Money and Banks

What does ChatGPT know about money? More than one might think. George Ford Smith asks the AI program some questions about money and gets some surprising answers.

Governing elites believe that the fiat money system is the height of “sophisticated” finance. In reality, fiat money sucks the life out of the economy like a vampire.

The hatred and disparagement of gold as money and the gold standard has become standard dogma of the modern State.

Banking systems around the world have huge effects on our lives, yet few people understand how banks work. Worse yet, even fewer understand the malign powers of central banks and how this system undermines economies. Thus, it is important to demystify these systems.

If the government really believed you would be better off and more prosperous with their policies, they would encourage free speech because everyone would value their welfare improvements. They need to limit free speech because they know they will make you poorer.

Both economists and laypeople carelessly refer to interest rates as the "price" of money. As Austrian economists have pointed out, however, interest is what people are willing to pay to control resources at the present time instead of waiting until later, time preference.

The Federal Reserve seems to have finally committed to, but has not yet begun its “rate cutting cycle” of lower interest rates, specifically the Federal Funds Rate, or policy rate.

Progressive and even many mainstream economists believe that cash is a relic from the past and should be replaced with digital money. There are many good reasons why not to follow this course, and no good reasons to replace cash.

Progressive and even many mainstream economists believe that cash is a relic from the past and should be replaced with digital money. There are many good reasons why not to follow this course, and no good reasons to replace cash.

It may not have been created in the lab of a mad scientist, but the euro is still a manufactured, cobbled-together currency made from a number of national monetary units. Indeed, it is the perfect Frankenstein currency.