TURMEL: Bill Still's Great "Money Masters" Video

[KingofthePaupers]

TURMEL: Bill Still's Great "Money Masters" Video

http://trutube.tv/video/1994/The-Money-Masters-Full-Movie#

JCT: I know it's 3.5 hours but it's loaded with tons of
money reform history. A few quibbles though:

1:30 The solution lies only in reforming our banking system.
JCT: Wouldn't a banking systems engineer go good now?

15:00 This was the birth of fractional reserve banking.
That is loaning out many times more money than you have
assets on deposit.
JCT: Though it's true they can lend out many times more
money than they started with on deposit, they can only lend
out the 90% fraction of that deposited reserve, not 10 times
the deposit.

BS: So if a 1000 dollars in gold was deposited with them,
they could loan out about 10.000 in paper money and draw
interest payments on it and no one would ever discover the
deception. By this means, goldsmiths gradually accumulated
more and more wealth and used this wealth to accumulate more
and more gold. Today this practice of loaning out more money
than there are reserves is known as fractional reserve
banking. Every bank in the US is allowed loaning out at
least 10 times more money than they actually have.

JCT: I've commented on this so many times, I've dubbed it
the Jerry "Voorhis Mistake". Google it. I point out banks
lend out 10 times more money than they started with by
lending out 90% more new money than they old money they just
got; over and over and over again. Needing new depositors
over and over again before they can lend out new money until
its new deposits are 10 times the original amount. The bank
circuitry is shown in http://johnturmel.com/bankmath.htm

BS: That's why they get rich on charging let's say 8%
interest. It's not really 8% per year which is their income.
It's 80%.
JCT: Yes, they create 10 times the original deposit but no,
they do not keep 10 times the interest! Since they always
need to have a depositor whom must be paid his share of the
interest, the bank never makes more than the usual spread
while it creates 10 times the original money. This is not
the fraud. Overall, they do multiply up the money 10 times
but they also have 10 times the deposits needing to be paid
interest. So money is multiplied up but so is interest paid
out to depositors multiplied up.

26:00 More money in circulation means your money is worth
less.
JCT: Shift A inflation. This forgets about the collateral
demanded before we can get loans. More chips in circulation
mean more collateral was pledged at the cage, so Shift A,
more money, is not the cause of the inflation we suffer.
http://johnturmel.com/shifts.jpg shows inflation can be up
in the money supply in front of your face or down in the
collateral backing up the money behind your back. Economics
only teaches the "up in front of your face" and does not
delve into "down behind your back." Considering they're
always wrong, could it be that only studying "up over here"
and not "down over there," may be the cause of their lack of
success?

35:25 The Continental was a totally "fiat" currency.
JCT: The Continental was "Good for the payment of taxes" but
calling it "fiat" without the qualifier about its tax-
payability doesn't disabuse people of the notion that "fiat"
means "nothing" backing it. Telling us how Continentals
inflated without mentioning the British counterfeiting
leaves people with the notion that interest-free labor-based
currency can inflate for some other reason. Of course, the
Continental Congress couldn't have issued more money than
for the work of the soldiers and citizens they received just
as Great King Henry had couldn't over-issue his Tallies, and
a commensurate tax would not have been oppressive as it had
not been with King Henry's, and there could have been no
inflation with interest-free chips. So the only way the
interest-free Continental chips could have been inflated was
by a counterfeit operation and to just say Continentals
inflated leaving the impression that interest-free
Continentals or Tallies could lose their value was weak. So
how can Bill later say Colonial Scrip worked so well but
Continentals had inflated when they were the same government
chips?

BS: The 19th century is known as the "Age of the
Rothschilds."
JCT: Hey, give them credit for a couple of billion souls
lost who could have had a great ride in the 20th century
too.

1:18:30 Lincoln printed up Greenbacks.
Jct: Am I the only monetary historian who knows about
Lincoln's predecessor Buchanan issuing the first US Treasury
notes which Lincoln copied in the necessary extreme. But
let's give Buchanan his due. He was first, Lincoln was
second, to use interest-free US Treasury Greenbacks for
government expenditures.

1:32:00 800% reduction.
JCT: An 80% reduction. Can't go over 100% reducing, only
increasing. Minor glitch.

3:13:20 Friedman: I know of no depression that was not
accompanied by a sharp decline in the stock of money and of
no sharp decline that was not accompanied by a severe
depression.
JCT: Milton gets it wrong and right in the same time
sentence. Couldn't leave right all alone, had to include the
possibility of the wrong too. The shortage of money causes
depressions! So the first part of the statement that
depressions were always accompanied by a sharp decline in
money is wrong while a sharp decline in money always being
accompanied by a severe depression is right. Har har har.
Aren't economists fun when they can contradict themselves in
the same sentence?

3:14 Guernsey money backed by nothing; good for the payment
of taxes.
JCT: Good for the payment of taxes is not "backed by
nothing." Though it may not be backed by the usual expected
collateral or bonds or gold, backed by tax-payment is backed
by plenty.

3:24:50 Educate your friends. Beware of gold standard.
Beware of a world currency, the bankers' trojan horse.
JCT: Unless it's John The Engineer's UNILETS timebank
world currency earned only with an Hour of labor. Sure,
beware the bankster's planned usurious world currency, but
don't beware John The Engineer's interest-free time-based
UNILETS world currency.

3:26:00 Educate your member of Congress. Most don't
understand it and those who do are influenced by money.
JCT: Writing to your bought-and-paid-for congressman won't
help but now that Bill has endorsed Hours time-based
currency, maybe he should add an addendum on what to do:
Cut banksters' vigorish; join an online time-barter network.

I didn't beat up on Bill over the Voorhis Mistake, that
theory was developed in the days when bankers wouldn't even
admit they were creating money by private bank loans. I had
to keep quoting the Governor of the Bank of Canada for
years. And no one could be expected to perfect on Mammon
until its equation was derived and and its blueprint
drafted in the http://johnturmel.com/bankmath.htm

No one minds errors in a good cause, but persisting in
errors, that's a different thing. I only want to help people
avoid talking to bankers about their getting 80% when all an
ordinary banker knows is that he's only paid his spread. So
the "10 times the interest" is an accusation that must be
dropped. It falls on deaf ears, worse, it makes them laugh.
Sure, they make their spread on the whole 10 times the
original money, so what? I don't care about their profit
spread. I care about how that spread is derived, by up-front
service charge or by back-end mort-gage death-gamble usury.

But what a great compendium of money reform quotes from the
heroes of the real revolution. Money Masters is a great job,
Bill, despite my pushing you to perfection.

[hourmone...@gmail.com]

Hour Money for the epic win over Mammon!

Thanks to long time Christian warriors turning the tables of the "money changers"

Cheers to Bill Still and John Turmel!