Hi, Lee.

Lee Lofaso - Wayne Harris  writes:

> Hello Wayne,
>
> [..]
>
>  >> Griffin does not have a very good grasp on how things work.
>
>  WH> It was you who recommended me the book. :-)
>
> Highly. Very highly. It is the best. The very best. And I am not
> the only one who recommends reading this book. It is a true classic,
> and is extremely popular among many, including some US Senators.
>
> https://tinyurl.com/st3feq3

This page doesn't recommend the book.  Ron Paul might, I don't know if
he does.  In any case Ron Paul does seem serious about understanding
things because he seems to invite serious people who do seriously work
on understanding things.

``What is money?'' by Joseph Salerno
https://www.youtube.com/watch?v=vowbrq_g5NM

``What is constitutional money?'' by Edwin Vieira
https://www.youtube.com/watch?v=k6gMkKmQSW4

``What about money causes economic crisis?'' by Peter Schiff
https://www.youtube.com/watch?v=npJ0CUT8d_Y

>  >> The Congress does not spend money. It appropriates funds. The
>  >> Department of the Treasury is part of the Executive Branch, not the
>  >> Legislative Branch. How can the Department of the Treasury sell what
>  >> it cannot own?
>
>  >> It's kinda like robbing Peter to pay Paul. There has to be a victim,
>  >> even if that victim never realizes he/she is the victim.
>
>  >> Paper bills and coins made of metal have no real value. People are
>  >> able to spend it as "legal tender" only because government endorsed
>  >> it. Otherwise, those paper bills and coins made of metal would be
>  >> just as worthless.
>
>  >> IOW, people spend it because they believe it has value. If they did
>  >> not believe it had value, it would be used for something else.
>
>  >> Some people like to save it rather than spend it. But what they
>  >> are actually doing is allow other people to spend it since they are
>  >> not spending it themselves.
>
>  >> See how that works? Are you catching on yet?
>
>  >> What Griffin calls the "Mandrake Mechanism" is his way of trying
>  >> to put the blame on inflation as being the root cause of all evil.
>  >> But if you take the time to analyze what is really happening, you
>  >> will find deflation to be far more destructive than inflation.
>
>  >> If you want to make money you have to spend money. Preferably
>  >> other people's money. Saving money is losing money, since all money
>  >> loses value over time. And you are talking about paper bills, which
>  >> have no value to begin with.
>
>  >> Austerity has never worked in the past. It will not work now.
>  >> And it will never work in the future. What happens, is people just
>  >> wait. And wait. And wait. For prices to drop. And drop. And drop.
>  >> That is no way to build an economy.
>
>  >> The idea of fiat money, or scrip, is nothing new. People place
>  >> value on objects of their own choice, or what the leaders of their
>  >> tribe have dictated. Even primitive societies use fiat money.
>
>  >> We could just as well be using snake oil. The people of Yap use
>  >> giant round stones as their currency. They haul these giant stones
>  >> from island to island, hoping their canoe does not sink along the
>  >> way.
>
>  >> How much gold is stored at Ft. Knox? Or at any vault in the US?
>  >> If Germany requested the US to return its stash of gold being held
>  >> in US vaults, would the US comply? I doubt it.
>
>  >> Suppose the US no longer has the gold it was storing for Germany.
>  >> What would happen to whatever investments the US has in Germany?
>  >> If I was holding your gold, and you wanted it back, and I couldn't
>  >> find it, you would not be a happy camper.
>
>  >> Back to the original question.
>
>  >> How can the Fed give money to the Congress when the Fed has no
>  >> money of its own?
>
>  >> The Fed can print money. Or what it calls money. As much, or as
>  >> little, as it wants. It can raise interest rates. It can lower interest
>  >> rates. It can do lots of other things. It can create, and control, what
>  >> is commonly called "money". But what happens when all the money that
>  >> is printed gets out of control?
>
>  >> We know what happened in Germany. People had so much money they did
>  >> not what to do with it. Then came Hitler, who gave Germans everything
>  >> he promised, and more.
>
>  >> We also know what happeed in the USA. People had no money, and did
>  >> not know what to do. Then came FDR, who gave Americans everything he
>  >> promised, and more.
>
>  >> Yep. If you want to make money, gotta spend money, preferably other
>  >> people's money. Kinda like robbing Peter to pay Paul.
>
>  WH> I appreciate your attention.  You're not answering the question, but I
>  WH> take responsibility for it.  I didn't express myself well.  The question
>  WH> has been snipped, so I'll have to recover it.
>
> That's okay. The article I cited above does give a very concise, and
> accurate, answer.

If you're talking about

  https://tinyurl.com/st3feq3

then you can't be serious.  This page ridicules the work and doesn't
answer anything.  I'm perplexed you'd say this page answer the question.
We must be having a serious miscommunication here.

[...]

>  WH> It should be clear now that I'm interested in the process.  I may not
>  WH> know whether we are counting cats or dogs, but I should be able to see
>  WH> the arithmetic in clear steps.  If I've counted 3 things already in day
>  WH> 1 and then I count 4 more things in day 2, then putting these two days
>  WH> together, I've counted 3 + 4 = 7, which I verify by looking up my
>  WH> addition table, which is something I assume to be correct.
>
> Oh, I am sure you and others are able to count just fine. Next post
> I am going to roast Griffin's "mandrake mechanism" over very hot coals.
> And see if there is anything left when the flames subside. Feel free
> to comment on my upcoming analysis.

Sounds great!  Thanks!  (I haven't any new posts on this, though.)

[...]

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