u-Bob

"Thereby ignoring the fact that those funds would otherwise have been spent by the people who actually earned those funds (by producing products or delivering services other people valued and were willing to pay for) on things they actually value" -- u-Bob, 2011


Real economic growth, production of wealth is the the production of goods and services people actually want. Not of what a small group of people pretend to know is good for the rest.

TheDoc

What interstate system, rail system, etc would they have used, how would they have safely and quickly moved these products people want but couldn't get? How would everyone be able to focus on producing products/services, without easy access to running water or electricity or education or food?

How does clean running water benefit a small group of people and not everyone?

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TheDoc

I believe the laws that give a corporation the same rights a person has, is the issue here - they basically get covered because they are people too.... or maybe one could say the structure of the fed reserve in our system that simply prints money as needed is the issue.

But excluding those factors, would you feel safe keeping your personal/corp money in a bank if it wasn't covered? 100's of banks of failed in the past several years, that's a lot of Americans monies that would have went poof without the FDIC.

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IllTestYourGirls

If the FDIC did not exist would I be able to buy private insurance to insure my money? Could the bank have provided private insurance for small fee every month?

Why should the poor who have little or no money in the bank be forced to pay for someone who chooses to keep their money in banks?

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TheDoc

We didn't have private insurance before the FDIC. What if Private Insurance covered BoA and BoA some how did this loop-o-fuck-everyone on them, and your money was covered by this Insurance company, but it just went poof.... what then?

The bank, like the FDIC, is is an extension of the reserve/treasury.... the insurance fee, errr interest, is paid for by the bank and I think based on how much money or loans, etc they do or have, something like that at least.

Other than screwing us all over, a poor person doesn't pay for fdic through taxes and I'm not really sure how those free community banks make money now, but if they aren't charging a person anything, I don't see how the person is paying for the insurance either.

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marlboroack

Amen- Marlboroack on GFY

cykoe6

Thank you.

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бабки, шлюхи, сила

Shotsie

Give me an example of one country that used Austrian economic policies to become prosperous. Maybe Somalia? The Somalians practice the strict individualism of Austrian economics, that's why they have such creative entrepreneurs like pirates, sex slaves, warlords, and mercenaries without big government beauracrats meddling in the private sector's affairs.


There's a reason every prosperous country in the world strikes a healthy balance between total laissez-faire capitalism and total state controlled top-down Soviet style communism. Stop drinking the Mises kool-aid.

Shotsie

that is what happened
that's why the government stepped in. Samuel Adams doesn't seem to be aware of that.

_Richard_

i posted about this before: https://gfy.com/showthread.php?t=1042...ht=75+trillion

it's not just BOA, it's JP morgan as well. it's not 53 billion you're on the hook for, it's 300 billion or what not, insured by a bank with only 3.somethingsomething.

if europe tanks, we're fucked. Maybe someone down there can get goldman sachs to stop illegally lending money, before they tank the world economy. again.