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Thread: 12 year old economist...

  1. #1

    Default 12 year old economist...

    http://www.youtube.com/watch?feature...&v=d1IgiNnOZV4

    When Ron Paul stands up in front of a crowd and explains the fictional-reserve banking system's unreality, some listen, many shrug and bury their heads. When ZeroHedge does the same, comments are heavy but change is slow to come. But when a 12-year-old girl, in a little over five minutes can explain the total farce that is our monetary system, surely people have to listen and break free of the matrix. Victoria Grant, 12, explains how "The banks and the government have colluded to financially enslave the people of Canada," and as CTV notes, 'Grant lays out a brief history of the Canadian banking system, referencing obscure historical figures such as former Vancouver mayor Gerald McGeer and explaining that the Bank of Canada held primary control over government lending until the 1970's. Starting then, she says, governments began borrowing from private banks instead at considerably higher interest rates than those available through the central bank. The result, Grant argues, is a rapidly increasing national debt. The pint-sized pundit is quick to offer a solution. "If the Canadian Government needs money, they can borrow it directly from the Bank of Canada," she says. " ... Canadians would again prosper with real money as the foundation of our economic structure." The truth is out there - whether it comes from Alan Simpson, Ron Paul, ZeroHedge, or a 12-year-old Canadian young lady.
    Small business is the incubator of employment. As it declines, so too do opportunities for first jobs, second chances and economic independence.

  2. #2

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    Quote Originally Posted by Westerner View Post
    http://www.youtube.com/watch?feature...&v=d1IgiNnOZV4

    When Ron Paul stands up in front of a crowd and explains the fictional-reserve banking system's unreality, some listen, many shrug and bury their heads. When ZeroHedge does the same, comments are heavy but change is slow to come. But when a 12-year-old girl, in a little over five minutes can explain the total farce that is our monetary system, surely people have to listen and break free of the matrix. Victoria Grant, 12, explains how "The banks and the government have colluded to financially enslave the people of Canada," and as CTV notes, 'Grant lays out a brief history of the Canadian banking system, referencing obscure historical figures such as former Vancouver mayor Gerald McGeer and explaining that the Bank of Canada held primary control over government lending until the 1970's. Starting then, she says, governments began borrowing from private banks instead at considerably higher interest rates than those available through the central bank. The result, Grant argues, is a rapidly increasing national debt. The pint-sized pundit is quick to offer a solution. "If the Canadian Government needs money, they can borrow it directly from the Bank of Canada," she says. " ... Canadians would again prosper with real money as the foundation of our economic structure." The truth is out there - whether it comes from Alan Simpson, Ron Paul, ZeroHedge, or a 12-year-old Canadian young lady.
    Cute girl, It's nice to see a kid interested in the economy. That said she is a little out of date and missing a few points on why the government chooses this method for debt repayment.

  3. #3

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    Quote Originally Posted by Westerner View Post
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    . . . many shrug and bury their heads. . . But when a 12-year-old girl, in a little over five minutes can explain the total farce that is our monetary system,
    Maybe things are different in Canada, but down here the Federal Reserve is not "our monetary system". It's a private corporation that "tenders" its fiat, and the public accepts it.

    We've had these conversations here on Kitco before; that the Coinage Act of 1792 is still law, that Article I Section 10 Clause 1 is still in effect, and that Federal Reserve "currency" is not now and never was the official money of the United States.

    But nobody gives a rip. We accept the substitute because it's conveeenient. End of story. I'll bet it's the same in Canada, too.

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  4. #4

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    Quote Originally Posted by AnotherDave View Post
    Maybe things are different in Canada, but down here the Federal Reserve is not "our monetary system". It's a private corporation that "tenders" its fiat, and the public accepts it.

    We've had these conversations here on Kitco before; that the Coinage Act of 1792 is still law, that Article I Section 10 Clause 1 is still in effect, and that Federal Reserve "currency" is not now and never was the official money of the United States.

    But nobody gives a rip. We accept the substitute because it's conveeenient. End of story. I'll bet it's the same in Canada, too.

    .
    Agree. But everyone needs to start somewhere. Thumbs up to this 12 year old.
    Small business is the incubator of employment. As it declines, so too do opportunities for first jobs, second chances and economic independence.

  5. #5

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    Quote Originally Posted by Westerner View Post
    Agree. But everyone needs to start somewhere. Thumbs up to this 12 year old.
    Truth doesn't need a start. What it needs is a decent middle, and some sort of a finish.

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  6. #6

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    Implying fractional reserve banking is actually a bad thing...

  7. #7

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    Quote Originally Posted by Gladio View Post
    Implying fractional reserve banking is actually a bad thing...
    Does Canada have a fractional reserve, or is it total fiat like the FRN?

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