0% interest, Deflation B.S.B. 2002 National Economists Club
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The founding fathers were concerned about the unrestrained control of the money supply. One thing they all agreed upon was the limitation on the issuance of money.
Thomas Jefferson warned of the damage that would be caused if the people assigned control of the money supply to the banking sector, "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. This issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered. I hope we shall crush in its birth the aristocracy of the moneyed corporations which already dare to challenge our Government to a trial of strength and bid defiance to the laws of our country" Thomas Jefferson, 1791
Thomas Jefferson warned of the damage that would be caused if the people assigned control of the money supply to the banking sector, "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. This issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered. I hope we shall crush in its birth the aristocracy of the moneyed corporations which already dare to challenge our Government to a trial of strength and bid defiance to the laws of our country" Thomas Jefferson, 1791
I often say: We'll have to wait until the water actually stops coming in the house and then MAYBE, after a couple weeks of living in their own filth, Americans may move past our apathy and get out and do something.
Even that I nearly doubt. I'm continuously amazed at the new level society will sink to and normalize to. Lower and lower and lower. I wonder why?
Thomas Jefferson's reflections are nothing new. It's kind of an ebb and flow of history. Chinese were very mercantile at one time in history, then at later times I've read letters about the Chinese complaining of the uncivilized practice of Muslims practicing usury with interest. Funny as that's the opposite of today 2011. Most Muslims think practicing usury is unislamic and the Chinese are again practicing usury (after a stint of Communism). Most people a little of the history of Christian Europe and how they banned usury (as Sinful) - that's not really the whole story. The Catholic Church understood money flow and the long term problems that occur with debt accumulation (SEE: fall of Roma). That said, their solution was akin to Communism (IMO). During the time of Roman Emperor's usury was sometimes retracted and reset at no more than 10%. In Europe Jubilee often proceeded the reign of a new monarch. Tally sticks in England, were the longest continuous currency history outside of gold, In Japan bankers were at the very bottom of the social hierarchy - only above untouchables and beggars. A necessary evil one could suppose.
Another interesting thing of note is how LITTLE money was used historically. Mostly it comes into existence as huge armies wage war (and is only used to do business with troupes) and after the wars are fought and new Empires forged, for the most part it disappears. For most of history community's use a sort of promise-trade to conduct business. I give you my pig, I remember that I gave you said pig and we know I'm going to expect something at sometime in the future (maybe a daughter?). Which is a lot different than bartering, which rarely ever occurred.
In the time being, I'd suggesting putting your money in local small local credit union(s) and/or small local bank(s). In Japan, that's actually the law. You must have your money deposited into a local bank. What you do with it from there is your business.
Even that I nearly doubt. I'm continuously amazed at the new level society will sink to and normalize to. Lower and lower and lower. I wonder why?
Thomas Jefferson's reflections are nothing new. It's kind of an ebb and flow of history. Chinese were very mercantile at one time in history, then at later times I've read letters about the Chinese complaining of the uncivilized practice of Muslims practicing usury with interest. Funny as that's the opposite of today 2011. Most Muslims think practicing usury is unislamic and the Chinese are again practicing usury (after a stint of Communism). Most people a little of the history of Christian Europe and how they banned usury (as Sinful) - that's not really the whole story. The Catholic Church understood money flow and the long term problems that occur with debt accumulation (SEE: fall of Roma). That said, their solution was akin to Communism (IMO). During the time of Roman Emperor's usury was sometimes retracted and reset at no more than 10%. In Europe Jubilee often proceeded the reign of a new monarch. Tally sticks in England, were the longest continuous currency history outside of gold, In Japan bankers were at the very bottom of the social hierarchy - only above untouchables and beggars. A necessary evil one could suppose.
Another interesting thing of note is how LITTLE money was used historically. Mostly it comes into existence as huge armies wage war (and is only used to do business with troupes) and after the wars are fought and new Empires forged, for the most part it disappears. For most of history community's use a sort of promise-trade to conduct business. I give you my pig, I remember that I gave you said pig and we know I'm going to expect something at sometime in the future (maybe a daughter?). Which is a lot different than bartering, which rarely ever occurred.
In the time being, I'd suggesting putting your money in local small local credit union(s) and/or small local bank(s). In Japan, that's actually the law. You must have your money deposited into a local bank. What you do with it from there is your business.
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Your right, Thomas Jefferson's reflections are nothing new...under the sun so to speak. The ideas of Liberty, Freedom and Justice for our children are nothing new. Our Constitution, Bill of rights, founding documents are nothing new. Individualism, honesty and integrity are very old ideas. This crazy idea that one can pray and/or reflect upon one’s own existence is surely ancient.
Huge armies are waging war as you have said. The owners of which play the "he said, she said" game and kill as many as possible for the good of ORDER playing off iniquities and vanities within the hearts of men and women. Currently, unelected technocracies are filling the halls of control and taking their cues from very old families.
Money, for all it's worth (or worthlessness in the case of fiat monies) will always come and go.
Huge armies are waging war as you have said. The owners of which play the "he said, she said" game and kill as many as possible for the good of ORDER playing off iniquities and vanities within the hearts of men and women. Currently, unelected technocracies are filling the halls of control and taking their cues from very old families.
Money, for all it's worth (or worthlessness in the case of fiat monies) will always come and go.
I guess the real question is then: How will you store your wealth in the coming years? As stocks, bonds, cash, metal, land, business investment, food.... how?
See, how are we to know what to do? We really don't because there's a central bank that can literally print money out of their arse ... will they or won't they? THAT makes a huge difference to what you're going to do with your wealth.
Sadly, we let things come to this, but, it is Interesting Times is it not?
See, how are we to know what to do? We really don't because there's a central bank that can literally print money out of their arse ... will they or won't they? THAT makes a huge difference to what you're going to do with your wealth.
Sadly, we let things come to this, but, it is Interesting Times is it not?