A reply to those who consider a ethics of Ayn Rand’s philosophy, Objectivism, is unchanging with fractional haven banking. In a initial partial of this video, Paul McKeever gives a ubiquitous story of how bullion came to be money, how banks came in to being, how banks proposed to lend upon a fractional reserve, how as well as because executive banks were formed, as well as how bullion was transposed with paper. In a second part, Paul explains a loyal inlet of inflation, as well as just what it was which Ayn Rand found to be ethically wrong about it.
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To be an Objectivist is to be half capitalist. This is because Ayn Rand was only in favor of freedom on a micro & not a macro-economic level. While she was in favor of a gold standard & opposed fiat money, she nevertheless supported that government created monopoly of private bankers called the Federal Reserve & while she would have opposed the bank bailout, there’s no denying that this failed banking monopoly requires socialism to ensure it’s survival.
This is a great explanation Paul, thanks for the video
Study economics from the Ludwig Von Mises Institute. “A History of Money and Banking in the U.S.” – that’s a good one. It’s good to hear the other side of the story to solidify facts instead of just hearing government propaganda.
FRB is quite separate from the concept of Central Banking and of “printing money”/inflation.
FRB today is just on-lending. It is not “creating money” or “lending out IOUs”. At All.
Every time you deposit, you lend your money to the bank. Your Bank Statement is not an IOU. If someone is lent 90% of that and puts it in their mattress, that is the end of it. The Bank cannot lend out any more based upon the initial deposit.
Only when someone lends it BACK to the Bank can that happen.
Are you the actor in that Castrol commercial? You resemble him.
I’m responding to a year old comment here, but I have the same question. I think we’d be putting miners and smiths back in the same position they were 2000 years ago. Not all bad, but we’d already know how things will turn out.
Besides, if we tried to square the amount of gold above ground to the amount of currency in circulation, things would be even more chaotic than they are now. In fact, it’d be a freakin’ disaster for most people.
Listen up Panda. The Objectivist’s reason for calling a paper system evil is because it is forced on people. It is money accepted by choice. Just what do you think would happen if we were allowed to use money of our own choice to pay our debts?
No offense, but as a person who employs ad hominem argumentation tactics, your statements aren’t very reliable.
Very few colleges offer such clear economic logic.
@kindly4real …It’s this ‘fractional reserve’ practice that constitutes the ‘moral hazard’ of semi-fraud/theft. Each loan via banks, credit card, etc. devalues everyone’s currency.
@kindly4real …. What is a nation’s ‘money supply’ supposed to be? How would one know if one’s nation’s ‘money supply’ is too high, too low, or about right? What is it ‘supposed’ to correspond to?
As gold has little intrinsic value, only its relative rarity serves one of the purposes of a currency. But even ‘legal tender by force’ notes can be made relatively scarce, even scarcer than gold.
While a reliable weight-measure of small amounts of gold, if coined and stamped, CAN serve now as a relatively reliable currency (due to mere scarcity, but little intrinsic value)…
Why wouldn’t a ‘backing’ of paper notes, based on a ‘market basket’ of intrinsically valuable/useful commodities be preferable ?
For that matter, wouldn’t the ‘legal tender by force’ notes be better currency, so long as their stable scarcity/supply can be assured (against counterfeits and profligate politicians)?
I still need to exchange goods and services. Do I create my own currency within an isolated economy?
What would a 100% reserve banking system look like to an economy?
How would someone go about creating and maintaining a healthy economy from scratch?
YouTube Is Awesome! I just received a college degree in currency! I no longer want money because it is constantly devalued. I want real property!
“but we’ve also got a $10m factory we didn’t have before either.”
In order to build that factory labor and materials were diverted from other projects. Had the factory not been built the labor and materials used to construct it could have been used for other purposes. The net effect on the “pie” is zero.
Let’s say a loan ($10m) on a fractional reserve system was given out to make something productive, like a factory, etc. The wealth pie would be increased by $10m. There’s $10m more dollars in the economy, but we’ve also got a $10m factory we didn’t have before either. Everyone’s dollar still get’s the percentage of the new (bigger) pie. No?
this guy lives out in the sticks
No offense, but coming from a guy named eurogoldexchange, your statements aren’t very reliable.
Gold is still money. Ask the chinese
Tell me if I’m wrong, but it seems to me that it is hard to conceive of a more inherently unjust and immoral system. It also seems like this system is structured to fail eventually.
Yes you are right it makes zero sense….but that is how it works. It’s quite amazing when you think about it. Learn more about the fractional reserve system.
Excellent !!!
30 miles ?
Where did he end up going??
great job! I love the step through and very clear portrayal and definition of what the banking system is doing to our lives and economies.
The Ayn Rand thing is secondary but still interesting.
The defining of the fractional reserve banking system is very lucid and clear and accurate!