Comments by "romanmir01" (@romanmir01) on "Obama Chamber Of Commerce Flop" video.

@TheGiantRobot What do you mean "not saying it's right"? I don't understand - WHY would you HOLD US dollar when it's being deliberately constantly debased? US Fed has printed TRILLIONS. Well, they don't exactly print anymore, they just add zeroes to their account on a computer. (60 minute interview with Heli-Ben from about a year ago.) BUT the point is they are printing all that money to buy all that US debt. US has over 60TRILLION in unfunded liabilites for States and munis, as well as 14T fed
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@TheGiantRobot I am completely against fractional reserve by the way. In a free market in USA of 19th century there were banks that didn't do fractional reserve. There also were banks that did and their capital was up to them and their lenders (depositors). So there was COMPETITION in banking. In 20th century (past 1913) USA started counterfeiting currency. But once FDIC was enacted that was the end of it: there was no longer competition between banks, so ALL of them went 'fractional'.
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@TheGiantRobot Inflation is created by one bank: the Fed. Nobody else can print money. Sure, banks operate on fractional reserve (which is also a terrible practice for the economy) but nobody does it like helicopter Ben does it. When I say JP Morgan have figured it out, I mean that now they decided to accept physical gold as collateral with its counterparties. Understand? They don't think of US dollar as of reserve currency anymore.
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@TheGiantRobot So with at least 75 Trillion dollars of debt, which the Fed is certainly going to monetize and with all the money they have already created started with Alan Greenspan and his 1% interest, after Rubin re-fi'ed the US federal debt during Clinton, WHO in their right mind wants to hold US dollar? It's NOT a reserve currency. In fact it looks to me that it is a deliberate attempt by Heli Ben to stop US dollar from being a reserve. He is not an economist, so he doesn't understand
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Raising taxes, ha? You think that businesses didn't figure out yet HOW Obama TAXES them? Inflation. Inflation is the biggest underhanded tax and EVEN JP MORGAN figured this out by now. They are getting rid of dollars. Everybody is getting rid of dollars. And buying gold. All banks, all foreign nations. If you think now you can TOUCH taxes more and have business in US then you are a bigger fool yet. USA is done. Unless 99.9% of gov't is cut (spending cut/people fired) it's done.
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@weejockpoopongmcplop They have no way to get that return once they can't borrow any money anymore from anybody. Who do you think pays the military's bills?
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@TheGiantRobot The economy that PRODUCES something can survive fractional reserve, until its gov't grows big enough (like what USA has) that it destroys the economy and then there is no way to repay any of the debt, so everything will collapse because there is no capital: most productive jobs are gone. There are no savings: Fed inflation eats it, so there is no point and no way to save in US dollars. Economy only works as long as it is based on free market principles, otherwise it fails.
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@TheGiantRobot First of all yes, I am a libertarian, even an anarchist when it comes to economy. Secondly: there are no 'innocent victims' in USA economy today. It's completely subverted, there is no free market of any kind. Thirdly banks are not creating money today at all actually. They are borrowing from the Fed's discount window and LENDING IT to the Treasury IMMEDIATELY. Sure, you can say that's creation of money - but that money was printed and lent to banks by Fed.
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By the way, Cenk likes to say that business is amoral. Sure. The government MADE business to be amoral. Not all businesses and not at all times are and were amoral. Government passed laws, which created the IDEA of LIMITED LIABILITY, where the owners/managers of the company are not PERSONALLY responsible for anything. Not being personally responsible - yeah, that'll turn quite a few businesses into 'amoral' or even into 'immoral' entities. Why care if you are never faced with consequences?
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@TheGiantRobot Ben is not an economist (he is a charlatan) so he doesn't understand what this will mean for the USA when nobody is lending it any money anymore, Fed prints all the dollars to buy all that unfunded US debt from federal and State and municipal governments. AFAIC US dollar is now on the way of becoming Zimbabwe dollars. And if printing dollars is a way to economic prosperity, then the gov't should just allow EVERYBODY print it, not only the Fed. They are counterfeiting the money.
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