And not the Fed building. If you look at the ten dollar note it has the United States Treasury building on it. And not the Fed building. The only way you are going to get rid of the Fed building is go back to Woodrow Wilson and ask him why did you make the Federal reserve building. And the income tax of 1913. And see what he says. Dear sir I thank you for your time.
Guns is a trivial issue? The right to arms is written into the U.S. constitution. The Federal Reserve and how we use/protect/issue out our currency is not.
The guns were actually supposed to make sure we stopped them from taking over🙄Trying to rewrite history, like putting Jackson on a Debt Note, and then trying to replace him.
Mayer Amschel Rothschild once said back in ancient Bavaria now Germany who started the central banking system stated. Let me print a nation's currency and control its issue and I care not what law any government writes. He was saying that he was above the law. Thomas Jefferson once stated when America was founded stated the the central banking system was more dangerous than a standing enemy army.
H-ha! Perfectly stated. That is what American workers are staring down the barrel of currently. Their energy or the value of their lives, their work is being devalued to support endless debt. It's cycle that cannot be outrun without high risk speculation. We all know how that ends. . .when Americans are pushed further and further out the risk curve, collapse is inevitable.
People, this video only has 18,496 views as of the time of this writing. I implore you to spread this around as much as possible. Every thinking/voting person in the United States of America needs to hear this man speak, and speak clearly.
The Founding Fathers knew about the problems fiat money. That is why Gold and Silver are only allowed to be used as money under The Constitution. The Gold Standard is the best thing for regular working class people.
No, the dollar is a government monopoly, the fed was established through government, answers to congress, has all of its officials appointed by government, & always gives them the money they want no matter the detriment. It's not private. If you sincerely think so, then you're a dumb@ss.
@@austinbyrd4164 No no no. The Federal Reserve Note is what you mean. The dollar can ONLY be minted and issued by Congress. You've been duped and you won't admit it. You need to do some studying and learning on who really controls the FED, it's not our government. They are a private corporation and they issue their own currency, and it's not American dollars, it's says right on it "Federal Reserve Note".
@Life_of_Riley The federal reserve literally has its people chosen by the government, answers to the government, was created by government, & its currency is monopolized by the government. It's a semi independent government organization.
"If the gov't had taken the bailout money, and given it every person in America, each person would have obtained an estimated $3,000. Instead, we gave it to the banks to prevent a recession that came shortly after anyway." - Dr. Ron Paul How can you read that and still say libertarians are crazy?
I think libertarians are short sighted for other reasons. If I understand their policies, they want us to be isolationist. That would lead to another World War in short order. I don't think that would be good for the average US citizen.
Helping those who can't help themselves always hurts the country as a whole. But people value sympathy/emotion over logic, that is why politicians use this to help boost the idea of a centralized system. Ludwig von Mises and Thomas Sowell have many writings on this phenomenon
Most people are just like animals, they just need to fulfill their basic desires and feel good about themselves and they're happy, they don't want to know the truth nor do they care about reality. The government is happy to give them what they want.
It’s amazing really. We have a financial crisis, caused by greedy, reckless financial institutions. Congress passes legislation requiring those institutions to be less greedy and reckless. The institutions then lobby to have those restrictions removed, usually in the name of “remaining competitive”. This leads to another financial crisis. It’s completely predictable, and we have been doing this dance since the Great Depression almost 100 years ago.
Agree; the rules should be applicable to all banks - big or small. First; very few meaningful laws are passed and then this cycle of doing-undoing seems to support deregulation risking the economy and the faith in banks.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Well, I've been researching advisors lately because the market news I've been seeing hasn't been that positive. Who is the individual who helped you, and is he or she still around?
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
I'm watching this in 2022 and its even more relevant!!! Steven Zarlenga has passed sadly but his book Lost Science of Money " is available for free online. Approximately 750 pages of well documented history and facts. He was part of the American Monetary Institute.
Volker was the best Federal Reserve chairman in the last 60 years. He didn't make the mistake of putting too much money in the system as Greenspan did.
I don’t understand why everyone thinks this is a brilliant response?? He literally dodged the question when asked what system should be in place which shows the ignorance of most people on how our monetary system works. The reasons he stated for the abolishment of the fed are Not the reason it should be ended. The reason the fed SHOULD be disbanded and outlawed is for the very reason of PRIVATE issuance of our money!! He states that the Fed buys up dollars bonds but doesn’t state why?? Because that’s the conspiracy that leads down the rabbit hole. Like Thomas Edison said “If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference between the bond and the bill is the bond lets money brokers collect twice the amount of the bond and an additional 20%, whereas the currency pays nobody but those who contribute directly in some useful way. … It is absurd to say our country can issue $30 million in bonds and not $30 million in currency. Both are promises to pay, but one promise fattens the usurers and the other helps the people.”
You can do nothing and there are still more than enough people, like myself, to fill in the gap that technology cannot. If you open your eyes you will not be disappointed! Love you!
@CaptainCocaine This is big news. Many consrvative don't read Austiran economists, but hey do read Sowell. Sowell is the major intellectual to most conservatives. This can only help the cause immensely. Sowell is one of the few non-Austrians that I read regularly.
The solution isn't gold and silver - both markets are subject to heavy manipulation. The solution is to let the Treasury issue debt-free notes. Simply restore the money making power to the government. There's no rational justification for having this power vested in private hands, especially the hands of bankers.
+dukef4 He's right on President Obama. Bush and him have been the worst thing for the middle class. The Federal Reserve the main culprit, that has kept artificially low interest rates, which hurst who? The middle class. Why? Because middle class keep their money mostly in checkings/savings account. Who has most of their money in the stock market? The rich. Lower rates allow for banks to lend to large companies and small companies at low rates, which allow for them to grow.
I am kind of shocked that this man completely discredited himself and his understanding of our economy and the Federal reserve by thinking that Thomas Sowell would not end that corrupt, manipulative, destructive, thieving Federal Reserve.
Not really. I actually am a serious conservative. I don't like most government involvement. But, this program might actually be worth wild. Healthy moms and children are actually a good thing for our society. The cost for wic is small compared to unhealthy moms and children showing up in the emergency room, with problems that could have been avoided. That said, I want to get rid of most government programs.
@VanceJoudrey Sowell use to be a liberal early on in his life until he actually worked for the government and noticed first hand how there intervention often made things worse. Sowell doesn't write or say things in hopes of whites approving his message. Anytime he goes on Beck or Rush talks about him they give him major respect because they know his work is thorough. In a Sowell book you're guaranteed at least 3-4 facts per page that you didn't know about before.
'i have to say, i wasn't expecting your answer to run in this direction, so i don't have questions - follow up questions - prepared, and i may have to actually think here in real time!' lol. at least he's honest about it.
@fastted9390. That book the Creature from Jekyll Island. That's a hard book to get your hands on. I think it's out of print. You have to do a lot of searching for the book. If you want a copy. I just want you to know. That's if you new already.
economics is just the study of exchange. exchange is just a form of interaction. voluntary exchange is a form of voluntary interaction. praxeology is the study of human action. economics is just a part of it. praxeology tells us that the exact same feedback mechanisms regulate exchange as any other action. economic growth is just a way to measure human prosperity. value IS subjective. the fact that you think everyone OUGHT TO value health care as much as you do is called fascism. read rothbard.
all that needs to be done is to repeal legal tender laws to allow for competing exchange media, let the fed AND treasury compete too if they wish. federal reserve notes, treasury notes, private bank notes, foriegn currencies and whatever else people wish to use as exchange media can compete. who knows, maybe some people will even choose to accept/use actual specie as exchange media again.
Mr. Sowell is brilliant and knows that whatever that you replace one system with you gotta work hard to replace it with another. That will take some time. The Federal reserve is a cancer tho, and needs to be replaced as quickly as possible. It all takes time tho.
The answer to what do you replace it with is this: government (and not central bank) issued money (not debt). This money enters circulation as needed and any excess if removed through taxes. The fact that we use money as debt issued by central banks is the biggest theft in history
@koolkamel322 I am a huge Ron Paul fan and also an Australian.In the time of the GFC we also had a slight bailout(which i don't agree with) and it was partly given to the people, we received a $900 check in the mail from K Rudd.Given that we are doing reasonably well (in certain aspects), we are still 1.4 Trillion in debt and worse than before the GFC.Point being that, that money was ours to begin with but the debt wasn't, so how could've and did it work? I believe the best way would have been
@zayadnay thats a non-sequitur, i never said we should switch to gold. its also idiotic because the amount of money in circulation has no correlation with actual economic growth, just gdp.
1907 JP Morgan was the one who called a bunch of the newspapers and told them that a bunch of the smaller Banks were out of money, and created the situation, and then he fixed it.
@LibertyDownUnder He didn't say whether he was in favor of it or not. His argument is that the Fed is only causes problems, and that an alternative to it would be unecessary. Proposing an alternative would conflict with his argument. From cantext, I think it's safe to assume that he would definitely prefer the gold standard to the federal reserve standard.
You replace it with whatever commodity the market demands. It’s been gold for thousands of years and will likely to continue being gold and silver, but if another commodity serves as a better money, then the market will inevitably shift to that money. Hopefully bitcoin will be in the mix.
@AquaticApe1, so we carry around bags of flour? They never actually explain how "wealth" works in that video. I couldn't figure out how the accounting works.
I love what he says on this, except his evasion of the question of what to replace it with. If we disbanded the Fed without actively replacing it, that would leave Congress controlling the printing of our fiat currency. This would be a disaster, leading to actual hyperinflation, as it printed however much money it wanted.
@zayadnay this happened plenty of times in human history, its called a bank run. so far you have revealed that you think banks set the price of gold before 1913 and that there were never any bank runs... ever. people would have stopped putting money in banks altogether and the remaining banks would have gone out of business during the bank runs of 1931 but the 200k guarantee you refer to is the sole reason bankers from 1931 are still bankers in 2011, and still richer than you.
late after the stock market crash and bank runs. They held to a VERY STRICT "sound money" approach, and because of that, THEY HAD NO WIGGLE ROOM in terms of fixing the money supply to DEAL W/ THE PROBLEMS, nor did they do much about ENSURING THAT BANKS AND DESPOSITORS WERE SAFE. Because there was HARDLY any fractional-reserve banking, loads of banks HAD ONLY ENOUGH FOR SOME DEPOSITORS (whatever was in the vault), and they ran out. Now, with fractional-reserve banking AND deposit insurance
This man and others who share this view simply have no clue how much larger and longer (and more frequent) those downturns would've been with no Fed. There are no JP Morgans in this day and age. We have oligarchs and not one of them would be willing to front the capital. They won't even pay their friggin taxes, which is part of what created such a huge debt crisis in the first place.
@DkleinD yes, and the most efficient way of making sure all life on earth is maintained in a healthy balance is the complex web of VOLUNTARY interaction that emerges when each individual actor in society pursuing his or her individual self-interest, we dont have to plan how to ration resources when exchange and interaction are VOLUNTARY! i'm not upset at all, and if you really loved me you would research the theory of marginal utility.
Everyone says 'Gold Standard' as if that is the only option. Surely there is an alternative that meets certain basic requirements, one of which is it be a closed system to prevent rampant inflation, and money printing. That doesn't mean tied to Gold or another commodity that can be exploited. I'd say something tied to GDP or a multiple there of, but that can also be exploited. Surely there is another answer.
“When someone removes a cancer, what do you replace it with?”
Brilliant answer to anyone who asks, “Well what will we do if we get rid of (insert gov’t department of choice)?”
Smaller banks that must use full fractional banking. Instead of reserves?
@@adiintel1 good point. Maybe smaller banks should have like 30% reserve rate instead of 10%
The federal reserve is private corporation. Just goes to show how ill informed people are lol
@@dcirish1213 lol yes we all know it’s technically private but it’s an instrument of the government literally created by federal legislation…
@@dcirish1213 it's technically a private corporation but in all aspects under the Act that ggives it power it's public
Ron Paul spent a lot of time on Congress trying to end the FED and got nowhere. When is someone going to get it?
The Fed will eventually collapse on its own when there is no more road to kick the can down.
@@nasisimi1 In other words a collapse of world capitalism. Workers control of industry. NOW!!
@@nasisimi1 How do you say that after 2008? the guys ended the world economy and no one from the elite responsible for that was arrested! They are above the law.
@@kimobrien. get the fuck out of here you duty commie
@@pokerkramer1240 lmao. What did he say?
"When someone removes a cancer, what do you replace it with?" *Not another form of cancer* This is why I love Sowell
Mr. Sowell is a brilliant, informed, educated, intelligent, articulate individual!!!
A modern day philosopher I’d add too!
A Gentleman
And A
Schollar.
He's a facile fraud, and you are a hapless dupe for believing anything "Uncle" Thomas says/writes.
I can't see how people can make this so complicated; End the Fed (end every other central bank in the world), and let's move back to gold and silver.
+Ola Nordmann there are several problems with having the gold standard, that you don't have with a fiat currency:
1) It takes a lot of resources to extract and transport the gold, resources that might have been allocated more efficiently elsewhere in the economy. This was a point that was famously argued by Milton Friedman against the gold standard.
2) While it is true that inflation over very long periods of time have been lower and more stable on the gold standard, inflation/deflation on a year to year basis was much higher and volatile, which caused many unnecessary banking failures (due to deflation), and reduced efficiency in the economy (due to rampant inflation).
3) Interest rates on the gold standard tend to run contrary to the rates that are most beneficial to the economy during economic cyclicals (interest rates were higher during downturns, and lower during booms effectively exacerbating the cyclicals)
4) The currency would be subject to speculative attacks against its value (Which was why Britain among others had to leave the gold standard in the early 30s)
+Ola Nordmann btw jeg er norsk jeg å
shakka mannaka God dag!
Et år sinden jeg skrev den komentaren, så har endret meningene mine litt.
I stedet for å avskaffe sentralbanken, bør vi avskaffe Staten.
Hei. Det var en et enda større hopp. Hvis du ikke skjønte det så skrev jeg kommentaren i forsvar til sentralbanken, fordi jeg mener den er en netto-positiv bidragsyter til næringslivet. Jeg synes også det er en dårlig idè å avskaffe staten, grunnet at studier antyder at det vil resultere i underinvesteringer av grunnleggende goder som god infrastruktur, forsvar og beskyttelse mot markedsrelaterte eksternaliteter. Hvis du har lest "Basic Economics" av Sowell, så anerkjenner til og med han nytteverdien av å ha en sterk stat. Man kan i midlertidig ha en diskusjon om størrelsen og rekkevidde til staten
shakka mannaka Staten har ingen penger. De 4 ordene summerer argumentet for kapitalisme; Staten kan ikke bruke mer penger enn det Staten stjeler fra den private sektoren. Staten kan trykke, låne eller rane, men den kan ikke produsere noe som helst.
Markedet har ingen problemer med å produsere biler, tog og fly, så hva får deg til å tro at markedet ikke kan produsere vei?
Hva burde min straff være vis jeg nekter å bruke kroner?
Jeg mener ikke vi bør innføre gull-standard, jeg mener vi bør oppheve "tvungen betalingsmiddel"-loven, og la markedet bestemme fritt, hva som skal være penger.
Jeg personlig stemmer gull og sølv.
Sowell gets it.
Sowell 'gets it' from Milton Friedman, who did more to fuck things up for average Americans than any other single source of economic frauds.
I have just discovered this man, and now I can't get enough of listening to him.
It should be noted that our economy has grown IN SPITE of the Fed and not "because" of the Fed.
It's these statements that confirm Sowell as one of our great minds in modern times.
the problem with government is government
The problem with government is bribery.
The idea of a government in itself is not the problem. The problem is self interest. The best person for the job doesn’t want the job. So we are left to be run by power hungry sociopaths. Unfortunately I don’t think this will ever change.
"When someone removes a cancer, what do you replace it with" EPIC QUOTE
The Fed should be ended a long time ago. Thomas Sowell states it well as he does. He is more than a perfect rolemodel for the black community. He inspires me and i would vote him president over any of the latest presidents in the us. I am not a American nor am i black.. just a humanitarian thats all
Brilliant man...so sad our so called black leaders belittle him.
Guys like Sowell and Paul give me hope in America.
My respect for Thomas Sowell just increased by a factor of 10.
Thomas delivers again. No value in the Fed doing the Treasury job.
@john-zh6ld Dear sir. You are very very correct of what you said. If you take away the Fed then everything goes back to the United States Treasury. Were does the IRS comes from the United States Treasury department. And not the Fed building. If you look at the ten dollar note it has the United States Treasury building on it. And not the Fed building. The only way you are going to get rid of the Fed building is go back to Woodrow Wilson and ask him why did you make the Federal reserve building. And the income tax of 1913. And see what he says. Dear sir I thank you for your time.
Guns is a trivial issue?
The right to arms is written into the U.S. constitution. The Federal Reserve and how we use/protect/issue out our currency is not.
The guns were actually supposed to make sure we stopped them from taking over🙄Trying to rewrite history, like putting Jackson on a Debt Note, and then trying to replace him.
Mayer Amschel Rothschild once said back in ancient Bavaria now Germany who started the central banking system stated. Let me print a nation's currency and control its issue and I care not what law any government writes. He was saying that he was above the law. Thomas Jefferson once stated when America was founded stated the the central banking system was more dangerous than a standing enemy army.
Thomas sowell is a National Treasure.
That last remark is why Sowell is one of the greatest
Man I love this guy!!
"when someone removes a cancer what do you replace it with" - Priceless
"When someone removes a cancer, what do you replace it with?"
Massive amount of debt from treatment and medication.
so what let it fucking kill us?
Decentralised crypto currency.
It's almost as if having a streamlined machine for manufacturing debt would create slavery.
H-ha! Perfectly stated. That is what American workers are staring down the barrel of currently. Their energy or the value of their lives, their work is being devalued to support endless debt. It's cycle that cannot be outrun without high risk speculation. We all know how that ends. . .when Americans are pushed further and further out the risk curve, collapse is inevitable.
People, this video only has 18,496 views as of the time of this writing. I implore you to spread this around as much as possible. Every thinking/voting person in the United States of America needs to hear this man speak, and speak clearly.
The Founding Fathers knew about the problems fiat money. That is why Gold and Silver are only allowed to be used as money under The Constitution. The Gold Standard is the best thing for regular working class people.
Nice to see the Chicago School coming around against the fed
Milton Friedman wanted to abolish the fed in his last years
The federal reserve is about as federal as federal express (fedex)
It’s not
It’s a private corporation
What private corporation has that kind of power?
@@ИванИвановИванович-т1ф the Illuminati ;)
No, the dollar is a government monopoly, the fed was established through government, answers to congress, has all of its officials appointed by government, & always gives them the money they want no matter the detriment. It's not private. If you sincerely think so, then you're a dumb@ss.
@@austinbyrd4164 No no no. The Federal Reserve Note is what you mean. The dollar can ONLY be minted and issued by Congress. You've been duped and you won't admit it. You need to do some studying and learning on who really controls the FED, it's not our government. They are a private corporation and they issue their own currency, and it's not American dollars, it's says right on it "Federal Reserve Note".
@Life_of_Riley The federal reserve literally has its people chosen by the government, answers to the government, was created by government, & its currency is monopolized by the government. It's a semi independent government organization.
"If the gov't had taken the bailout money, and given it every person in America, each person would have obtained an estimated $3,000. Instead, we gave it to the banks to prevent a recession that came shortly after anyway." - Dr. Ron Paul
How can you read that and still say libertarians are crazy?
I think libertarians are short sighted for other reasons. If I understand their policies, they want us to be isolationist. That would lead to another World War in short order. I don't think that would be good for the average US citizen.
The biggest heist in the history of mankind resulted in the Federal Reserve
Helping those who can't help themselves always hurts the country as a whole. But people value sympathy/emotion over logic, that is why politicians use this to help boost the idea of a centralized system. Ludwig von Mises and Thomas Sowell have many writings on this phenomenon
Most people are just like animals, they just need to fulfill their basic desires and feel good about themselves and they're happy, they don't want to know the truth nor do they care about reality. The government is happy to give them what they want.
@@Nekrumorfiini1 couldn’t have been said better
It’s amazing really. We have a financial crisis, caused by greedy, reckless financial institutions. Congress passes legislation requiring those institutions to be less greedy and reckless. The institutions then lobby to have those restrictions removed, usually in the name of “remaining competitive”. This leads to another financial crisis. It’s completely predictable, and we have been doing this dance since the Great Depression almost 100 years ago.
Agree; the rules should be applicable to all banks - big or small. First; very few meaningful laws are passed and then this cycle of doing-undoing seems to support deregulation risking the economy and the faith in banks.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Well, I've been researching advisors lately because the market news I've been seeing hasn't been that positive. Who is the individual who helped you, and is he or she still around?
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
I'm watching this in 2022 and its even more relevant!!! Steven Zarlenga has passed sadly but his book Lost Science of Money " is available for free online. Approximately 750 pages of well documented history and facts. He was part of the American Monetary Institute.
I really like both of these men. Mentors for thought and conversation.
Volker was the best Federal Reserve chairman in the last 60 years. He didn't make the mistake of putting too much money in the system as Greenspan did.
I don’t understand why everyone thinks this is a brilliant response?? He literally dodged the question when asked what system should be in place which shows the ignorance of most people on how our monetary system works. The reasons he stated for the abolishment of the fed are Not the reason it should be ended. The reason the fed SHOULD be disbanded and outlawed is for the very reason of PRIVATE issuance of our money!! He states that the Fed buys up dollars bonds but doesn’t state why?? Because that’s the conspiracy that leads down the rabbit hole. Like Thomas Edison said “If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference between the bond and the bill is the bond lets money brokers collect twice the amount of the bond and an additional 20%, whereas the currency pays nobody but those who contribute directly in some useful way. … It is absurd to say our country can issue $30 million in bonds and not $30 million in currency. Both are promises to pay, but one promise fattens the usurers and the other helps the people.”
The FED is privately owned. It is unconstitutional, and it is not likely to be dissolved without a great deal of effort.
God bless this intelligent man! 🙏
The founding fathers, said gold and silver was to be our currency, no other.
But when I remove this shackle from my leg, what do I replace it with?
FREEDOM.
Any one watching this in 2022 to understand the main issue with the USA financial system 🇺🇸 ?
This man knows toooooo much real info's 😳
Absolutely
You can do nothing and there are still more than enough people, like myself, to fill in the gap that technology cannot. If you open your eyes you will not be disappointed! Love you!
Yes, End the Fed.
We don't need the government but the government sure needs
us.
@CaptainCocaine This is big news. Many consrvative don't read Austiran economists, but hey do read Sowell. Sowell is the major intellectual to most conservatives. This can only help the cause immensely. Sowell is one of the few non-Austrians that I read regularly.
Love this man's intelligence and candor.
The solution isn't gold and silver - both markets are subject to heavy manipulation. The solution is to let the Treasury issue debt-free notes. Simply restore the money making power to the government. There's no rational justification for having this power vested in private hands, especially the hands of bankers.
Thomas Sowell,, you sir are truly a patriot, as opposed to the LIAR and current occupant of the white house.
I bet you can't define Zionism.
+dukef4 He's right on President Obama. Bush and him have been the worst thing for the middle class. The Federal Reserve the main culprit, that has kept artificially low interest rates, which hurst who? The middle class. Why? Because middle class keep their money mostly in checkings/savings account. Who has most of their money in the stock market? The rich. Lower rates allow for banks to lend to large companies and small companies at low rates, which allow for them to grow.
Dr. Thomas Sowell : One of America’s greatest (largely unknown) treasures
"Creature From Jekyll Island" --A MUST READ regarding the Federal Reserve.
They had so many warnings.
Market forces are smarter than a central commissar that sets rates, etc for us. Freedom, not govt.
I am kind of shocked that this man completely discredited himself and his understanding of our economy and the Federal reserve by thinking that Thomas Sowell would not end that corrupt, manipulative, destructive, thieving Federal Reserve.
Brilliant man love hearing him.
Not really. I actually am a serious conservative. I don't like most government involvement. But, this program might actually be worth wild. Healthy moms and children are actually a good thing for our society. The cost for wic is small compared to unhealthy moms and children showing up in the emergency room, with problems that could have been avoided. That said, I want to get rid of most government programs.
@VanceJoudrey Sowell use to be a liberal early on in his life until he actually worked for the government and noticed first hand how there intervention often made things worse. Sowell doesn't write or say things in hopes of whites approving his message. Anytime he goes on Beck or Rush talks about him they give him major respect because they know his work is thorough. In a Sowell book you're guaranteed at least 3-4 facts per page that you didn't know about before.
'i have to say, i wasn't expecting your answer to run in this direction, so i don't have questions - follow up questions - prepared, and i may have to actually think here in real time!'
lol. at least he's honest about it.
Every American needs to read and study the book - "The Creature From Jekyll Island."
@fastted9390. That book the Creature from Jekyll Island. That's a hard book to get your hands on. I think it's out of print. You have to do a lot of searching for the book. If you want a copy. I just want you to know. That's if you new already.
OMG greatest quote ever at the end. Someone write that down... nevermind, i will do it, to make sure it gets done :D
"People will forever have to depend on money."
FED
economics is just the study of exchange.
exchange is just a form of interaction. voluntary exchange is a form of voluntary interaction.
praxeology is the study of human action.
economics is just a part of it.
praxeology tells us that the exact same feedback mechanisms regulate exchange as any other action.
economic growth is just a way to measure human prosperity.
value IS subjective.
the fact that you think everyone OUGHT TO value health care as much as you do is called fascism.
read rothbard.
all that needs to be done is to repeal legal tender laws to allow for competing exchange media, let the fed AND treasury compete too if they wish. federal reserve notes, treasury notes, private bank notes, foriegn currencies and whatever else people wish to use as exchange media can compete. who knows, maybe some people will even choose to accept/use actual specie as exchange media again.
The Creature From Jekyll Island, by G. Edward Griffin, lays bare the total history of this awful cabal.
A very good comeback. What do you replace cancer with?
Thomas Sowell™️ is against the Federal Reserve? That’s good enough for me. 🇺🇸
beautiful line I'm stealing it When someone removes a cancer what do you replace it with?
@Livefreerevolution
the tally stick was backed by the implicit use of force, it was not just an idea.
Why isn't everything Free?
So how could you get people to do anything? How could you ruin them? How would they get into debt? Make a sex market? Make a drug market? Etc.
That last line was a zinger. Yes!
It's interesting that the interviewer did not expect Sowell's answer.
Cancer, spot on!
Mr. Sowell is brilliant and knows that whatever that you replace one system with you gotta work hard to replace it with another. That will take some time. The Federal reserve is a cancer tho, and needs to be replaced as quickly as possible. It all takes time tho.
What do you replace it will is a legitimate questions. What do would you use to regulate the money supply?
He was great! Go Austrian School of Economics!
Finally something Thomas Sowell and I agree with.
The answer to what do you replace it with is this: government (and not central bank) issued money (not debt). This money enters circulation as needed and any excess if removed through taxes. The fact that we use money as debt issued by central banks is the biggest theft in history
@koolkamel322 I am a huge Ron Paul fan and also an Australian.In the time of the GFC we also had a slight bailout(which i don't agree with) and it was partly given to the people, we received a $900 check in the mail from K Rudd.Given that we are doing reasonably well (in certain aspects), we are still 1.4 Trillion in debt and worse than before the GFC.Point being that, that money was ours to begin with but the debt wasn't, so how could've and did it work? I believe the best way would have been
@zayadnay
thats a non-sequitur, i never said we should switch to gold. its also idiotic because the amount of money in circulation has no correlation with actual economic growth, just gdp.
1907 JP Morgan was the one who called a bunch of the newspapers and told them that a bunch of the smaller Banks were out of money, and created the situation, and then he fixed it.
Creature from Jekyll Island.
"Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs."
~Thomas Jefferson, †1826.
@LibertyDownUnder He didn't say whether he was in favor of it or not. His argument is that the Fed is only causes problems, and that an alternative to it would be unecessary. Proposing an alternative would conflict with his argument. From cantext, I think it's safe to assume that he would definitely prefer the gold standard to the federal reserve standard.
Amen!
Boy does this ring true in Oct 2021.
You replace it with whatever commodity the market demands. It’s been gold for thousands of years and will likely to continue being gold and silver, but if another commodity serves as a better money, then the market will inevitably shift to that money. Hopefully bitcoin will be in the mix.
Thanks
Brilliant.
My holms, Sowell tells it straight yet again.
@AquaticApe1, so we carry around bags of flour? They never actually explain how "wealth" works in that video. I couldn't figure out how the accounting works.
Free trade has provided an environment of constantly falling interest rates and the growth and good times hid a lot of mistakes and incompetence
I love what he says on this, except his evasion of the question of what to replace it with.
If we disbanded the Fed without actively replacing it, that would leave Congress controlling the printing of our fiat currency. This would be a disaster, leading to actual hyperinflation, as it printed however much money it wanted.
GOLD STANDARD by any means possibility.Revoke Fractional Reserve Standard.Outlaw FIAT money printing punishable by death......
@zayadnay
this happened plenty of times in human history, its called a bank run. so far you have revealed that you think banks set the price of gold before 1913 and that there were never any bank runs... ever. people would have stopped putting money in banks altogether and the remaining banks would have gone out of business during the bank runs of 1931 but the 200k guarantee you refer to is the sole reason bankers from 1931 are still bankers in 2011, and still richer than you.
Thomas Sowell for the win.
LOL@the last line...the journalist felt silly by the end of this video.
Thomas Sowell, you are a respectable individual.
END THE FED
late after the stock market crash and bank runs. They held to a VERY STRICT "sound money" approach, and because of that, THEY HAD NO WIGGLE ROOM in terms of fixing the money supply to DEAL W/ THE PROBLEMS, nor did they do much about ENSURING THAT BANKS AND DESPOSITORS WERE SAFE. Because there was HARDLY any fractional-reserve banking, loads of banks HAD ONLY ENOUGH FOR SOME DEPOSITORS (whatever was in the vault), and they ran out. Now, with fractional-reserve banking AND deposit insurance
Replace it with discarded plastic bags; that would clear out the landfills.
This man and others who share this view simply have no clue how much larger and longer (and more frequent) those downturns would've been with no Fed. There are no JP Morgans in this day and age. We have oligarchs and not one of them would be willing to front the capital. They won't even pay their friggin taxes, which is part of what created such a huge debt crisis in the first place.
End the Fed!
@DkleinD
yes, and the most efficient way of making sure all life on earth is maintained in a healthy balance is the complex web of VOLUNTARY interaction that emerges when each individual actor in society pursuing his or her individual self-interest, we dont have to plan how to ration resources when exchange and interaction are VOLUNTARY! i'm not upset at all, and if you really loved me you would research the theory of marginal utility.
Everyone says 'Gold Standard' as if that is the only option. Surely there is an alternative that meets certain basic requirements, one of which is it be a closed system to prevent rampant inflation, and money printing. That doesn't mean tied to Gold or another commodity that can be exploited.
I'd say something tied to GDP or a multiple there of, but that can also be exploited. Surely there is another answer.