"Oops. My bad. I haven't actually read his proposals." Don't waste your time, his idea is unworkable, socialist, rubbish. OC
Fair enough. But at least he recognised that debt is the problem, and that is a good starting point. I guess my willingness to give his theory a chance is the knoweledge that the banksters and the politicians are so far away from allowing the debt to be liquidated in a normal fashion. So in this environment, I would like to see if his proposal could work to reduce the problem of such huge amounts of debt currently being clogged up in unproductive ponzi lending schemes. And in the process, if we can't fix the system (to one you and I both advocate) then maybe if the right regulations were enacted, we could at least get a better use of scarce resources and less speculative/ponzi lending.
If an investment fund opens its doors for the first time, and at the close of business they have taken a million dollars in new investments. (These investments are tradable but redeemability is limited to a set of pre-agreed conditions.) The next day a company comes in and says they want you to invest in their new business by buying $10,000,000 of bonds or shares. The investment fund says, sorry we can only invest one million and unless your bonds pay interest before the 15th of the month, we'll need to keep some aside to pay for our operating expenses. - A bank should work the same way, but as you well know it doesn't because it is insolvent from its first investment/loan and magically has the unique power of monetising assets by fraudulently issuing money equivalents.
To be clear, my "obliterated" comment wasn't a judgement on Steve's idea, more an observation (which turned out to be a wrong one). On the face of it I think it has some merit given that the money is fraudulent anyway. But I would really need to read and think about his proposal more.
Well I can't try to rebutt you until you give a reason as to why it won't work. Simply saying, it is rubbish and won't work doesn't hold much water does it?
What ever happens it will not be without consent or planning of the Bank of International Settlements to ensure further global governance. All we little people can be is educated and prepared and spread the gospel Seems that this post really took off, it was certainly sober watching for new years day. I wonder if any UK stackers here have seen it?
+587 (this rating was at one time +10 however I've seasonally adjusted for unlimited money supply, the ratings points I've borrowed from an institution plus the inevitable leveraging that was necessarily involved...)
