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Oct 5, 2009

Pat Carmack, producer of the film The Money Masters, joins us for a discussion on how the film came into existence along with his thoughts on the banking industry and the Federal Reserve.

Probably the highlight of the show for me was Pat's stance on the gold standard and a 100% reserve ratio for banks. Pat also gave good insight on money creation and the repeating pattern of market manipulations by banks.

The Money Masters Website

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nine and a half years ago

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nine and a half years ago

Because the bank is in the business of unsucered lending. Home loans are secured by the house that the consumer is buying. Car loans are secured by the car that the consumer is buying. Credit cards allow you to borrow money from a bank which has no asset to secure that loan. The banks know that some of their clients will receive a discharge of their obligation to repay the loan through bankruptcy. Others will die with insufficient funds to repay the loan. Some will leave the country and never repay their loans. Others will move to a different part of the country and never repay the loan.Therefore, the interest rate for credit card lending is higher than other loans. Also, if a borrower does a naughty such as failing to pay his/her bill on time, all of the bells and whistle ring at the bank. The bank thinks Oh no! This guy/gal is going to screw us the way so many other people have. The bank then raises your rate immediately. Which has the unintended consequence of making it MORE likely that you default on your loan and end up not paying.But that is the nature of the beast. Check out the movie Maxed Out if you'd like to know more about the credit card industry. It is heavily biased against the industry, but some of the history and the facts cited are interesting.If you have serious problem paying your minimum, consider all of your options. You may be able to restructure your repayment plan with the bank. Or you may want to consider hiring a lawyer that specializes in debt settlement. is the website of the National Association of Consumer Advocates. It lists competent, licensed attorneys who specialize in helping out consumers with problems such as yours. [url=]hluxpoc[/url] [link=]ckhwjton[/link]

nine and a half years ago

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nine and a half years ago

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Jens Bryndum
over thirteen years ago

In the interview Pat argues that fractional reserve lending by banks should be abolished. The reserve requirement should be 100%.
Maybe I\'m dense, but why would banks take deposits if they could not re-lend it?

Pat Carmack
over thirteen years ago

Jens, Consider the time before fractional reserve banking was law, or, in fact, when it was illegal.
Why did banks take deposits then? Because they charged a fee for the service of vaulting the money or gold. With the permission of the depositor(s) they also were permitted to loan out the money (or gold, or receipts for same) for fixed, agreed periods and they split the interest earned with the depositors. That was their income. It was reasonable. It did not impoverish the whole of society. It was a service that benefitted society. They did not create money thereby reducing the value of everyone else\'s money. Nor did they become fabulously wealthy thereby endangering the integrity of the economic and political orders of society. Only when their greed got the better of them and they began to make loans and charge interest on money they did not have (by means of essentially fraudulent receipts for gold they either did not have or had no permission to lend)did their wealth begin to grow to dangerous amounts, concentrating disproportionate wealth in fewer and few hands - the beginning of the concentration we now have, in which a very few men control the majority of the world\'s wealth.

Banks certainly would not like to lose their power to create money, they will resist it, but without that power being restored to the people growing tyranny by the bankers is inevitable.

over thirteen years ago

Steve, one minor technical note, the download file should be re-named\" \"Episode_23_-_The_Money_Masters.mp3\" since, after all, this is episode 23.

Jaan Hjorth
over thirteen years ago


The shows are always great.

This one was exceptional.

Cause, effect, lowest common denominator. All in one show.

I\'m passing the enlightenment on to several others.

Cheers !