Wednesday, January 9, 2013

Review of Bob Thiel's Second Youtube Message

I was reading Banned by HWA about the false prophet Bob Thiel's new Youtube channel. I decided to watch the embedded video.

He whines that the US national debt just keeps rising. If it didn't the US would have to cut back spending on certain things and, alas, most likely whatever gets cut will more likely affect the poor and vulnerable.

It is such a stupid video. 0 out of 10. He condemns quantitative easing that the US government is doing. While watching this video I saw no evidence that this false prophet even understands what the US government is trying to do and still he dares to ignorantly criticize them.

Thiel's Ignorant Polemic

He pompously says, our leaders don't understand the true problems. He whines that the US government is devaluing the US currency by increased spending and this will somehow cause hyperinflation.

(I resent how he brings up random examples of hyperinflation and just pretends that these are relevant to the current US situation. He spends no time trying to understand what actually happened in those instances but just tosses these ideas in order to scare potential recruits into his COG personality cult. It demonstrates laziness in his discussion of this topic.)

He then condemns such 'devaluing' as 'sin' and then spends a long time discussing obsolete problems regarding metal currency and inappropriately uses some Biblical versus to claim quantitative easing is sinful and will only lead to national catastrophe.

Thiel Does Not Know Why We No Longer Use Precious Metals In Our Currencies

He also spends an embarrassingly long time seemingly complaining that the US have devalued its coins. He seems to complain that the US treasury is using less valuable metals in making modern day coins. Dimes used to have actual silver, now they use something of less value. This is wrong. God says this is wrong. He seems to be saying that he wants silver placed in his coins again.

This is astoundingly ignorant. There is a very good reason why precious metals of that sort are no longer used in US currency: Not enough supply, too much demand. As the world population and the amount of money used has vastly increased, the supply of precious metals (such as gold) used to back such currency became less and less. There was too many people, too much money floating around, and the economy had expanded far too much for gold to effectively back a currency. Because of that modern day economies are not backed by precious metals. Not enough supply, too much demand.

Restoring precious metals into the currency, as he seems to suggest, would not help anyone.

Money Today No Longer Backed by Metals, But Thiel Does Not Seem to Understand This

No one had paper money back in ancient times. Back in Biblical times the advice it gave would have been no doubt good advice. Today metal currency is not an issue. Back in olden days people used metals as currency. They did not have paper money. As far as I can tell governments did not have the ability to produce dependable paper currency at that time. And traditionally many people were quite skeptical of paper currency because they feared that what backed the paper currency would fail. However as the modern day nation state arose and became more powerful the governments were able to produce currency that did not have to be backed by some sort of metal. The world's financial markets did not collapse but instead thrived with this innovation. Ancient hindrances against a paper currency have through been successfully overcome.

So for Bob Thiel to ignorantly use Biblical versus discussing the problems of devalued metal currencies when modern day currencies are no longer backed by such metals demonstrate how utterly ignorant this false prophet is. Randomly throwing Biblical verses without understanding modern day differences cannot make his message seem anymore enlightened.

Thiel Ignorant of Keynesianism

Bob Thiel does not even understand what the US government is trying to do.

It is called Keynesianism, named after the economist John Maynard Keynes. He should do some research on that before mindlessly condemning what US leaders are trying to do.  

That is what Keynesianism advocates: government cuts spending in times of growth, government increase spending during times of ecominic contraction.

What does this false prophet want the US government to do? Stop spending? As the Great Depression proved that is exactly the worst thing a government can do during a recession, because it insures that there is even less money flowing around in the economy, and therefore there will be less spending in the private sector, therefore more people will be laid off and will be unable to productively contribute to the economy and the economy will be harmed because the government did not spend more money during the crisis.

Some object, But this will cause even more debt. That problem should not be the main focus of attention until the economy recovers. Cutting government spending during an economic slow down (austerity) is exactly the worse thing you can do and only makes the recession worse. That is what Greece, Ireland, Spain and other Eurozone countries are doing now and this is why they are only throwing themselves deeper into financial turmoil.


The false prophet gives absolutely no indication that he even understands that this is what the US government is trying to do. His message in this video is a complete and total failure.

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