The Banking system

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Skywalker42

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Mike Maloney Illuminates the Bankers.

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Mike Maloney was recently invited to speak at the 8th International Banking Forum in Sochi, Russia. The theme was "Banks Of Russia - 21st Century". The purpose of the conference was for bankers from around the world to meet and discuss the current state of the global economy, the banking system, and strategies for protecting their personal wealth.

The first morning passed without too much fuss as each speaker gave an introduction and a brief on his or her area of expertise. However, by the end of the day it became obvious that something was definitely wrong. After speaking with many of the attendees, Mike was alarmed to find that practically none of the international bankers understood our present monetary system. Most had no idea how currency is created!

Here at GoldSilver.com, we have always wondered exactly how well modern day bankers understand the worldwide predicament that we find ourselves in. Ladies and gentlemen, our worst fears have been confirmed - the lights are on, but nobody is home.

"Basically I think that everything that you are hearing here. Everything that you have listened to is a bunch of bullsh*t. Basel II, Basel III, payment systems, I don't care! Your personal lives are at stake here."

"Anybody who gets prepared is going to become super wealthy. The ones that don't get prepared in this room are going to become government employees when the government nationalizes the bank system, you're going to be working for the government."
 
Troll.

Factually incorrect, talking his own partisan views, grand statements without justification, explanation or motivation. Where is the evidence that the bankers present don't understand the monetary system? "Governments lie" conspiracy theory?

No comment about the inherent deflationary, and therefore contractionary force of metal-backed currency? Really? And you say you understand monetary policy. If the metal can't keep up with economic growth (not only population growth as much as Mike would have you believe) then we have deflation and nobody wants to spend any money, grinding the economy to a halt.

We don't have enough currency to pay debt (nonsensical statement) and therefore we will have hyperinflation (I thought too much currency chasing too few assets created hyperinflation?).

Poor Mike doesn't get that a primary reason for the increase in liquidity and "quantitative easing" by central banks is exactly to offset the reduction in money supply created by more limited lending by risk-averse banks. I know exactly who here doesn't understand monetary policy.

And to top it all, one of the worst explanations of the multiplier effect, reserve requirements and the money supply I've ever heard.

I watched the entire video in the hope that maybe there was some sense in here.
 
Troll.
Who ? Me or Mike ?
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Factually incorrect, talking his own partisan views, grand statements without justification, explanation or motivation. Where is the evidence that the bankers present don't understand the monetary system? "Governments lie" conspiracy theory?
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Well, I'm no "economist" but I do understand how money comes into existence and needed no justification, explanation or motivation from him.
You said "Factually incorrect" without any explanation ?
I suppose he chatted to the bankers and realised they didn't understand .
Maybe because they don't want to understand, in order to be able to sleep at night.
No paper currency has ever celebrated it's 100th birtday. The Federal Reserve Act expires in 2 years
and where is the dollar going ? Amero ?
Yes, "Governments lie".
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No comment about the inherent deflationary, and therefore contractionary force of metal-backed currency? Really? And you say you understand monetary policy. If the metal can't keep up with economic growth (not only population growth as much as Mike would have you believe) then we have deflation and nobody wants to spend any money, grinding the economy to a halt.
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The only currency that has survived thousands of years is metal. It was established from old documents thatma suit bought with gold coins a few hundred years ago is still sold today at the same (gold) price today. Sorry, I don't have the link anymore, but a graph of gold price vs. dollar value confirms it.
I personally am not suggesting a metal-backed currency, just an honest system/method, whether it ibe paper/coins, digital or whatever.

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We don't have enough currency to pay debt (nonsensical statement) and therefore we will have hyperinflation (I thought too much currency chasing too few assets created hyperinflation?).
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No, it is not a nonsensical statement, because there is not even enough money in circulation to repay
the capital PLUS INTEREST. The money (paper dollars) to pay the INTEREST has not been printed.
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Poor Mike doesn't get that a primary reason for the increase in liquidity and "quantitative easing" by central banks is exactly to offset the reduction in money supply created by more limited lending by risk-averse banks. I know exactly who here doesn't understand monetary policy.
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Ok, I believe you. Enlighten me. What is "quantitative easing" ?

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And to top it all, one of the worst explanations of the multiplier effect, reserve requirements and the money supply I've ever heard.
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Explain please, I operate on common sense only. I don't know what "multiplier effect" and "reserve requirements" actually mean. I'm not an "economist", just a simple "man on the street".
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I watched the entire video in the hope that maybe there was some sense in here.
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Thanks. As they said there will be another one soon.

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Get the part at 20 sec in to the video where he said some bankers admit the banking system is corrupt ?
They get to create money out of thin air. Is that ok with you ?

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And why is this politian (UK) doing this. ?
http://www.positivemoney.org.uk/201...uces-bill-to-stop-fractional-reserve-banking/

cheers. :D
 
If you don't like the banking system, stick your money in a matress!

Edit: this idiot is actually just trying to sell books.
 
Last edited:
A few banks in the last 5/6 years caused global stock exchange markets to crash due to huge losses created by them. The banks in UK London has also come under fire due to huge sums of monies paid out in bonuses to top management. The banks are supported by the Government with soft loans. The Government gets the money via taxes. So there is a link to what is happening at the banks and down here at grass root levels.
 
Leostar said:
A few banks in the last 5/6 years caused global stock exchange markets to crash due to huge losses created by them. The banks in UK London has also come under fire due to huge sums of monies paid out in bonuses to top management. The banks are supported by the Government with soft loans. The Government gets the money via taxes. So there is a link to what is happening at the banks and down here at grass root levels.
Click to expand...

Yes, you are right , there is a "link", lets connect the dots.
cheers
 
I know this will sounds like I'm a ****, but I really just mean it simply without judgement. If you don't understand economics, why do you think your opinions on economics matter? Common sense isn't really useful in complex areas because you can easily be swayed by a charismatic speaker with some compelling ideas (even if they're completely wrong).

There is plenty of information available online and through open universities. If you want to support a metal-backed or "honest" (whatever that means...) system, first get a genuine understanding of how things actually work, what the real pros and cons are, what has been tried before. Then form an opinion.

Meanwhile, go buy this guy's books and make him rich.
 
:wtf:

Does this Mike creature actually even have HALF a clue as to how economics actually works?

i had to stop after 8 minutes because he was just talking absolute twaddle and just trying to sell his stupid books...
 
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