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============================: THU.OCT,981029 :============================ 12| Dr LarryParks : The Oncoming Monetary Collapse and the Fight for Honest Money . Marriott 49th & Lex, NYC. RSVP rqrd RotaryClub;819-0809 . Lunch $37 |12:50| Intro Member : Monetary InStability : Larry`s forte : educate about monetary system | Fight for honest Money . Money sceond only to sex & may be precondition for 1st . Congress Sell bonds to commercial Banks . $900B now on books . False that banks relending other peoples money . created $900B out of nothing . call it fractional reserve lending . MOney that leaves bank to individuals get redeposited . Johnson never raised taxes . Banks get $50B interest each yr for bonds . & pay very little interest on checking acnts . School Lunch Program , EdwinMiera mongraph : on website : Monetizing debt . Lets say want another $450B w 18 keystrokes - backed by 100ks over period of time . Money Ctr Banks Can create all the money they want when they lend . Banks ks hav e creae $5T since 1950 | $1T this yr . GM , etc lend to capital mkts directly . Colluded w Polititions to create safety nets - Lneder of Last resort @ FedRes . If systemic Everytime money created out of nothing , dilutes value of money already created . Moral Hazard - taxpayers pay . Have rules on capital . 60 -70T$ in derivatives ( bets ) . Currancy trading - Citibank 'earned' $2B last yr . Fed stands ready to back up 'without limit' . FDIC : In last century # of Bank panics when banks went bust . Banks had ~ .4 assets . 1907 Banks Fiat Money sytems have always failed - since ancient chinese . always has be . since `60 1$ has lost .9 of value . Why think stoped . Fiat $s centrally planned . Answer : Commodity money . trading wealth for wealth . barter - cant carry around - then becomes fiduciary money . Gold most efficient means of transfering value over space and time . freer society . Why not have gold as money . MurryRothbard - GeogeSoros P 101 . LP : Why . incompatable w lender of last resort . gold stands in the way of bailout . Keynes set up Indian banking system : ' Gold is archaic relic ' . Central bank gold in competion . Roosevelt seized all gold 330310 fireaide chat . We have been swindled . ThomasJefferson : shine a light : We have no leaders in a putitive sense . Follow polls . FAME working to start own money . Vital Speaches - Larry on it . Journalists get hardly any mail . FAME has take directly to Unions etc . Indonesia starving . Larry has joined 2 unions . Labor has long history of supporting hard Money. |13:32| The text of the speech should be available soon on FAME.org . After the talk , I told Larry I continue to believe the quest for a tangible foundation for money will find none . Money exists in histories of account entries . The search for a foundation for solid money reminds me of the searh for ' grandmother ' neurons mediating recognition of , e.g. , your grandmother , popular back when I was trying to figure out how brains work . I am surprized there is a Libertarian affinity for a return to something (?) like a Gold standard . Seems strange to me , they don`t recognize that in our global electronic wired world , there is essentially a Free Market in Moneys . Notice that the abandonment of gold coincides with the rise of light speed global communications and computerization of records . The attributes Larry mentions as suiting gold uniquely for portable exchange has been trumped by technology .