Capitalism vs. the Free Market – Sheldon Richman’s Full Lecture

VN:F [1.9.22_1171]
Have Your Say! Rate This Film!
Rating: 5.0/5 (2 votes cast)

Lecture by Sheldon Richman given as part of The Future of Freedom Foundation’s “Economic Liberty Lecture Series” on March 1, 2010. http://www.fff.org

Sheldon Richman is editor of The Freeman, published by The Foundation for Economic Education in Irvington, New York, and serves as senior fellow at The Future of Freedom Foundation. He is the author of FFF’s award-winning book Separating School & State: How to Liberate America’s Families; Your Money or Your Life: Why We Must Abolish the Income Tax; and Tethered Citizens: Time to Repeal the Welfare State.

Here’s a great short piece on the differences between capitalism and free enterprise from Rick Martin:

“When I tell people that capitalism and free enterprise are not the same thing, I typically get a deer-in-the-headlights look, followed by a clearly articulated “Huh?”  But they are not the same thing, and that is the subject of this piece.

Capitalism requires growth.  Free enterprise does not.  Capitalism can only be satisfied by “more.”  Free enterprise can be satisfied by “enough.”  Free enterprise can go on forever.  Capitalism cannot.

Free enterprise means that I am free to set up my own enterprise, say a general store, and the Federal Agents will not come knocking at midnight. As long as my expenses do not exceed my revenues, my enterprise can continue indefinitely without the need to increase my net worth.

Free enterprise requires freedom, but it does not require accumulation, or growth.

Capitalism, on the other hand, requires a return on investment (ROI).  It requires me to accumulate ever more capital. If I invest $100, by the end of the year, I had better realize a minimum of $106.  If I don’t, then my investment became negative, as the very roots of capitalism are planted in inflation.


Read more

VN:F [1.9.22_1171]
Have Your Say! Rate This Film!
Rating: 5.0/5 (2 votes cast)
End Of the Road - How Money Became Worthless, 4.6 out of 5 based on 26 ratings
< |||| > 1 2 3 4 5

End Of the Road – How Money Became Worthless

VN:F [1.9.22_1171]
Have Your Say! Rate This Film!
Rating: 4.6/5 (26 votes cast)

A great history of the inflationary, fiat system that dominates the world today.  Interviews with Peter Schiff, Eric Sprott, G. Edward Griffin, Mike Maloney and more.

 

Buy the film here: http://www.amazon.com/End-Road-Money-Became-Worthless/dp/B008VHRH7S

VN:F [1.9.22_1171]
Have Your Say! Rate This Film!
Rating: 4.6/5 (26 votes cast)
End Of the Road - How Money Became Worthless, 4.6 out of 5 based on 26 ratings
Report Broken Video Link

6 comments to End Of the Road – How Money Became Worthless

  • Richard Allicock

    This is a good discussion on the relationship between Gold as money and the difference between money and currency. It is also a good discussion on the way that currency has replaced money and gold and what we now have is what is called fiat money/currency which is dependent on the force or will of governments to recognise and use fiat currency as money and the risk is of collapse of the economic system if increasingly people stop having confidence in the US dollar. The way in which countries end up lending money to the US by investing their profits on trade with the US back into to US Treasury Bonds via the Federal Reserve which then lends money to the US Government in exchange for US Government bonds is shown to be a Ponzi scheme, since the US Government has to be borrowing more and more to keep up payments on the principal and interest at increasing amounts that are unsustainable. This is however easy as fiat money just has to be printed, and now not even physically, as Billions and Trillions can be created and transferred at the touch of a keyboard. Ultimately however such documentaries are highly suspect being presented from the point of view of those whose interest is in people buying gold as a reserve against prohesied calamity. These are the gold trader companies connected to the gold mining companies. The greater there is a demand for gold, the greater is the money available for gold mining to produce the gold to meet increased demand. Just as there is inflation with the dollar/fiat currencies, there will be inflation with gold as money or even as a backing/standard to currency. The propaganda is clear when owning gold is talked about as an expression of personal power and freedom and as a check on government power and spending. Pressing for a return to the gold standard is not possible since there is not enough gold in the vaults of the Federal Reserve of NY and the Bank of England (where most of the stored gold is, and not in Fort Knox) to back the level of international trade. Already it is suspected, and mentioned in the documentary that the gold that is there has been loaned out to Bullion Banks, which also buy US Treasury Bonds to sell on the market to provide loans to the US government. So countries owning and storing gold in the NY and UK vaults might not be able to get back their physical gold were they to ask for it at the same time or even one after another. So we are back to the situation in the UK in the 1600s, when gold was left with goldsmiths who lent out peoples gold to the Crown and made a profit on the storage and for a while did not pay interest to the depositors. Eventually the amount of money lent out was far more than the value of the amount of gold the Goldsmiths had in their vaults. This is why and when the Bank of England was founded and funded and when the same Ponzi scheme began, that has been taken up by the US, but that is another story. But this is why the US has to go rampaging all over the world to bring more and more countries under its hegemony or sphere of influence to maintain the US dollar as a Reserve currency and punish any-one that tries to stay out (like N. Korea or countries previously allied to the USSR) or even speak of opting out like Iraq under Saddam Hussein and now Iran. China is making similar noises and there is much talk about getting out from the US dollar into gold by the Gold traders. But Chinese currency will never become a reserve currency because much of the world population is in Asia and many countries in that area have a long history of antagonism to the major economic powers like Japan, and China. These have their own historical antagonisms which make them not trust or love one another, while India will not go along with either also for historical reasons in any scheme to make either the Yen or Yuan a major reserve currency or even the main one like the US dollar.

    VA:F [1.9.22_1171]
    Rating: +4 (from 6 votes)
    • 100% right on Richard. I hope that more people will wake up to these facts that are completely left out by the elite owned media companies.

      There might be hope yet.

      VA:F [1.9.22_1171]
      Rating: 0 (from 0 votes)
  • No Jojo

    I have to disagree with the notion that USA’s industries are shutting down and folks are losing their jobs because East Aisian countries lowering their currencies to import their goods. Nonsense!
    Question to the author–are factories in China closing abandoned and folks on food steamps or worse feeding off dumpsters behand food outlets?
    In China–things are boooming and no poverty. Citizens own factories-business,so the money that comes into USA is NOT from these business operations. Author wants us to beLIEve that the Chinese/Korean ect is in a Ponzie bubble to burst. Americans are lazy–too stupid to realize their government make-up are leaches.Take back USA–term limits for all politicians-sure cure for evil USA enterprize

    VA:F [1.9.22_1171]
    Rating: -6 (from 6 votes)
  • According to the video, the Ponzi scheme begins with the government borrowing money which is printed by the Federal Reserve. The government then sells the Treasury Note (loan) to some other entity. It seems like there are 2 infusions of currency here, the first is the original printing and the second is the sale, but the explanation only completely illustrates one. Where does the currency for the sale to a third party go? Are we to assume that the government uses this to pay bill also? Does the Fed only have to print 1/2 the currency needed since the other 1/2 comes from the sale?
    It seems the not having a third party to buy the note would be a disaster, but why? The needed currency is already in existence from printing it. Why can’t the government just borrow from the third party directly and issue them a Treasury Bond and use that loan to pay its bills? I know the Federal Reserve does print money to stimulate the economy, and that the government also borrows from other countries, especially China, but this video is unclear as to how that all interacts.

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  • rubyred990

    With the entire government shut-down, and the possibility of the USA defaulting on their trillions of dollars in loans, you’d hope for more people to be talking about something illustrating that very problem, and a solution to fix that. The government is not a seperate entity, they are not some looming thing the distance holding us hostage. “WE the people.” Is that not in our very own lauded constitution? “WE the people.” The government is ours, it’s something we invented, and put in place to keep things running, so we could all specialize, and live our lives, rather than simply surviving. But we have to be a part of it. You can’t expect to put 10 people in a locked room and believe they’ll make the best decision for 100. Each voice has to be counted, and everyone has to be equal. We need to wake up, and start running this country again.

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  • joseph hugh o'brien

    if you notice how this is presented … it uses catastrophic consequences as it’s theme … they repeat the same idea over and over … terms like fiat currency , ponzi sceme , printing money … they use terms like these to exploit knee jerk reactions … their use of facts are minimal … the borrowing started with these very authors of this movie … top down economics started with these types … and now they want to return to gold … not very convincing if you don’t get caught up in the repetition used …

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)

What Did You Think? Leave a Reply

Republic Broadcasting Live Stream