Bill Still's Great "Money Masters" Video

A Review By John 'The Engineer" Turmel

The Money Masters Video:
http://trutube.tv/video/1994/The-Money-Masters-Full-Movie#

JCT = John C. Turmel & BS = Bill Still

JCT: I know it's 3.5 hours but it's loaded with tons of money reform history. A few quibbles though: 

1:30 The solution lies only in reforming our banking system. 


JCT: Wouldn't a banking systems engineer go good now? 


15:00 This was the birth of fractional reserve banking. That is loaning out many times more money than you have assets on deposit.


JCT: Though it's true they can lend out many times more money than they started with on deposit, they can only lend out the 90% fraction of that deposited reserve, not 10 times 
the deposit. 


BS: So if a 1000 dollars in gold was deposited with them, they could loan out about 10.000 in paper money and draw interest payments on it and no one would ever discover the 
deception. By this means, goldsmiths gradually accumulated more and more wealth and used this wealth to accumulate more and more gold. Today this practice of loaning out more money than there are reserves is known as fractional reserve banking. Every bank in the US is allowed loaning out at least 10 times more money than they actually have. 


JCT: I've commented on this so many times, I've dubbed it the Jerry "Voorhis Mistake". Google it. I point out banks lend out 10 times more money than they started with by lending out 90% more new money than they old money they just got; over and over and over again. Needing new depositors over and over again before they can lend out new money until its new deposits are 10 times the original amount. The bank circuitry is shown in http://johnturmel.com/bankmath.htm 


BS: That's why they get rich on charging let's say 8% interest. It's not really 8% per year which is their income. It's 80%.


JCT: Yes, they create 10 times the original deposit but no, they do not keep 10 times the interest! Since they always need to have a depositor whom must be paid his share of the 
interest, the bank never makes more than the usual spread while it creates 10 times the original money. This is not the fraud. Overall, they do multiply up the money 10 times but they also have 10 times the deposits needing to be paid interest. So money is multiplied up but so is interest paid out to depositors multiplied up. 


26:00 More money in circulation means your money is worth less. 


JCT: Shift A inflation. This forgets about the collateral demanded before we can get loans. More chips in circulation mean more collateral was pledged at the cage, so Shift A, more money, is not the cause of the inflation we suffer. http://johnturmel.com/shifts.jpg shows inflation can be up in the money supply in front of your face or down in the collateral backing up the money behind your back. Economics only teaches the "up in front of your face" and does not delve into "down behind your back." Considering they're always wrong, could it be that only studying "up over here" and not "down over there," may be the cause of their lack of 
success? 


35:25 The Continental was a totally "fiat" currency. 


JCT: The Continental was "Good for the payment of taxes" but calling it "fiat" without the qualifier about its tax-payability doesn't disabuse people of the notion that "fiat" means "nothing" backing it. Telling us how Continentals inflated without mentioning the British counterfeiting leaves people with the notion that interest-free labor-based currency can inflate for some other reason. Of course, the Continental Congress couldn't have issued more money than for the work of the soldiers and citizens they received just as Great King Henry had couldn't over-issue his Tallies, and a commensurate tax would not have been oppressive as it had not been with King Henry's, and there could have been no inflation with interest-free chips. So the only way the interest-free Continental chips could have been inflated was by a counterfeit operation and to just say Continentals inflated leaving the impression that interest-free Continentals or Tallies could lose their value was weak. So 
how can Bill later say Colonial Scrip worked so well but Continentals had inflated when they were the same government chips? 

BS: The 19th century is known as the "Age of the Rothschilds." 


JCT: Hey, give them credit for a couple of billion souls lost who could have had a great ride in the 20th century too. 


1:18:30 Lincoln printed up Greenbacks. 


JCT: Am I the only monetary historian who knows about Lincoln's predecessor Buchanan issuing the first US Treasury notes which Lincoln copied in the necessary extreme. But 
let's give Buchanan his due. He was first, Lincoln was second, to use interest-free US Treasury Greenbacks for government expenditures. 


1:32:00 800% reduction. 


JCT: An 80% reduction. Can't go over 100% reducing, only increasing. Minor glitch. 


3:13:20 Friedman: I know of no depression that was not accompanied by a sharp decline in the stock of money and of no sharp decline that was not accompanied by a severe depression. 


JCT: Milton gets it wrong and right in the same time sentence. Couldn't leave right all alone, had to include the possibility of the wrong too. The shortage of money causes depressions! So the first part of the statement that depressions were always accompanied by a sharp decline in money is wrong while a sharp decline in money always being accompanied by a severe depression is right. Har har har. Aren't economists fun when they can contradict themselves in the same sentence? 


3:14 Guernsey money backed by nothing; good for the payment of taxes. 


JCT: Good for the payment of taxes is not "backed by nothing." Though it may not be backed by the usual expected collateral or bonds or gold, backed by tax-payment is backed by plenty. 


3:24:50 Educate your friends. Beware of gold standard. Beware of a world currency, the bankers' trojan horse. 


JCT: Unless it's John The Engineer's UNILETS timebank world currency earned only with an Hour of labor. Sure, beware the bankster's planned usurious world currency, but don't beware John The Engineer's interest-free time-based UNILETS world currency. 


3:26:00 Educate your member of Congress. Most don't understand it and those who do are influenced by money. 


JCT: Writing to your bought-and-paid-for congressman won't help but now that Bill has endorsed Hours time-based currency, maybe he should add an addendum on what to do: 
Cut banksters' vigorish; join an online time-barter network. I didn't beat up on Bill over the Voorhis Mistake, that theory was developed in the days when bankers wouldn't even 
admit they were creating money by private bank loans. I had to keep quoting the Governor of the Bank of Canada for years. And no one could be expected to perfect on Mammon 
until its equation was derived and and its blueprint drafted in the 
http://johnturmel.com/bankmath.htm 


No one minds errors in a good cause, but persisting in errors, that's a different thing. I only want to help people avoid talking to bankers about their getting 80% when all an 
ordinary banker knows is that he's only paid his spread. So the "10 times the interest" is an accusation that must be dropped. It falls on deaf ears, worse, it makes them laugh. Sure, they make their spread on the whole 10 times the original money, so what? I don't care about their profit spread. I care about how that spread is derived, by up-front service charge or by back-end mort-gage death-gamble usury. 

But what a great compendium of money reform quotes from the heroes of the real revolution. Money Masters is a great job, Bill, despite my pushing you to perfection. 

John C. "The Banking Systems Engineer" Turmel, KingofthePaupers, Great Canadian Gambler, TajProfessor, Author of the UNILETS interest-free time-based currency United Nations Millennium Declaration C6 in the http://www.un.org/millennium/declaration.htm Also See: http://johnturmel.com