| Subject: | Re: [socialcredit] U.S. Economics Test | | Date: | Sunday, August 12, 2007 18:58:18 (-0700) | | From: | william_b_ryan <william_b_ryan @.....com>
|
| In reply to: | Message 4963 (written by Martin Hattersley) |
Well, yes. As The New York Times reported:
"The scores of students who had taken economics
courses were not necessarily higher than those who had
not. On average, students who had taken Advanced
Placement, International Baccalaureate or an honors
course in economics scored marginally higher than
students who had taken no economics at all, but
students who had taken 'consumer economics' or
business courses scored lower."
No wonder, with questions like the one about deposits.
It certainly does appear that there is some idiocracy
effect here.
--- Martin Hattersley <hattersleyjm@interbaun.com>
wrote:
> Isn't this rather a good opportunity to confront
> Mark Schneider over the
> erroneous nature of his test? No wonder the students
> can't make sense of it!
>
> Martin Hattersley
> 5929 - 189 St., NW
> EDMONTON AB CANADA T6M 2J1
> (780)483-5442
> e-mail:jmartinh@shaw.ca
> ----- Original Message -----
> From: <william_b_ryan@yahoo.com>
> To: <socialcredit@elistas.com>
> Sent: Sunday, August 12, 2007 1:02 PM
> Subject: Re: [socialcredit] U.S. Economics Test
>
>
> > Yes, dumbing down. But I really had thought that
> it
> > was generally accepted now by economists that
> loans
> > create deposits, rather than deposits funding
> loans.
> > Then I was really astounded when I saw the report
> the
> > other day in The New York Times of the 12th grade
> > economics assessment. It's not just that it is a
> > single stupid question from the test, but one
> that's
> > trumpeted by the promoters themselves as being
> > representative of the test.
> >
> > Attached is a short excerpt from Mark Scneider,
> > Commissioner--National Center for Education
> Statistics
> > of the U.S. Department of Education, at
> Wednesday's
> > presentation and press conference. The full audio
> and
> > video is at http://www.c-span.org
> >
> > "The Nation's Report Card: Economics 2006" was
> > released by the National Assessment Governing
> Board.
> > The report contains achievement results for U.S.
> > 12th-grade students on the 2006 National
> Assessment of
> > Educational Progress (NAEP). The report includes
> data
> > on economics course-taking and provides examples
> of
> > what students know-and don't know-about national
> and
> > international economic issues and personal finance
> > topics.
> > 8/8/2007: WASHINGTON, DC: 53 min.
> > ----------------------
> >
> > The following is from Douglas's 1923 testimony in
> > Ottawa. The page numbers refer to the PDF that I
> > posted on Friday.
> > -
> >
> >>>>page 33
> > Douglas: The deposits of money in a bank are only
> a
> > smoke screen for the major operations of the bank.
> If
> > the public could not see that a certain amount of
> > money went into a bank, they would not believe
> that it
> > was possible for any considerable amount of money
> to
> > come out of it. But the bank's business is a loss
> in
> > respect of its deposits, and only part of it in
> > respect of its disbursements. It has to carry on a
> > certain amount of business at a loss in order to
> form
> > a screen for the very much larger amount of
> business
> > which it carries on at a profit, but it would be
> > perfectly possible for a modern banking business
> to
> > function exactly as it does at the present time
> > without any deposits.
> >
> > By Mr. McMaster: Q. So they pay three per cent and
> > invite the public to deposit by advertisements
> just to
> > get a smoke screen?-
> >
> > A. I should say that.
> >
> >>>>page 34
> > Q. Tell us how a bank could function without
> deposits.
> > It has a small nominal capital, but it has no
> > deposits. Will you just carry us through the stage
> of
> > that operation?-
> >
> > A. It is really very simple. If a bank could issue
> a
> > draft for any amount, a banker's draft for any
> amount,
> > which would always be accepted as money and would
> > never be asked for in the form of legal tender-
> >
> > Q. Suppose I were going to London and I wanted to
> buy
> > a draft on London, would I never be asked for the
> > money?-
> >
> > A. They probably would ask, but I say under
> certain
> > circumstances.
> >
> > Q. If a bank did not have any deposits or any
> capital,
> > how would they pay that? How would they pay? For
> > instance the London and Midland Bank, say.-
> >
> > A. The only liability of a bank is to pay legal
> tender
> > on demand. If there is no demand for legal tender,
> if
> > its draft is always accepted without changing it
> into
> > anything else, or if it were in the position of
> being
> > able to issue $1 cheques, which passed from hand
> to
> > hand as $1 notes, then just so long as that
> > hypothetical state of mind exists, I mean it could
> not
> > exist, because it is not practical, but just so
> long
> > as it existed, that bank could carry on a
> flourishing
> > business without having any deposits. In other
> words,
> > it would be creating its own currency and these
> would
> > be claims on goods. It would not be paying these
> > claims on goods.
> >
> > Q. When you say a bank could carry on business
> without
> > any deposits and practically without any capital,
> is
> > not that putting it in a pretty extreme way?-
> >
> >>>>page 35
> > A. I do not say that it could in the sense that it
> is
> > a practical proposition, but I say that it might.
> >
> > Q. If everybody believed it could be done?-
> >
> > A. If everybody believed it could be done.
> >
> > Q. That is to say, banking might be based on a
> state
> > of mind, and not on deposits?-
> >
> > A. I should say banking is based on a state of
> mind at
> > the present time.
> >
> > By Mr. Stevens: Q. Do you think this case that you
> > mention is within the realm of possibility in
> > practical business?-
> >
> > A. All I can say is that the British clearinghouse
> > deposits during 1922 showed that only 1.7 of 100
> per
> > cent of the business of the country was done in
> legal
> > tender.
> >
> > By Mr. Spencer: Q. I would like to ask Major
> Douglas
> > if he considers that all loans create deposits to
> an
> > equal amount?-
> >
> > A. I do.
> >
> >>>>page 38
> > ...By Mr. Irvine: Q. On page 43 [of the Bankers'
> > Association pamphlet they were discussing],
> arguing on
> > that, that the farmer should not be allowed to
> have
> > any more credit because "the money they lend (that
> is,
> > the bankers) represents customers' deposits, which
> > they must be ready at all times to pay on demand."
> > Have you any remarks to make in that regard?-
> >
>
=== message truncated ===
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