12yr old Victoria Grant on banks and debt

Graham_Devon

Got this from DT. She makes more sense than most on here.

Amzing really.

Well worth a watch, some of you might just learn a thing or two along the way aswell

12-year old Victoria Grant explains why her homeland, Canada, and most of the world, is in debt. April 27, 2012 at the Public Banking in America Conference, Philadelphia, PA

http://www.youtube.com/watch?v=_ae7h8FioX0

PasturesNew

I can't watch it until 4th June ... can't go over my bandwidth limit and that's topped up on 3rd.... and by then I'll have forgotten about this thread.

vivatifosi

Whether or not you agree with the sentiment she is scarily composed and an excellent public speaker. I really want to know if she used autocue. Amazing.

Graham_Devon

vivatifosi wrote: »

Whether or not you agree with the sentiment she is scarily composed and an excellent public speaker. I really want to know if she used autocue. Amazing.

It doesn't look like she's using autocue to me. She looks around too much and continues on without interuption. Even the best readers have to re-focus on where they are after looking away from the text.

She'll go far, thats for sure.

HAMISH_MCTAVISH

Graham_Devon wrote: »

Got this from DT. She makes more sense than most on here.

Interesting.

Let's see what she calls for.....

"Bank of Canada held primary control over government lending until the 1970s.

Starting then, she says, governments began borrowing from private banks instead at considerably higher interest rates than those available through the central bank.

The result, Grant argues, is a rapidly increasing national debt.

The pint-sized pundit is quick to offer a solution.

"If the Canadian Government needs money, they can borrow it directly from the Bank of Canada," she says."

Indeed.

Why bother borrowing from the markets when you can just borrow as much as you like from your central bank, at much lower interest rates.

Sounds familiar....

Given that it's also pretty much exactly what the BOE is doing via the back door with QE.

But not something you usually applaud.

And lets see what this would entail......

Last June, the Canadian Centre for Policy Alternatives published a plea from retired finance professor George Crowell, who now works on behalf of the Committee on Monetary and Economic Reform.

Such a change in monetary policy, combined with crucial changes in tax policy, would make available tens of billions of dollars that are urgently needed to rebuild our public infrastructure, protect our environment, and strengthen Medicare and other social programs so vital in meeting human needs," Crowell said.

Although, as you would normally point out most insistently had you not been blinded by a 12 year old kid using words like "financial slavery", there could be a slight flaw with that plan....

Critics of Crowell's arguments contend inflation rates would soar if the central bank was able to lend money below commercial interest rates.

Well well well.....

Graham is advocating governments borrowing from their central banks at below market rates, and risking "soaring inflation".

Who'd have thought it....:rotfl:

Honestly Graham, you've been flip flopping around like a fish out of water lately. It's quite remarkable to watch.

I actually think it's not a bad idea. But then I would....

Whereas it goes against the grain of absolutely everything you've ever argued on here.

Graham_Devon wrote: »

Amazing really.

Oh, it certainly is.

The_J

Stopped at the Jesus reference. Memorising something doesn't make you clever.

She described fractional reserve banking. One of the key reasons why growth since the 70s has been so spectacular allowing huge investment in infrastructure and entrepreneurship (such things would not have bought the technological world as we know it to fruition).

I absolutely despise people who complain in the bad times but ride on the coat tails of the good times. It's a disgusting human habit and the sign of a coward.

Fractional reserve banking has it's problems, usually when you throw in human fallibilities (like greed/gambling/selfishness/corruption) and poor regulation caused by regulators reacting to threats not proactively working to stop them happening in the first place. However, it also has it's benefits and has driven the human race in recent years.

Graham_Devon

HAMISH_MCTAVISH wrote: »

Graham is advocating governments borrowing from their central banks at below market rates, and risking "soaring inflation".

You get all that from my posting of a youtube vid, amazed at the girl speaking?

The girl is not arguing for QE. Just thought I'd let you know

HAMISH_MCTAVISH

Graham_Devon wrote: »

You get all that from my posting of a youtube vid, amazed at the girl speaking?

Nope.

I got that from this....

Graham_Devon wrote: »

She makes more sense than most on here.

some of you might just learn a thing or two along the way as well

Are you now flip flopping again to say she's wrong?

The girl is not arguing for QE. Just thought I'd let you know

She's arguing for a change in monetary policy to allow the government of Canada to borrow directly from their Central Bank at below market rates. You know, the central bank that creates the money.;)

It's everything you argue against, no matter how much you now try to wriggle out if it.

System

Could only listen to 5 seconds before her rising inflection made me want to self harm.

RenovationMan

Graham_Devon wrote: »

some of you might just learn a thing or two along the way aswell

LOL. This coming from someone who was outraged about the damage QE was doing to people's personal (money purchase) pensions and posted a link to company defined benefit (final salary) pensions to prove it.

I live in hopes that you actually learn a thing or two before you start spouting off as an expert on <any/every> subject. :rotfl:

Graham_Devon

Interesting that it's the bullish who have taken offence to a 12 year old girl speaking! Can't begin to think why!