Good thread.. I always heard that the true beef with N. Korea, Valenzuela, and a couple of other countries is that they refuse to join the world banking system
4 Presidents-WTF?!! Why Ya’ll Ain’t Tell Me?!
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BmoreGorilla
Veteran
That’s why there’s military bases all over the world. But they want you to think it’s to protect our freedom or to stop those evil socialists. Like why would anybody in their right mind give a fukk what type of government another country chooses?
You’re still missing the entire point because you’re trying to be a contrarian just for the sake of it. I can break this down in so many ways but I’ll just give a few and this will be my last response.
You’re own words say “here are the recessions that “mention” poor banking practices” not even “caused by.” Then, you’re listing dates that I already pointed out that your Wikipedia source even stated that they have no financial data to back up these claims. Some of the examples aren’t even actual nationwide recessions such as
“The Cleveland Trust Company Index declined 19.7% during 1847 and 1848. It is associated with a financial crisis in Great Britain.”
This is a perfect example of your posting in this thread. This is a index fund that declined almost 20% in a year. It’s an index fund that had a bad year. So what? Was the Cleveland trust bank bailed out by the tax payer? Did a central bank print a billion dollars in response causing massive inflation? Then, the icing on the cake is “associated with a financial crisis in Great Britain” so the recession (if you want to call it that) wasn’t even caused by the actual bank or even a bank in America for that matter.
That one example alone has no context whatsoever to what is actually being discussed. It’s just data that came up first in your google search that you copied and pasted... from Wikipedia. But all that’s neither here nor there...
The main point you’re missing is bolded and I’ll even quote: “The idea that banking failures weren't an issue before the Fed is just ridiculous.”
I never made that claim. In fact that’s the opposite of what I said. Periods of expansion and contraction are normal. Recessions are normal. Bank failures and recessions are GOOD when a bank has poor banking practices and get to greedy. It’s a warning and example to other banks should they follow suit. The problem is when you essentially form a banking cartel it allow banks to get “to big to fail” and if one bank does fail it causes ripples in the entire financial system. It’s moral hazard. They have no reason to not be greedy because the risk for insolvency is virtually zero. Then, these to big to fail banks get bailed out by the taxpayer. In your Wikipedia “source” how many of the so called recessions (that are actually recessions) caused by banks followed with a bailout?
Maybe it’s my fault for not being specific enough but the claim I made was to be taken into context of the thread as it was by everyone else. My original post was about the increase in recessions in America caused by poor banking practices after the creation of the federal reserve because they know they’re to big to fail and the resulting bailouts and inflation that inevitably follows. Not recessions caused by some random bank in Europe, not a recession caused by a reduction in agriculture production, not a recession caused by war, etc etc.
If you want to have a debate make sure you stay in context of what the other person is actually trying to convey and not your opinion of what they’re trying to convey
Breh, your goalposts are constantly shifting, and with all that talking you still haven't given a single piece of data that supports your claims.
I can't even tell what you claim now has increased since the Fed was created. First you seemed to claim that recessions had increased, then you seemed to claim that recessions based on poor banking practices had increased, now I can't even tell what you're counting. Maybe you only want to count a recession if the "only" cause was poor banking practices? Well how many recessions in the last 30+ years were "caused" solely by poor banking practices, by your definition? One at most. So there goes your whole claim that the Fed is "causing" a recession every decade.
Right now we're in a recession caused by Covid that followed the longest period of growth in US history. It had been a full 12 years since the last recession, and that was caused by the collapse of the housing bubble, you could stretch and say that was caused by the banks if you really want. Back in 2001 we had a very minor recession caused by the collapse of the dot com bubble and the 9/11 attacks (which followed what until now had been the longest period of growth in US history), back in the early 1990s we had a very small recession caused by an oil price shock, a weakened economy, consumer pessimism, and too much accumulated debt, and that was almost 10 years since the last previous recession.
One of my frustrations in this discussion is that you keep posting claims without any evidence. Then when I bring the evidence that contradicts your claim, you make a new claim, also without evidence. You can't possibly claim the economy has been more unstable since the Fed. You can't possibly claim that banking practices have caused recessions more frequently. You don't actually post the evidence for your claims at all, which leave me to be the only one listing the actual recessions and their causes and making the data-based comparisons.
You also haven't responded to my Silvio Gesell quote. Like I showed you, Gesell was able to predict the causes of our economic booms, busts, AND wars, and he was doing that before the Fed was even created. (The quote was from 1917 but it was based on a theory he first published in Argentina in 1891 in response to their recession, and which he had seen happen again in the run-up to WW1.) The issue is an economy based on debt and interest on that debt. That is the basic problem, whether or not the "Fed" or anyone else is there. So long as the economic basis is debt at interest, you will always have these cycles.
JoogJoint
In my own league.
Yup, we have the most well funded military in the world, but this country has convinced these White folks that our military is in constant need of money instead of healthcare, education, and arts.
JoogJoint
In my own league.
Not only the Presidents. Look up J.P. Morgan, Astor family, Rothschild, Joe Kennedy - you haven’t even read or seen the half. Real sinister. The extent they go to in order to manufacture economic “crises” . This is the same U.S. government that fights a war on drugs while also contributes to and profits from drug trafficking.
Money doesn’t rule the world, the power to control credit and manipulate debt does.
That's a whole 'notha thread in itself, breh. The last guy who exposed this got murked.
JoogJoint
In my own league.
I have a theory that's why the Spaniards and Portuguese have a reputation of being the most brutal slave masters in the "New World." It was envy from being conquered by the Moors for so long. They never got over that and took it out on Black folks.
JoogJoint
In my own league.
In a country like the United States you never truly "own" anything when you think about it. Unlike other countries, our government makes sure you "owe" them for any kind of asset(s) that you have. For example, you'll never own a house or car in this country as long as you pay taxes and if you don't pay taxes, they can take your sh_t.
Even the money you earn, isn't truly yours when they can garnish it for owing a debt.
Even the money you earn, isn't truly yours when they can garnish it for owing a debt.
BmoreGorilla
Veteran
The Dutch too. The Moors were all up in there. They were prolly more brutal than the Spanish and Portuguese
The Fade
I don’t argue with niqqas on the Internet anymore
They called the natives over here moors as well for a minute
If only more people knew this.
He’s just one of the few con artists who were caught
I’m a brehetteThat's a whole 'notha thread in itself, breh. The last guy who exposed this got murked.
Mastamimd
Ain't shyt
@Booksnrain with another classic 
Banks borrow from other banks. Capitalism. They want the average citizen to repay their debt when banks are indebted themselves. The Long Con continues.