Quote:
Originally Posted by jfrog
LOL. I can't spell it? I must be an idiot since someone done pointed out how to spell it to me. Nope, it's that I don't care about spelling it correctly. And then to see someone jump on my spelling as evidence that I shouldn't be discussing something due to lack of understanding... that is classic.
So moving on... I was going to drop the whole thing about Ron Paul saying what the federal reserve did was counterfitting because it really doesn't matter, but I've decided after you questioned my intelligence over that and spelling that it's worth defending myself. So here is my defense: At minute 10:28 in the video you posted Ron Paul says, "...But here we just casually accept, well the federal reserve we don't know who they are but they always do good things, we'll just let them counterfit."
So yes, I heard Ron Paul perfectly clear (apparently much clearer than you). He said the Federal Reserve counterfitted. Now, I understand that this doesn't answer the bigger question and that is whether he said that the Federal Reserve has always counterfitted. So in defense of that statement: At minute 10:13 Ron Paul said, "Printing money is literally counterfit and if you equate it to counterfit the founders hated counterfit and in the coins acts of 1792 they said that if you counterfit the currency of the nation you deserve the death penatly. But here we just casually accept, well the federal reserve we don't know who they are but they always do good things, we'll just let them counterfit."
So what does all this mean together? Well it means that printing money is counterfitting and if you equate that to adding zeroes to bank accounts like the federal reserve did this time then that is counterfitting too. So how does this show he said the Federal Reserve has always been counterfitting? Well, the Federal Reserve has always been either printing money (which he called counterfitting) or adding zeroes to accounts (which he also called counterfitting)... so I think I've let him speak for himself when I claimed he said the Federal Reserve has always been counterfitting.
Now if there is a better way to understand his words I am open to it. But don't call me an idiot or imply that I am one just because I understood what he said differently than you.
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I am going to respond to this post as to not leave it unanswered. I also hope to respond in a manner that does not leave a challenge to you so that we can, hopefully, get this thread back on course to it's intended subject.
My point was that Ron Paul was talking about 3+ trillion dollars printed for foreign countries by a non government entity and without the permission or knowledge of the United States Government.
But... to answer what you are saying...
Yes... Ron Paul does... in the broader sense... consider the printing of fiat money backed by nothing by a non government entity tantamount to counterfeiting.
I do too.
I was attempting to discuss his words in the context of the video and the actions of the Federal Reserve that were being discussed. But our money supply is fiat. It is empty. It is backed by nothing but belief that we will be able to pay our debts. That is it's only worth.
In this sense... The Federal Reserve is little more than a counterfeiter with license to operate.