Dominic Frisby – Gold – Independent Money – Fiat Money
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[Dominic Frisby – Gold – Independent Money – Fiat Money]
This video is sponsored by Gold Resource Corporation.
[Dominic Frisby] Source: LYBIO.net
Once upon a time, we used gold or paper that represented safely stored gold as money. It worked well for thousands of years, partly because gold is independent, and partly because it keeps its purchasing power. An ounce of gold, buys you as much food, clothing, and energy as it did 50 or 150, or 1,550 years ago, compared that to modern money, which seems to buy you less and less each year.
A hundred years ago, when the Federal Reserve Bank was formed, a dollar would buy you this much oil. 50 years ago, it bought you this much. Now, it buys you this much. That’s not very much, is it? In fact in the hundred years, since the Federal Reserve Bank was formed to protect the currency, the purchasing power of the dollar has fallen by this much. [98%]
Why did government stop using gold? In 1914, the British and German governments were committed to various spending programs, and World War I, a war that probably needn’t have happened, and neither had the money or gold to pay for it. So they took their countries off the gold standard, and free of its restraints, printed the money they needed.
In 1971, the American government was committed to various spending programs, and Vietnam, a war that probably needn’t have happened, and it didn’t have the money or gold to pay for it. So it took America, off the gold standard and free of its restraints, printed the money it needed.
If governments didn’t have the power to run on deficits, these wars could never have happened. There wasn’t the gold to pay for them. The bill is eventually paid by the people through the Stealth Tax, that is currency devaluation by inflation.
Now the world operates under a system of money and credit known as FIAT. It’s the law that, what we use as money be money. The government and its banking agencies have the power to issue money, but no one else may do so. Unlike gold of which there is a finite amount in the world, with this FIAT system, there is no limit to how much money can be created. So inflation becomes inevitable.
[Dominic Frisby] Source: LYBIO.net
Look at the mess that UK and Germany got the world into after leaving the gold standard in 1914. World War I, German reparations, Weimar inflation, the rise of Hitler, and so on. Look at the mess the world has got itself into since 1971, when this FIAT system became the global norm; an endless sea of wars, debt, poverty, social inequality, economic bubbles, rampant consumerism, and environmental rape. None of which, could ever have happened to anything like the same extent with that little bit of discipline, and restraint imposed by gold.
The ability to issue money is too much power for governments, banks, anybody however well intentioned. The best way to stop the abusive power is to spread it as thinly and widely as possible. That’s why we need to get back to a sound system of money, unlike any bank, any corporation, any government or anybody. Gold really is independent.
That video was sponsored by Gold Resource Corporation. For more information about our gold mining operations, please visit goldresourcecorp.com.
Written And Narrated By Dominic Frisby
Animated By Pola Gruszka
Sound By Anthony McElhinny Incus Sound
Dominic Frisby – Gold – Independent Money – Fiat Money. The government and its banking agencies have the power to issue money, but no one else may do so. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.