Daily reminder the first country to eliminate their central bank and allow free market banking will have the highest living standards on earth within 5 years.
Massive high paying service sector jobs with dominate this country's economy to consume the goods the rest of the world has to produce for it.
The workweek would shrink to 2-3 days a week and people would retire much earlier. This will also lead to more jobs becoming available.
Everyone would have high saving rates. Houses would be inexpensive. Debt would be strongly discouraged economically.
Massive automation would take place as the cost of capital goods would be extremely cheap. This will lead to massive levels of technological innovation.
It would be extremely easy for the average person to start a business due to the cheap cost of capital goods.
Daily reminder actual free markets have prices falling all the time instead is going up.
Daily reminder America never had a system of free market banking for most of it's history. There were only patches of American history with free market banking. The panics that happened during the 1800s were due to government intervention in the banking sector. Sweden had the longest most successful period of free banking and that's what made them really rich.
Daily reminder the longest period of (relatively)free banking in America coincided with the INDUSTRIAL REVOLUTION where wages rose and prices fell.
Daily reminder central banks are the very reason the economy is a pile of shit and our generation is so fucked.
Basically what I'm saying is if we had a free market, the entire fucking country would be disneyland or universal studios and people would barely have to work.
inb4 >muh japan lost decade >muh great depression >muh deflationary spiral >butthurt keynesians that unironically read paul krugman
I personally emailed moot when the board was created and asked him to change the name to Business, Finance and Economics and he told me to fuck off.
This is the only appropriate board to discuss economics. Maybe /pol/ but they are cucked by national socialism.
Dylan Hall
Well economics is humanities.
Kayden Gutierrez
>he told me to fuck off Pics or gtfo
Lucas Kelly
Credit unions are cooperative financial institutions that are owned and controlled by their members. Credit unions provide the same financial services as banks but are considered not-for-profit organizations and adhere to cooperative principles.
Credit unions originated in mid-19th-century Germany through the efforts of pioneers Franz Herman Schulze'Delitzsch and Friedrich Wilhelm Raiffeisen. The concept of financial cooperatives crossed the Atlantic at the turn of the 20th century, when the caisse populaire movement was started by Alphonse Desjardins in Quebec, Canada. In 1900, from his home in Lévis, he opened North America's first credit union, marking the beginning of the Mouvement Desjardins. Eight years later, Desjardins provided guidance for the first credit union in the United States, where there are now about 7,950 active status federally insured credit unions, with almost 90 million members and more than $679 billion on deposit.
Cooperative banking networks, which were nationalized in Eastern Europe, work now as real cooperative institutions. In Poland, the SKOK (Spółdzielcze Kasy Oszczędnościowo-Kredytowe) network has grown to serve over 1 million members via 13,000 branches, and is larger than the country’s largest conventional bank.
Hudson Kelly
Everything you said is wrong. >mah central bank Bogeyman The central bank is the only similar still working institution in the western world. I bet you think it is secretly owned by the Rothschilds or something. The problem is wall street and D.C. Having a revolving door and mass is easier campaign influence. >"Free market banking" Shut up, you libtards are so delusional, >pretending monopolys and collusion would disappear if the big bad disclosure and accouting rules were done away with.
Kayden Sanchez
Credit Unions are great and would have more dominance in a free market.
Fuck central banking.
Justin Hall
Central Banking plays an essential role in modern economic policy as it allows counter-cyclical monetary policy, as shown during the much-maligned Federal Reserve "Quantitative Easing" which allowed the US to emerge almost unscathed from the Great Recession and led to the presently estimated 4% growth rates now that stimulus has been tapered off.
Banking panics are intrinsically linked to restrictive monetary policies like the gold standard, as the money supply is finite and follows a pro-cyclical rather than counter-cyclical behaviour, exacerbating booms and busts.
The evidence shows that both inflation and growth rates have stabilized following the end of the gold standard, which was the proclaimed intention behind Keynesianism and its updated version, the Neoclassical School.
Hudson Phillips
Picture: Inflation rates during the Gold Standard and after
Average inflation has gone ever so slightly upwards, but it has become much more stable (allowing consistently low inflation rather than cycles of inflation spikes followed by deflation).
This is shown in the standard deviation being much lower.
Aiden Martinez
Picture 2: Average GDP growth rates (again, in the US) have been practically the same between both periods, but the standard deviation again is much lower, meaning growth rates have been more stable, allowing the smoothing out of boom and bust cycles.
The evidence for Central Banking is pretty conclusive.
Jonathan Thompson
>The central bank is the only similar still working institution in the western world. I bet you think it is secretly owned by the Rothschilds or something.
The central bank has absolutely DESTROYED the western world. It it probably the western world's number one detriment.
>The problem is wall street and D.C. Where do you think they get their trillions of dollars from.
You're just a corporate whore
>>pretending monopolys and collusion would disappear if the big bad disclosure and accouting rules were done away with. They would They didn't exist in the late 1800s. inb4 muh standard oil
Mason Long
I wonder who wants the Central Banks so badly.
Jason Gutierrez
>Central Banking plays an essential role in modern economic policy as it allows counter-cyclical monetary policy, as shown during the much-maligned Federal Reserve "Quantitative Easing" which allowed the US to emerge almost unscathed from the Great Recession and led to the presently estimated 4% growth rates now that stimulus has been tapered off. TOP KUCK
QE has been a massive damage to the economy
>4% growth rates GDP is a bullshit figure and means nothing real production has been declining for decades
>Banking panics are intrinsically linked to restrictive monetary policies like the gold standard Banking panics are the result of central banking or other similar government policies that print money and cause MALINVESTMENT
Keynesians are delusional manchildren.
Christopher Mitchell
after 1970 the entire world took on the US dollar standard so all potential inflation was exported abroad.
Also why was life so much better in USA from 1950 to 1970? When we had sound money, there was far more production and JOBS.
Josiah Mitchell
They have big noses.
Dominic Diaz
Daily reminder central banking and massive levels of government control over the economy was responsible for the great depression
Adam Brooks
>TOP KUCK Go back to /pol/
>QE has been a massive damage to the economy You will have to prove that, I'm afraid.
>GDP is a bullshit figure and means nothing >real production has been declining for decades GDP growth rates literally measure variations in real production, retard. Gross National Product.
If you don't understand even the most basic definitions, how do you expect to know more than actual mainstream Economic science?
Oh wait, you are "woke" and "redpilled".
>Banking panics are the result of central banking or other similar government policies that print money and cause MALINVESTMENT If that was the case there would be more panic and more recessions but the historical record proves it is the other way around.
> >after 1970 the entire world took on the US dollar standard so all potential inflation was exported abroad. But inflation rates are lower worldwide. See pic in the following post.
>Also why was life so much better in USA from 1950 to 1970? >When we had sound money, there was far more production and JOBS. The United States still had Hoovervilles up to the 1960s, life expectancy was almost 10 years lower, infant mortality rates were at least three times higher, you are idolizing a time period you never lived in based on manufactured nostalgia, TV shows and movies, and your lack of knowledge of history.
Alexander Watson
...
Jackson Watson
Thank you to based chart user for btfo-ing op
Benjamin Bell
You cant just add 'inb4' to all arguements against your ideology thinking that automatically disproves them
>Lets ban alcohol >inb4 prohibition
>Lets go to war in Vietnam >inb4 Vietnam war
>Lets invade Russia in 1940 >inb4 Napoleon
>Lets do something that has always failed in the past for easily identifiable reasons for anyone who isn't a retard >inb4 events where the effects of this delusional sales pitch can be shown clearly
Joseph Butler
...
Eli Brown
Stop posting this ugly attention whore and go back to /r9k/.
Parker Myers
GDP is a monetary value of final goods and services in a country. If I pay someone 500 bucks to paint a wall and then paid the same person 500 bucks to take the paint off that same wall, the GDP increases by 1000 bucks. It's not a measure of any great economic value for the country or the world. The same way GDP can increase from corporations borrowing "money" from banks for practically zero interest rates then betting it on the stock market with stock buybacks and carry trades in forex is not real economic growth. It's simply a shuffling of cash in the current system we have, which is almost like a nationalized financials "free" market.
There may or may not be any use for central banking, but the US dollar has lost a massive amount of purchasing power since the 1970s, almost 90% devalued. If you couple with this increased competition globally and the depression of US wage growth, you are creating a more "stable" system but at the cost of US middle and lower classes' ability to save their labor and advance out of their stations in life into higher classes.
Joseph Rivera
Proves absolutely nothing you retarded fascists.
There's low inflation because the massive banks around the world are hoarding most of the money printed by central banks.
Jordan Campbell
>Go back to /pol/ go back to being a bootlicking keynesian
>You will have to prove that, I'm afraid. Americans are fucking DEBT SLAVES now. there are no real good jobs left
It requires 2.5 people to support an average family when in the 50s and 60s it required just 1.
>actual mainstream Economic science? The same actual mainstream science that got us into this depression. Why would anyone believe you?
>Oh wait, you are "woke" and "redpilled". Listen to yourself.
>If that was the case there would be more panic and more recessions but the historical record proves it is the other way around. LMAO WRONG The free market banking period of 1870s to 1890s was the most successful and basically no panics. The long depression during that time was also a myth.
We've had far more depressions and recessions since we've had central banks.
Juan Parker
All of the things I said inb4 for you actually have to disprove them.
I was just implying that they have already been debunked and that posting them was futile.
I can easily debunk any of them.
Brandon Reyes
If you unironically support central banks, you LOVE being enslaved.
You want to be poor and work your ass off for bankers who are exploiting you.
You want a small group of people to have the right to take what you've worked for away from you.
You enjoy being a slave.
Gas yourself.
Aaron Peterson
fuck central banks and fuck leftists
Ryan Russell
why are you so bad at posting sources to support your claims? why should i take you seriously if you can't back up anything you say?
Luke Diaz
you didnt post any sources to support your claims lol
you can't back up shit central bank bootlicker
Alexander James
>free banking in America coincided with the INDUSTRIAL REVOLUTION where wages rose and prices fell During the industrial revolution, there was a 100 hour work week. It's near impossible for what you said to happen. There's no way that someone would work 100 hours a week with a raised wage, especially with prices so low; there would have to be incentive. The competitive market is a battle between low prices and high wages, the labor market and the consumer market.
>The workweek would shrink to 2-3 days a week and people would retire much earlier. Let me put this into perspective. I'm a fisherman; I work about 50-60 hours a week, or 10 hours a day, 6 days of the week. There's a lobster demand in China, not a huge surplus, but an actual huge demand. If I, or any other fisherman, were to stop fishing for those days, we would have less catch, therefore we wouldn't meet the demand of others, which means that other competition will make money where we didn't, and they end up controlling the price, putting us out of business.
Money has 3 values: it's inherent value (the paper/metal), the value of its convenience, and the market value.
A central bank with the sole legal right to distribute currency, gives its currency the value of convenience; IE, it can give it more value than a private bank, because the private banks are in competition with one another, thereby making privatized currency less convenient. A currency with less value in its convenience of trade is inherently less valuable on the market.
Asher Rodriguez
Did you steal this from reddit by any chance?
Angel Morales
>Primitivist post instantly discarded
Asher Torres
pretty funny how retarded OP looks in this thread. immediately resorts to belligerent shitflinging when his half-baked internet learned understanding of economics is challenged.
Jayden Roberts
I already debunked it
also a irl legit primativist posted against my arguments
why bother responding to such a person?
Owen Bell
Indeed
Christian Ortiz
>bakuckin You REALLY enjoy being enslaved don't you. Economic illiterates are so hilariously retarded. I bet you believe surplus value is real too lmao.
pic is anti kropotin, but he was actually more intelligent than bakunin for a leftist
Carter Morris
>Impliying
Connor Thompson
You did not debunk anything autist, just sperging out at people and throwing around insults and baseless claims when chartbro already got you BTFO.
Jack Murphy
The real problem is debt based currency and interest.
Banks can create money out of nothing. You go there, ask for a credit, they type a number into their computer and suddenly you have lets say 10k$ that have not been in existence before. The bank then holds your debt and charges interest. Without ever risking or doing anything for it. All they need is 3% of the sum in "reserves" Those reserves are debt based loans as well. If you succeed in raising the sum of the capital and the interest rate, the bank gains capital. If you fail, the bank takes away your business or house. The FED is just the institute that issues the first round of debt to the government and other banks. It is private and not controlled by any governmental agency.
The mechanism of interest always siphons capital from the truly productive part of the population and makes it accumulate in the pools with the highest capital.
The result is an obscenely wealthy class of cooperate and financial actors, a working class robbed from the fruits of their labour and a growing proportion of extreme poverty.
Perpetual economic growth is a meme. it only serves as a way to pay the interest. But you can never keep up with it's exponential growth. Speculative bubbles and financial collapse are the result and the big players use them to stock up.
The game is rigged.
Jose Allen
you lost the debate
why havent you closed the tab already you bootlicking central bank loving corporate shill
Jordan Perry
nice argument /pol/tard
Christopher Moore
>nice argument lefttard you literally have nothing
you defend your corporate masters no matter how much evidence is thrown your way
you literally support printing trillions of dollars and giving it to bankers and corporations while the purchasing power of the poor and middle class decreases
what an absolute waste of a mind sad
William Torres
holy fucking shit please actually study economics before you shrek yourself like this again you fucking pleb
Jose Brown
>inb4 Not having access to international credit to import stuff that you need, baka
Aiden Butler
>Americans are fucking DEBT SLAVES now. >there are no real good jobs left Nice buzzwords.
There are plenty of jobs that went extinct, and plenty of new jobs that emerged as a result of technological progress. Whether these are "better" or "worse" jobs is entirely subjective and a matter of personal opinion. Regardless, even if what you said was true, you've failed to prove this is the fault of Central Banking, which as demonstrated has led to more stable growth and less financial panics and depressions.
If what you are refering to as "worse jobs" is the loss of US manufacturing jobs, this is attributable to a myriad of other factors IMHO, like China's 1993 currency devaluation and subsequent peg of the Reminbi at an undervalued rate, and not to Central Banking itself. Remember China, which has benefited enourmously from the current economic order, also uses Central Banking.
>It requires 2.5 people to support an average family when in the 50s and 60s it required just 1. This is objectively wrong. While it's true real wages have stagnated from the 1970s onwards (and ONLY in the USA, not in Southern Europe, Asia or many other regions of the world that also use Central Banking), the real median household income of American families has gone up from $42,100 in 1967 to $50,000 in 2011, and more importantly it has gone up across ALL income brackets, and today Americans enjoy access to goods and luxuries that were unheard of in the 1950s. Remember the last Hoovervilles in the US dissappeared as late as the 1960s. You are idolizing a time-period you are clearly very ignorant about.
>GDP is bullshit >mises.org/library/how-gdp-metrics-distort-our-view-economy Then propose an alternative to measure real growth in production, and show me how it has declined as a result of Central Banking, or stop grasping at straws.
Anthony Torres
Part II
>I don't care. You're wrong. Very mature.
>The same actual mainstream science that got us into this depression. No, the Neoclassical Synthesis advocates some degree of economic regulation of the financial sector, and fiscal prudence during times of prosperity to be able to increase spending in times of recession. Both the 1999 repeal of Glass–Steagall Act during Clinton's second term, and the Bush tax cuts and spending splurge during his two terms, go against this.
>The free market banking period of 1870s to 1890s was the most successful and basically no panics. Wrong again.
>We've had far more depressions and recessions since we've had central banks. Demonstrably wrong as per the charts I posted in >I already debunked it You did not debunk anything, you have spent the entire thread calling other people names and grasping at straws, while using my lack of response until now (I have a life and a job, I can't spend all day refreshing the tabs here) to claim some sort of autistic victory.
