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Old December 5th, 2003 #1
Randolph
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Default Quote from March of Titans regarding money

Economic Reforms

On all fronts, the German state was revolutionized: with one of the most significant being with the economy. When Hitler came to power in 1933, 30 per cent of the working population was unemployed: by 1938, Germany had a labor shortage.

In this economic recovery, Hitler hit upon something which helped to arouse the everlasting hatred of the international banking community: instead of basing Germany's recovery on enormous loans from foreign and local banks, Hitler based the German economy onto a barter system, by which he could get much of what he needed by exchanging German surplus for the surplus of other countries - in common language, by swapping.

The next radical change Hitler brought about was to take the right to print money away from private banking institutions - which he viewed as Jewish - and restored the sole right to print money to the German state itself (it is interesting to compare the contemporary systems in both Britain and America, where consortiums of private bankers - the Federal Reserve in America and the Bank of England - print the money and then "sell" it to the governments, incurring the massive national debts of these countries).

Freed of the peculiar and complicated system of instant national debt through the issuance of their own money, the German economy took off like a rocket. Hitler also abandoned the Gold Standard as a means of weighting the Reichsmark: money in Hitler's Germany was not based on gold but on the capacity of the German people to produce goods.

Hitler said in 1937:

"We were not foolish enough to try to make a currency coverage of gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced. . . .we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank." (CC Veith, Citadels of Chaos, Meador, 1949.)
 
Old December 5th, 2003 #2
Randolph
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It is true that money does not have to be based on gold or silver. Money can be in the form of any commodity that has the characteristics people look for in money. The foremost characteristics is in the marketablility of the commodity.

I am not convinced of the possibility of having a sound currency based on worker productivity. And I am certainly not convinced that a government would be the proper entity to put our trust in the money supply.

Remember that the Federal Reserve was created by government in the first place, even though the control is in the private banker's hands.

During the 1930s, the increasingly nationalistic economies of all nations broke down international trade into trading blocks. Take a look at the line up of friend and foe during WWII and you will see how neatly allied and axis was determined along who was trading with who prior to the war.
 
Old December 5th, 2003 #3
no_nomen
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Quote:
Originally Posted by Randolph
It is true that money does not have to be based on gold or silver.
Money can be in the form of any commodity that has the
characteristics people look for in money.

***LOL***

I wonder why Randolph, the libertarian white supremicist
economist doesn't know about this?

I suppose the public fool system is to blame.
The Colonies issued Colonial Script and the
National Socialists issued Riechmarks:

Neither backed by gold and/or silver.

And both were so beneficial to both economies that
everyday Folk prospered wildly!

..........

There was a shortage of material for minting coins in the colonies, so they began to print their own paper money, which they called Colonial Script. This provided a very successful means of exchange and also gave the colonies a sense of identity. Colonial Script was money provided to help the exchange of goods. It was debt free paper money not backed by gold or silver.

During a visit to Britain in 1763, The Bank of England asked Benjamin Franklin how he would account for the new found prosperity in the colonies. Franklin replied.

"That is simple. In the colonies we issue our own money. It is called Colonial Script. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers.

In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one."
Benjamin Franklin 1

America had learned that the people's confidence in the currency was all they needed, and they could be free of borrowing debts. That would mean being free of the Bank of England. (Federal Reserve Private Bank)

1. Congressman Charles G. Binderup of Nebraska, Unrobing the Ghosts of Wall Street

.
 
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