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What is Social Capital?

Vadinho said:
On the subject of unemployment, another one of their mandates. Under the misplaced idea that interest rates affect employment rates, they pretend like they have a role to play. But again, at these levels, they are not a factor in hiring or investing. Money is just too cheap.
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by keeping inflation at 0% they contribute to a sound economy that grows and hires people. Do you understand?
 
James972 said:
so you think we don't have 1 million % inflation because of Girl Scouts???
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We don't have 1000 per cent inflation because we have excess capacity here and abroad for almost everything we want to buy. As long as we can produce as many goods as people want, they will buy it or not buy it. Inflation as we saw in the 70s was an aberration. You do realize that your interest rate as a consumer only reflects the prime if it is tied to the prime. Most debt outside of a mortgage is private debt that is given at the discretion of the lender. They create money out of thin air every day of the week regardless of what the Fed does with interest rates.
 
James972 said:
by keeping inflation at 0% they contribute to a sound economy that grows and hires people. Do you understand?
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They can try to affect inflation but in reality, they can only stop runaway inflation as did Volker. We are far from it and your know it. Do you understand? The sound economy you admire is a debt driven economy. Every dollar you see has as its origin a debt by someone.
 
Vadinho said:
They can try to affect inflation but in reality, they can only stop runaway inflation as did Volker.
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??? they can cause 10,000% inflation or deflation any time they want. 1+1=2
 
James972 said:
all agree but so what?????
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Ok, so now we are at the crux of the biscuit. We both agree that money originates in debt. That debt demands interest. Who benefits from money that can only be created by interest? Banks. I am not a conspiracy nut, nothing of the kind. But the more I learn about the Fed and our system the more I realize just how messed up we are by giving banks and the Fed the sole power to create money. Here is a very accurate video of the history of the Fed and our current money system. I encourage you to check the accuracy of this if you believe it is wrong in any way. But the more you dig into this subject, the more you see the truth. As I stated earlier, our nation was founded in part as a reaction to centralized private banking, the Bank of England. There were other systems available to us which we employed at times. But JP Morgan and others never gave up. They created the Fed and a fractional reserve system to give themselves the sole power to create money at will. It's kind of scary just how well they sold all of us. Today if you criticize the Fed you sound like a crackpot. But at the time, very few non-bankers wanted a central bank. I cannot offer up an alternative but we should all at least understand where we are today.

YouTube
 
James972 said:
we know that that fed target is about 2% inflation. And?????????????????????
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Care to explain how they adjust optimal unemployment rates? They have been saying for decades that high employment creates inflation. Their full employment target was around 5% for ages. Once we got there and lower, inflation did not rise. So they adjusted downwards because they looked like fools. Let's both agree that what you are saying is indeed classical economic theory as taught by professors for decades. But evidence is proving those theories wrong. What should replace those theories now that we have evidence of their inability to predict events? I tend towards MMT but even that has holes in it. Macro is not a science and let no one tell you it is, it is a theoretical discipline that has some fundamental truths but only truths under certain conditions. This is why I follow macro econ blogs, it never ceases to amaze me how experts in the field can be diametrically opposed to each other yet call themselves experts. Why just today I was reading on Angry Bear an article that criticizes MMT using Krugman. Tons of PHDs on both sides of this debate, who to believe?
 
Vadinho said:
We both agree that money originates in debt. That debt demands interest. Who benefits from money that can only be created by interest?
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dear, people who borrow benefit which is why they do it. Kindergarten!!
 
Vadinho said:
Ok, so now we are at the crux of the biscuit. We both agree that money originates in debt. That debt demands interest. Who benefits from money that can only be created by interest? Banks. I am not a conspiracy nut, nothing of the kind. But the more I learn about the Fed and our system the more I realize just how messed up we are by giving banks and the Fed the sole power to create money. Here is a very accurate video of the history of the Fed and our current money system. I encourage you to check the accuracy of this if you believe it is wrong in any way. But the more you dig into this subject, the more you see the truth. As I stated earlier, our nation was founded in part as a reaction to centralized private banking, the Bank of England. There were other systems available to us which we employed at times. But JP Morgan and others never gave up. They created the Fed and a fractional reserve system to give themselves the sole power to create money at will. It's kind of scary just how well they sold all of us. Today if you criticize the Fed you sound like a crackpot. But at the time, very few non-bankers wanted a central bank. I cannot offer up an alternative but we should all at least understand where we are today.

YouTube
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can you tell us just one important thing
thing from your goofy video that cant be easily crushed??
 
James972 said:
can you tell us just one important thing
thing from your goofy video that cant be easily crushed??
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What in the world was goofy about that video? Everything in that timeline is well known history and easily proven to be true.
 
Vadinho said:
Actually, people who borrow have no other option which is why they do it.
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Exactly. Demanding interest on loaned money is exploitation. A money loan isn't a transaction between equals. The one who loans has more economic power.
 
phattonez said:
Exactly. Demanding interest on loaned money is exploitation. A money loan isn't a transaction between equals. The one who loans has more economic power.
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One of the more interesting thing about the history of money lending is not well known to most of us. For over one thousand years, the Catholic Church would not allow anyone in their realm to loan money with interest. Usury was a sin, that is why Jesus threw the money changers out of the temple. Ancient wisdom led to what was called jubilees where all debts were forgiven. It was well understood that if interest were allowed to be charged, it would create a form of debt peonage due to the miracle of compound interest. It was not until the Dutch and later the English started private banking that interest was once again introduced into Europe. Once that happened, debts accumulated to the point where war was always the only solution. Conquest driven by the need for gold and silver to pay off debts was the main option.
 
Vadinho said:
One of the more interesting thing about the history of money lending is not well known to most of us. For over one thousand years, the Catholic Church would not allow anyone in their realm to loan money with interest. Usury was a sin, that is why Jesus threw the money changers out of the temple. Ancient wisdom led to what was called jubilees where all debts were forgiven. It was well understood that if interest were allowed to be charged, it would create a form of debt peonage due to the miracle of compound interest. It was not until the Dutch and later the English started private banking that interest was once again introduced into Europe. Once that happened, debts accumulated to the point where war was always the only solution. Conquest driven by the need for gold and silver to pay off debts was the main option.
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And that history has since been wiped from the books. Usury is now just accepted as a given rather than called out for what it really is: slavery.
 
phattonez said:
And that history has since been wiped from the books. Usury is now just accepted as a given rather than called out for what it really is: slavery.
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It is indeed slavery. Another unknown fact is the way Hitler escaped the clutches of the Versailles Treaty and the central banks. He said he was not going to pay them one more nickel and created his own money system. The affects were almost immediate. Germany became prosperous in three years. Little known truth about Hitler that was also suppressed in our history books. All we learned was that he reneged on debts as if that was such a crime only a Hitler would dare attempt it. Yet he did exactly what was needed.
 
Vadinho said:
It is indeed slavery. Another unknown fact is the way Hitler escaped the clutches of the Versailles Treaty and the central banks. He said he was not going to pay them one more nickel and created his own money system. The affects were almost immediate. Germany became prosperous in three years. Little known truth about Hitler that was also suppressed in our history books. All we learned was that he reneged on debts as if that was such a crime only a Hitler would dare attempt it. Yet he did exactly what was needed.
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The economic story of Germany after its unification is one that is not allowed by the victors of the world wars.
 
Vadinho said:
What in the world was goofy about that video? Everything in that timeline is well known history and easily proven to be true.
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any wisdom or facts from the video that you'd care to share???
 
Vadinho said:
Germany became prosperous in three years.
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nonsense of course. A massive buildup of military weapons does not make a country rich. 1+1=2 Obviously if it did we could make weapons and throw them into the sea anytime we wanted to be rich.
 
phattonez said:
And that history has since been wiped from the books. Usury is now just accepted as a given rather than called out for what it really is: slavery.
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what would we do when we wanted to expand a business or buy a house if not borrow money??
 
James972 said:
what would we do when we wanted to expand a business or buy a house if not borrow money??
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Borrowing money just raises the price of the good, just like how student loans have raised tuition.
 
Vadinho said:
Germany became prosperous in three years.
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so did USA when everyone went back to work making weapons. And??????????????
 
phattonez said:
Borrowing money just raises the price of the good, just like how student loans have raised tuition.
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3rd time: what would we do when we wanted to expand a business or buy a house if not borrow money??
 
phattonez said:
Borrowing money just raises the price of the good, just like how student loans have raised tuition.
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if you have a cure for cancer the faster you get your factory up and running at full volume the richer you get and the more lives you save. This is exactly how a society wants to see its resources allocated
 
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