is Snowden's nomination for the Nobel Peace Prize worst ever?

[oats]

Originally Posted by detour

my statement still stands...central banking an fiat currency revolve around creating money out of debt...the nation buys the currency from the central bank, with interest, an pays the debt in the same currency...it's a system designed to perpetuate the "rich get richer" idealogy...

in layman's terms, u agree to give me a dollar for $1.05...i have to pay u back with that same currency...thus, every dollar i get printed from u puts me $0.05 more in debt...i can never fully pay the debt cuz i have to get more money printed from u to pay it an that increases the debt...

wait, let's talk about this in real terms. are you referring to inflation, or taxes, I'm not sure what you're talking about in specifics in that example of 1$ for 1.05.

Put it this way: you get a paycheck for $700 every two weeks for working somewhere (idk what you do tbh). How exactly are you indebted to anyone?

the switch to a floating currency from the gold standard, while a valid point, in reality had very little to do with central banking. one of the reasons why FDR devalued gold was because people started to horde it in the great depression, which made the economy completely halt (compounding the existing economic crises). our currency is hardly interfered with by the FED - only the Canadian dollar is more pure as a floating currency, and really that's a relatively new development because of our stimulus packages and quantitative easing in light of the recession. floating currency has proven to be far more productive for virtually every economy in the world, it's not a conspiracy lol.

I think you have a fundamentally incorrect understanding of the role of the FED, as well as how we came to our current state of inequality, which I'm in full agreement by the way inasmuch as how the cards are stacked in favor of people who are already rich. but that's more a result of policymaking and, what many economists believe, inherent pillars of capitalism.