Preserving the Free Market

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    Notes on slide 1

    Four things to be covered in this presentation.

    Four steps needed for certification as an instructor of the Free Market course. For further information, contact Dan Smithwick, 800-948-3101.

    Fundamental to a study of economics is the need to distinguish between wealth and money. Both are correct, to a point, with proper definitions of each term, but one is more correct than the other. Which seems most correct to you?

    Need to put a perspective of how frequently ‘wealth and money’ appear in the scriptures compared to other popular topics (see next several slides).

    Few are the sermons that churches give on the matter of ‘economics.’ Yet in comparison to several other traditional Christian themes (as shown on following slides), there are several more scriptures related to ‘economics’ than the traditional themes. Undoubtedly, the lack of frequent biblical teaching on economics has contributed to the slide from ‘free market’ principles of economics in favor of the anti-biblical position of socialism.It is chiefly for this reason that this course, Preserving the Free Market, is being offered by Nehemiah Institute.

    It is true that wealth produces money, as will be illustrated in upcoming slides.

    There are several examples in scripture of individuals who were very wealthy because of possessing natural assets. This would include Abraham, Jacob, and several of the kings, most notably King Solomon. It as absolutely critical that a ‘free market’ be embraced by a culture in order for its people to respond to their gifting and calling, even if they don’t realize it is from the Lord.

    A commodity can be money, but money is not currency. Currency “represents” money.

    Eventually, it became clear that it would be easier to have a ‘holding facility’ for people to keep their assets of wealth safe and use deposit tickets to trade for goods and services. The banking system we have today was originated in Italy during the 15th and 16th centuries although “banking” has been used in various forms for thousands of years. The word ‘bank’ comes from a Latin word, banca, meaning ‘counter.’ that is, a bank is the place of counters- people who keep track of assets belonging to others.

    In the early part of the 20th century, a few very wealthy individuals developed a plan for a ‘central bank’ for keeping a small percentage of deposits from all other banks, to serve as an ‘insurance’ for banks that may fall into financial difficulties. The group of seven met in secret on Jekyll Island in 1910. Most notable of the group was Nelson W. Aldrich, Chairman of the National Monetary Commission and father-in-law to John D. Rockefeller, Jr. Their meeting led to the eventual creation (Creature from Jekyll Island) known as the Federal Reserve Banking System in 1913.

    Now, with the U.S. officially off the gold standard, currency is considered a commodity (natural asset) rather than a ‘note’ representing the deposit of assets.

    Review of historical practice: People created objects of value (clothing, food, shelter) Commodities were chosen to serve as money for ease of trading Currencies were later developed to ‘represent the commodities used for transactions.’All of this is perfectly legal and practical.

    In 1973 the U.S. removed the currency from the Gold Standard, removing any asset from backing the currency. Currency (paper) is now considered as legal tender. But does paper pass the test for what can serve as a commodity of exchange?

    Four of the five necessary characteristics of an object to serve as a commodity for exchange fit with paper currency. The problem is the last one:Scarcity- there is absolutely none, which ultimately destroys the system of economics based on ‘currency commodity.’

    The result of decoupling the currency from hard assets, particularly from the Gold Standard in 1973, the printing of new currency has mushroomed. The dollar is now worth about $.05 compared to its value of $1.00 in 1913 when the Federal Reserve was created. This will ultimately lead to the collapse of the dollar and our economy.

    A house of cards must eventually fall.

    There is little, if any, ‘fear of the Lord’ in our nation today. The only solution to our economic crisis is to return to the Word of God and submit all economic practices to the authority of Scripture.

    Overview of Free Market course. Cost of course for attendees is $39.95 including the PEERS Test, and including instruction from certified trainer. Course will run 8-12 weeks, depending on length of class (one session per week).

    Overview of Free Market course. Cost of course for attendees is $39.95 including the PEERS Test, and included instruction from certified trainer. Course will run 8-12 weeks, depending on length of class (one session per week).

    Benefits of being Certified Instructor of Preserving the Free Market course.

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    Preserving the Free Market - Presentation Transcript

    1. Preserving the Free Market
      Dan Smithwick
      Nehemiah Institute
    2. Topics of presentation
      • Overview of money- what is it?
      • Overview of banking
      • State of economy- why the mess?
      • Overview of Free Market Course
    3. Certification process
      • Completion of full PEERS Test with reasonable results
      • Review of Free Market PP Presentation
      • Complete review of Free Market course
      • Good standing with local church
    4. Quiz-
      Which is more accurate-
      A: Wealth produces money
      or
      B: Money produces wealth
    5. Wealth & Money in the Bible
    6. Wealth vs. other key themes in the Bible
    7. Wealth vs. other key themes in the Bible
    8. Wealth vs. other key themes in the Bible
    9. Wealth vs. other key themes in the Bible
    10. Wealth vs. other key themes in the Bible
    11. Wealth vs. other key themes in the Bible
    12. Wealth vs. other key themes in the Bible
    13. Wealth vs. other key themes in the Bible
    14. Which is more accurate-
      A: Wealth produces money
      or
      B: Money produces wealth
      Correct Answer: A
    15. Wealth vs. Money
      Wealth- 1) Accumulation of natural assets
      OR, 2) Conversion of raw assets into objects of perceived value.
      Freedom to respond to gifting and calling of God
    16. Money
      A convenient commodity to facilitate ease of trading wealth between consenting individuals
      Commodity: Physical object of perceived value
      Not currency!
    17. Characteristics of money (commodity)-
      Divisibility
      Durability
      Recognizability
      Transportability
      Scarcity
    18. Types of Money (Commodity)
      Over 30 objects have been used
    19. Creation of Banks
      Duty-
      Hold commodity and issue notes (currencies) to depositors which could be passed between consenting individuals for free-market exchange of goods and services.
      Bank
      “banca”
    20. Creation of Central Bank(Federal Reserve System – 1913)
      • Creature From Jeykll Island
      • Gang of 7 met with undisclosed purpose
      • Devise secret plan to:
      1. Create ‘money’ out of nothing
      2. Loan it out to public for interest
      3. Become super wealthy
    21. Creation of ‘Fractional Reserve Banking’
      • Customer deposits $1,000
      • Bank is required to keep 10% on reserve ($100), can loan other $900, for interest
      • Recipient of $900 loan deposits funds in his acct
      • Bank must keep 10%, $90, can loan $810
      • Repeat, repeat,---
      • Can ultimately result in $9,000 of new “money”
    22. Result of ‘Fractional Reserve Banking’
      $9,000
      • Called: Fiat money
      • Fiat- “let it be”
      $1,000
      And God said,
      “Let there be--.”
    23. New commodity-
      R.I.P.
      X
      1900-1973
    24. Historical review--
      wealth
      money
      currency
      $
    25. Modern-day practice-
      wealth
      Removal of commodities
      Currency as money
    26. Paper as commodity-
      Yes
      ____ Divisibility
      ____ Durability
      ____ Recognizability
      ____ Transportability
      ____ Scarcity
      Yes
      Yes
      Yes
      No
      What is the result of ‘paper money?’
    27. Currency inflation
    28. Doctrine of ‘money’
      Biblical doctrine of ‘just weights and measures.’
      • Lev 19:35,36
      You shall do no wrong in judgment, in measurement of weight, or capacity. You shall have just balances, just weights, a just ephah, and a just hin; I am the LORD your God, who brought you out from the land of Egypt. 
    29. Doctrine of ‘money’
      • Proverbs 16:11
      A just balance and scales belong to the LORD; All the weights of the bag are His concern.
      • Proverbs 20:10
      Differing weights and differing measures, Both of them are abominable to the LORD.
    30. Doctrine of ‘money’
      Deut. 8:18
      But you shall remember the LORD your God, for it is He who is giving you power to make wealth, that He may establish His covenant which He swore to your fathers, as it is this day.
      Point:
      Sound money comes only with sound theology.
    31. Financial crisis
      State of
      U.S. Economy
      Future of
      U.S. Economy
      1913
      2020?
    32. PEERS Trend Analysis
      95% of Christian youth
      2014-18
    33. Key questions-
      What is needed for creation of real wealth?
      W
      O
      D
      S
      I
      M
      How does one acquire wisdom?
      The fear of the LORD is the beginning of wisdom: and the knowledge of the holy is understanding. 
      (Proverbs. 9:10)
    34. Politics How we govern
       EconomicsHow we prosper
      Education How we learn
      ReligionWhat we worship
       
      Social Issues How we relate
       
      Worldview Categories
    35. Two choices
      Nehemiah Plan
      “Obama” Plan
      Print more money
      Study/obey God’s Word
    36. Course: Preserving the Free Market
      • Biblical Principles of Economics
      • Biblical Principles of Government
      • Course of Action- Where do we go from Here?
    37. Course: Preserving the Free Market
      • Cost: $39.95 per person; $59.95 per couple
      (includes PEERS Test, taken in advance)
      • Length: 8 weeks at 50-minute sessions
      12 weeks at 80-minute sessions
      Call:
      1-800-948-3101
    38. Certified Instructor Benefits
      • Teacher’s Edition
      • Set of Enhanced Position Papers
      • Power Point files
      • Sample Brochures & Business Cards
      • 25% discount on Class Member Booklets
      • Ongoing training with Dan Smithwick
      One-time certification fee: $95.00
    39. The end--
      “Come, let us build—”
      Neh. 2:17
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