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It's total bullshit when people say that all the countries without central banks were the ones being attacked by the US military, north korea has a central bank

It's total bullshit when people say that all the countries without central banks were the ones being attacked by the US military, north korea has a central bank, Libya has had a central bank continuously since the 1950s. The fact that this type of fake news is so heavily proliferated and believed damages the ability of working institutions to keep their legitimacy.

wallace_f 9y ago
I made a mistake, but this is the problem with online comments -- brevity leads to necessary oversimplification. Gadaffi was trying to oust the type of central bank they had been forced to have in Libya. I will explain. Admittedly this is pretty far out in the realm of Wrongthink. Just look at Investopedia or an econ text book, and what they say about the question: does the Fed print money. They say no[1]. This is utterly, undeniably false. After the 2008 financial crisis the Fed's balance sheet ballooned to 4.5 trillion. How did they get that money? I can assure you that they did not (1) take out loans, or (2) produce goods or services at a profit. They electronically debit an account with money, and then go to Wall St and buy what no one else wanted to buy. What did Gadaffi do? He tried to kick out their central bank that was imposed on them by the UN, by creating a gold standard.[2] Most elite politicians are not nice people. They don't care about unjust wars, constitutional abuse or torture. They laugh like maniacs at Gadaffi's torture and death[3]. Fake News is just a useful term to disparage Wrongthink. Every government in the history of this planet has a natural tendency towards cronyism and tyranny. If you take the headlines at face value and don't take the time to actually investigate the legitimacy of the facts then you are no different than any other subject of any other government in history, willingly subjugated to their ideas of what is right and wrong. 1 - https://www.investopedia.com/ask/answers/082515/who-decides-when-print-money-us.asp https://www.investopedia.com/ask/answers/082515/who-decides-... 2 - https://www.globalresearch.ca/hillary-emails-reveal-nato-killed-gaddafi-to-stop-libyan-creation-of-gold-backed-currency/5594742 https://www.globalresearch.ca/hillary-emails-reveal-nato-kil... 3 - https://youtu.be/Fgcd1ghag5Y https://youtu.be/Fgcd1ghag5Y
- zjaffee 9y ago
  Sorry the comment came off harsh, but this particular piece of fake news is spread heavily among popular youtube channels and other social media pages that are ordinarily deeply intellectual and thought provoking. Now, while I understand why a lot of people like the idea of a gold standard, or really holding static assets like gold or bitcoin themselves (for microeconomic reasons), to suggest that debt based central banking is bad because government are bad is a poor reason simply because of all the macroeconomic good that comes from it for societies. Economies are strong when people spend and invest money in them at higher nominal rates y/y without a decrease in purchasing power. Countries are able to maintain this by using these debt based systems to systematically devalue their currency (such as china has done) to grow their economy and in turn their tax base and public works. When the opposite is done, you get the types of problems japan had when other countries systematically devalued the yen as part of the plaza accord. Additionally, should all assets be completely static where there is a greater incentive to hold rather than to trade (as is sometimes the case within the housing market, so people systematically fight against new housing as it only devalues their asset), you create a society where people only purchase the goods they need, and in turn those at the top can forever increase their wealth without having to invest it at the same rates they do now.
  - wallace_f 9y ago
    >is spread heavily among popular youtube channels and other social media pages that are ordinarily deeply intellectual and thought provoking. You should reconsider investigating this idea again. The rest of your comment argues against deflation and commodity-money which is a straw man: I'm not arguing for that. I'm arguing for sound money controlled by our government, not international banking cartels that print money to give it to the banks (you could replace the Fed with a k-percent rule algorithm, 100% transparency, and 100% reserve banking). Unfortunately, we've been riding on greater fools for so long that whatever generation is forced to do this is going to feel some financial hardship.

wallace_f 9y ago

I made a mistake, but this is the problem with online comments -- brevity leads to necessary oversimplification. Gadaffi was trying to oust the type of central bank they had been forced to have in Libya. I will explain. Admittedly this is pretty far out in the realm of Wrongthink. Just look at Investopedia or an econ text book, and what they say about the question: does the Fed print money. They say no[1]. This is utterly, undeniably false. After the 2008 financial crisis the Fed's balance sheet ballooned to 4.5 trillion. How did they get that money? I can assure you that they did not (1) take out loans, or (2) produce goods or services at a profit. They electronically debit an account with money, and then go to Wall St and buy what no one else wanted to buy. What did Gadaffi do? He tried to kick out their central bank that was imposed on them by the UN, by creating a gold standard.[2] Most elite politicians are not nice people. They don't care about unjust wars, constitutional abuse or torture. They laugh like maniacs at Gadaffi's torture and death[3]. Fake News is just a useful term to disparage Wrongthink. Every government in the history of this planet has a natural tendency towards cronyism and tyranny. If you take the headlines at face value and don't take the time to actually investigate the legitimacy of the facts then you are no different than any other subject of any other government in history, willingly subjugated to their ideas of what is right and wrong. 1 - https://www.investopedia.com/ask/answers/082515/who-decides-when-print-money-us.asp https://www.investopedia.com/ask/answers/082515/who-decides-... 2 - https://www.globalresearch.ca/hillary-emails-reveal-nato-killed-gaddafi-to-stop-libyan-creation-of-gold-backed-currency/5594742 https://www.globalresearch.ca/hillary-emails-reveal-nato-kil... 3 - https://youtu.be/Fgcd1ghag5Y https://youtu.be/Fgcd1ghag5Y

zjaffee 9y ago
Sorry the comment came off harsh, but this particular piece of fake news is spread heavily among popular youtube channels and other social media pages that are ordinarily deeply intellectual and thought provoking. Now, while I understand why a lot of people like the idea of a gold standard, or really holding static assets like gold or bitcoin themselves (for microeconomic reasons), to suggest that debt based central banking is bad because government are bad is a poor reason simply because of all the macroeconomic good that comes from it for societies. Economies are strong when people spend and invest money in them at higher nominal rates y/y without a decrease in purchasing power. Countries are able to maintain this by using these debt based systems to systematically devalue their currency (such as china has done) to grow their economy and in turn their tax base and public works. When the opposite is done, you get the types of problems japan had when other countries systematically devalued the yen as part of the plaza accord. Additionally, should all assets be completely static where there is a greater incentive to hold rather than to trade (as is sometimes the case within the housing market, so people systematically fight against new housing as it only devalues their asset), you create a society where people only purchase the goods they need, and in turn those at the top can forever increase their wealth without having to invest it at the same rates they do now.
- wallace_f 9y ago
  >is spread heavily among popular youtube channels and other social media pages that are ordinarily deeply intellectual and thought provoking. You should reconsider investigating this idea again. The rest of your comment argues against deflation and commodity-money which is a straw man: I'm not arguing for that. I'm arguing for sound money controlled by our government, not international banking cartels that print money to give it to the banks (you could replace the Fed with a k-percent rule algorithm, 100% transparency, and 100% reserve banking). Unfortunately, we've been riding on greater fools for so long that whatever generation is forced to do this is going to feel some financial hardship.