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Here is Ellen Brown explaining to Schiff how the monetary system actually works, while Schiff ignorantly berates her and calls her names. Ellen Brown is throwing pearls before swine, here.
What interview were you listening to? This woman is a babbling idiot. While I don't always agree with Schiff's delivery, he completely schools this woman.
Well, I guess we can agree on something. No, they aren't in good shape, and they are dragging the rest of us down with them in the process. They should be forced to mark their assets to market so they will fail, be split up, and sold off.
Mark to market is debatable. Do you take a capital gain on your home when its value increases or do you wait until you sell?
What interview were you listening to? This woman is a babbling idiot. While I don't always agree with Schiff's delivery, he completely schools this woman.
Schiff doesn't even understand what she is saying. His replies are non sequiturs that simply repeat what he has always said, rather than dispute what she said.
It doesn't matter, there is no debate. Debating only plays their game of talking while nothing gets done. The people need to stay in the streets until something is done, period.
I understand what she is saying. What do you think she is saying? Give us your understanding.
She is arguing a postkeynesian view, that private banks lend out Fed money, which is a privilege we should revoke from them, and that Fed money should be pointed towards states and households, and then loosened. Her particular idea is unusual, which is that states should create banks to essentially be primary dealers.
He is arguing in his own little world without even listening to her. He is arguing a sort of Austrian view, that Fed policy should be tightened because we are going to have inflation. He fails to address her arguments that loosening isn't causing any more inflation, and he refuses to even attempt to understand her point that we should revisit the mechanism by which the Fed creates money. He just keeps berating her with "INFLATION INFLATION INFLATION BLAH BLAH BLAH"
She is arguing a postkeynesian view, that private banks lend out Fed money, which is a privilege we should revoke from them, and that Fed money should be pointed towards states and households, and then loosened.
He is arguing in his own little world without even listening to her. He is arguing a sort of Austrian view, that Fed policy should be tightened because we are going to have inflation. He refuses to even attempt to understand her point that we should revisit the mechanism by which the Fed creates money, because it is going to an unproductive place.
Isn't she arguing that the Fed should be nationalized? Turning the keys over to the inmates is not a good idea.
sure. if you think private banks should be coddled, if you think we should aspire to be like Japan, then let them pretend their assets are worth whatever they want.
Quote:
Originally Posted by theS5
Isn't she arguing that the Fed should be nationalized? Turning the keys over to the inmates is not a good idea.
In my view, the "inmates" here are the private banks.
Nationalizing the Fed (in the sense that she's talking about) would force private banks to lend out deposits once more, no more Fed money, which would curtail all these lending bubbles they keep creating.
Schiff argues that this would allow the government to borrow as much as it wants --- she of course, delivers the news flash -- government already borrows as much as it wants. She's simply saying that private banks shouldn't be granted the same privilege as the Congress. I'd say that's reasonable, wouldn't you?
Last edited by Cletus Awreetus-Awrightus; 10-28-2011 at 11:02 AM..
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