Dave Smith on Hyper-Inflation and Fractional Reserve Banking

I learned this in like 2015. I’ve educated myself little more since then. But I saved a little money to purchase a car. Went to my bank (local credit union) and requested to take 11k out . They told me no. I was freaking pissed. Eventually a manager came out and allowed me to take the money out , but I was dumbfounded they even told me no to begin with.

I talked to my coworkers a month ago, bringing up almost every point Dave brought up + how income tax was introduced. People looked at me on the call like I was speaking Swahili... I think the financial system is so unbelievably corrupted people simply don't believe it when you tell them. They think you don't know what you're talking about, its extremely frustrating.

FUN FACT: On March 26, 2020, the 10% and 3% required reserve ratios against net transaction deposits were reduced to 0% for all banks, essentially removing the reserve requirements altogether. It was replaced with Interest on Reserve Balances (IORB), or interest paid on reserves the banks hold as an incentive rather than a requirement -- Rate on Reserve Balances (IORB rate) 5.40% as of 7/27/2023

I'd like to see joe rogan put on more of this kind of content (economics, banking system, current prices, inflation...etc) the world is too expensive right now, and it would be nice to talk and educate people about it

Dave Smith episodes are the best. It always seems the most level headed individuals with collective interest in mind, would never become politicians.

"The goal of a debt based economy is to not get caught stealing... the only way to not get caught is if the people allow them to go to a cashless system. If they can't go to a cashless system eventually the economy will crash and they will get caught." ~Bill Cooper (around the late 90's)

When Soviet Union collapsed, my parents and all other Eastern European had all their money on savings account all their life savings. When hyperinflation hit the country, all of their accounts were frozen, no money was given out and everyone lost all of their life savings. It was given out when a lighter was now more expensive than a car. This is how all Eastern Europeans became broke in 1990s and until now many people keep their savings in 6 different banks, some offshore, avoiding loans and debt or keeping money under the mattress… Ironically everyone who wanted to be a millionaire, they all achieved that goal! They got me a Nintendo for $50 Million Rubles I remember.

I was a delegate for Ron Paul in the Republican primaries in 2012 so when I hear him brought up it makes me happy.

Fractional reserve banking: your deposit in a bank is an unsecured loan to the bank with a joke called "FDIC" to insure that fraud.

Very well explained... especially the very important fact your bank account holds not your money, but your loan to the bank.