All around the country today, passionate Americans will be advocating for an end to the Federal Reserve: A fraudulent and unconstitutional entity. We will be calling for a sound monetary policy in America, one which isn’t based on printing money ‘out of thin air’.
Follow my live updates from Denver via Twitter and Flickr.
If you unaware of how the Federal Reserve works, I urge you to watch the following video for an introduction. You may find more on Google Video and YouTube. Please educate yourself.
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Ron,
As much as the current system failed recently, a monetary system based on notes backed by any kind of material (to the exception maybe of steel) would be the end of most investments, due to the lack of enough quantity of raw materials to back the current level of investments in a world of 6.5 billion.
Even if we could back investment with gold, silver, or steel, this would mean destroying the environment of our planet even more than ever before up to an unimaginable scale. This could mean so much more mercury in the oceans that all fish would become improper for human consumption.
This would certainly be the end of the cloud computing that you treasure.
We need a monetary system based on properly risk-assessed promise of future returns, not chunks of processed matter, as much as you do when you invest in the promise of cloud computing because of its promise to deliver you from the chains of hosted-servers.
That said the current system needs to be fixed. The good news is it can be easily fixed and it is already fixed. Lending money to people who will never be able to deliver on their future promise to generate the return is simply ludicrous and this no longer happens today.
The current crisis was not generated by the Fed alone, it is the result of global dysfunction of the banking system, only in America, where mortgage brokers lent money to insolvent people with the complaisance of the many, if not all, US banks.
In turn these banks have sold this bad debt packaged into deceiving funds with good names (such as high-grade enhanced structured leverage fund) where the actual risk was criminally under-represented. The world banking system in turn trusted the American banking system and is now paying a dear price for these naive beliefs.
As soon as the banking system stopped lending foolishly and criminally, the basis of the current crisis was gone for good.
The problem now is the aftermath of this mess, and the fears coming from the amplitude of this global disaster.
Fear is as stupid as lending money to insolvent people. Fear leads to halting sound investments and some people wanting to halt investments altogether by going back to a matter-backed financial system.
Once fear will be gone, this current financial crisis will be over. If you want to participate in removing these fears, communicate on the fact that these fears are not backed by anything, certainly not gold or any other chunk of matter.