LISTEN NOW
Mike Winther has devoted the past 17 years to foster a better understanding of the biblical role of government. In this lecture, he talks about why he has devoted his time to this and then dives into the question of whether our banking system makes us slaves.
Some of the things discussed include what economics actually are. Economics are the rules of trade and commerce and really become a part of government. What’s true for individuals also needs to be true for the institutions that govern them, yet we give the government powers that we don’t have. He talks about the Federal Reserve and so much more.
You’ll Learn:
- [02:00] When Mike was growing up, his family was interested in the government. Mike went to a lot of conferences on government and economics as a kid, and he majored in political science.
- [02:28] He also worked in the campaign world hoping to make the world a better place by getting better officials elected.
- [02:53] We’re losing America, because we’re losing the hearts and minds of some Americans. Mike started teaching courses about Christian involvement in the public square. He founded the Institute for Principle Studies in 2005.
- [03:59] Economics are the rules by which we engage in trade or commerce. The study of economics is really a study of government. The core question is what is the government’s role managing the economy.
- [05:01] What’s true for individuals also needs to be true for the institutions that govern them. We give the Government powers that the average individual doesn’t have.
- [06:50] The Federal Reserve isn’t actually part of the government. The Federal Reserve Act was passed in 1913. It’s a monopoly. People can’t participate in banking unless it’s part of the Federal Reserve System.
- [07:42] The Federal Reserve is a private bank, but the government has some control over some of its directors. It’s a hybridization or a mix between public and private.
- [08:36] The big debate is free market versus socialism. The argument used for socialism was the Great Depression of 1929.
- [09:23] The banking problems of the 1920s were actually caused by the Federal Reserve. The shrinking money supply is what caused the stock market crash.
- [11:32] How our banking system makes us slaves. In the old days, currency used to be backed by gold. It was an asset-based currency.
- [12:39] The Federal Reserve System was designed to be a money system based on debt not assets.
- [13:22] The initial value of our money is based on a Government Bond or debt.
- [13:41] Inflation is a hidden tax where money loses value and prices go up.
- [20:33] Reasons why people are questioning the Federal Reserve. Ron Paul wanted to audit the Federal Reserve. A system that increases inflation is not a good idea.
- [22:31] Social financing should come from tithes, not government programs.
- [24:08] Inflation steals from everyone, especially those on fixed incomes.
- [29:55] Government and state schools aren’t going to live up to biblical principles.
- [33:39] Corruption and just printing money. Why the Federal Reserve needs to be repealed.
- [39:09] Instead of leaving an inheritance to our children and grandchildren we are leaving vast amounts of debt.
- [43:36] Too many distractions prevent us from focusing on the main issues in our society.
- [48:00] Mike has hope for the future and he’s willing to invest in young people now. People need to be taught how to think. The value of debate is forcing the participants to learn things at a deeper level and think it through.
- [53:05] In a debate both sides of the issue need to be studied and understood.