EP #166: How Money Works with Joe Myers
Money is just a tool but a powerful one. The average person knows what it is but may not know how the monetary system works. Debt, interest rates, and inflation continue to get more complicated.
Today’s guest believes that our current banking system is unlawful. It’s a powerful stance on how things work and his solution might even be more controversial.
Joe Myers is a businessman, author, and monetary system critic who has a strong conviction for letting the free market lead. The conversation in this episode is insightful as to how the Federal Reserve affects the world’s money system and the people who use it.
What You'll Learn In Today's Episode:
How Joe learned about the current monetary system
What Joe thinks of the system
How much purchasing power we’ve lost over the years
What central banking is and how it works
The definition of fractional reserve banking
Joe’s thoughts on Congress’ money policies
About Joe’s mentor
What George Washington said about debt
The difference between “lawful” and “legal”
The purpose of the Constitution of the United States
About Joe’s solution to the problem
About dividend paying whole life insurance
Joe’s thoughts on newer types of insurance
Joe’s conspiratorial thought on the development of cryptocurrency
How recent regulatory issues have affected people
About Joe’s concern for the world’s human trafficking
Ideas Worth Sharing:
“I realized how corrupt our monetary system was.” - Joe Myers
“We’ve lost over 90% of the purchasing power of the dollar since 1913.” - Joe Myers
“You talk about the debt ceiling - that’s a fallacy.” - Joe Myers
“It’s supposed to be 10% but my understanding is that some banks don’t have any reserve.” - Joe Myers speaking about banking reserves
“The Federal Reserve Act basically obliterated both of those clauses.” - Joe Myers
“Let the free market work.” - Joe Myers
“I’m not going to buy things from them if they’re corrupt.” - Joe Myers
“Any group of people who thinks they’re smart enough to manage the monetary system of a country, they’re delusional.” - Joe Myers
“If something’s not right, you should be trying to fix it.” - Joe Myers
“I believe God created man and woman.” - Joe Myers
“People don’t even understand what the difference is between law vs. legal.” - Joe Myers
“God is definitely my base.” - Joe Myers
“Are we being decent to humanity as well?” - Joe Myers
“The solution that I talk about in my book is a dividend paying whole life.” - Joe Myers
“In 1834, they created their own life insurance company because they knew the value of it.” - Joe Myers speaking about the Rothschild family
“It doesn’t have all of those benefits that real money has.” - Joe Myers speaking about cryptocurrency
“It’s not that we have it that bad.” - Bob DePasquale
“Everywhere along the line, humans have made missteps.” - Bob DePasquale
“If there are tiny small little unlawful things throughout our day, why would the whole system not be affected as well.” - Bob DePasquale
Resources In Today's Episode:
Joe’s book - God’s Way to Financial Freedom
Becoming Your Own Banker: Unlock the Infinite Banking Concept By Nelson
The Creature of Jekyll Island by G. Edward Griffin
Lantern Rescue
Bob’s Book - Personal Finance in a Public World
This week’s E-Impact Blog Entry
Episodes Referenced: