You'll own nothing, and you'll be happy

Discussion in 'Markets & Economies' started by willrocks, Oct 31, 2020.

  1. willrocks

    willrocks Well-Known Member Silver Stacker

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    https://www.weforum.org/videos/the-great-reset-726dedeacb?collection=the-great-reset-863c8ea2d4

    https://www.weforum.org/great-reset

    The Context
    The Covid-19 crisis, and the political, economic and social disruptions it has caused, is fundamentally changing the traditional context for decision-making. The inconsistencies, inadequacies and contradictions of multiple systems –from health and financial to energy and education – are more exposed than ever amidst a global context of concern for lives, livelihoods and the planet. Leaders find themselves at a historic crossroads, managing short-term pressures against medium- and long-term uncertainties.

    The Opportunity

    As we enter a unique window of opportunity to shape the recovery, this initiative will offer insights to help inform all those determining the future state of global relations, the direction of national economies, the priorities of societies, the nature of business models and the management of a global commons. Drawing from the vision and vast expertise of the leaders engaged across the Forum’s communities, the Great Reset initiative has a set of dimensions to build a new social contract that honours the dignity of every human being.
     
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  2. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    In the 1975 movie "Rollerball" there is a meeting between Jonathan (the champion) and Bartholomew (the corporate executive). Extract of scene below. Seems like the end goal.

    upload_2020-10-31_11-26-53.png
     
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  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Goes hand in hand with the contemporary push for "minimalist", "low footprint" and "green" lifestyles. You cant hurt anyone or the environment if you don't own anything.
     
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  4. Millennial Engineer

    Millennial Engineer Member

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    IRC Lynette Zhang, ITM trading youtube channel, in a video back in 2018 also noted that the LIBOR rates were scheduled up to only 2021. Which means a reset of some sort would take place in 2021, with a bank crash of somesort.

    My memories of the videos are fuzzy, I will see if I can dredge it if I have time.
     
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  5. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Banks are transitioning to an alternative benchmark.

    https://www.fca.org.uk/markets/libor

    As such, it doesn't indicate a reset nor a crash.
     
  6. willrocks

    willrocks Well-Known Member Silver Stacker

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    The WEF's title of 'The Great Reset' indicates a crash.

     
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  7. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    The title can be interpreted that way I guess, but it's really arguing for a paradigm shift toward greater environmental and social governance. Not a crash.
     
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  8. willrocks

    willrocks Well-Known Member Silver Stacker

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    It's arguing for a paradigm shift towards a leftist utopia. Wealth taxes, carbon tax, 'green' everything, a new social contract ... etc.

     
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  9. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    It is.

    Not a crash of the banking system though.
     
  10. willrocks

    willrocks Well-Known Member Silver Stacker

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    Well not that we know of. But there's a lot of speculation and analysis that banking crashes or bail-ins will happen.
     
  11. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    No matter how slick the video productions are it’s still just lipstick on the same hoary old socialist utopian pig.

    A can of spam with a bright new label is still the same old muck inside.
     
  12. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Most of the speculation is by people that don't understand that central banks will prop up the banking system in the unlikely event that that any banks crash. And as far as the analysis goes, it's not very good as a result. :)
     
  13. leo25

    leo25 Well-Known Member Silver Stacker

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  14. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    I'm not giving up my property and renting haha.
    They can kiss BOTH butt cheeks on that one.
     
  15. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    It's gosbankification, plain and simple. Those old enough will remember the Soviet Union and their Gosbank. Their Central Bank decided how the money was allocated to production and lending. Let me tell you it was not an ideal or efficient system.
    --
    The first and foremost which comes to mind is that of the Gosbank system of the Soviet Union. To wit, here are a few extracts from Patrick Conway’s 1995 Princeton research paper entitledCurrency Proliferation: The monetary legacy of the Soviet Union”:
    The Gosbank was the monetary authority for the Soviet Union. Its policy of ruble-banknote emission was essentially passive. If the demand for currency to meet necessary wage and pension payments exceeded the stock of currency available through the financial system, the Gosbank issued additional currency against the liabilities of the central government.
    ———
    … the Gosbank was the only bank for the entire economy; even after 1987, when it was broken into pieces, the activities of the pieces remained under the control of Gosbank leadership. Second, the use of currency and credit for making payments occurred in two largely separate channels. Third, government liabilities were the chief assets for the entire financial system.
    ————
    This monobank system of accounts produced a dichotomy between banknote and accounting transactions in the flow of funds. Households received wages from enterprises and transfers from the government. They then used these to purchase goods and to save through deposits at the Gosbank. These flows took place in banknotes or “cash rubles,” using the Soviet terminology. Financial flows among enterprises and between enterprises and the government occurred through accounting entires at the Gosbank and were thus in non-cash rubles. The cash and non-cash circuits were not completely self-contained or self-balancing, however, because the enterprise and banking sector received and made paymetns in both cash and non-cash rubles. The convertibility of cash and non-cash flows was ensured by the Gosbank, which exchanged banknotes and accounting rubles at par.
    ————
    The Soviet government had large fiscal responsibilities. Most notably, it was directly responsible for numerous vast industrial operations, including those in the defense and aerospace sectors. In the absence of adequate tax revenues, the government sought to sustain these operations by deficit spending through credit creation by the Gosbank. The outcome of these activities was a large buildup of inflationary pressure in the final years of the Soviet Union.

    Now, we’ll admit it’s not an absolute equivalent situation. With Gosbank came Gosplan, a people’s political authority and a helluva lot of welfare.

    But you can see where we’re going with this. Once you centralise the money-creation function you inadvertently create a captured market for a single type of monetary instrument. This removes the checks and balances associated with a competitive monetary system and leads directly to the second problematic issue we’ve identified: a single monetary authority’s ability to competently manage and re-invest the monetary float in a way which will defend its par value.

    https://ftalphaville.ft.com/2016/07...-currencies-and-the-path-to-gosbankification/

    https://www.ft.com/content/7947ea4c-a21a-45bb-973c-8df54566746a
     
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  16. jultorsk

    jultorsk Well-Known Member Silver Stacker

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  17. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    I'd love the ubi. It would all go into my stack same as all the taxes I refuse to pay haha.
    They just never learn!
     
  18. Millennial Engineer

    Millennial Engineer Member

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    Thanks, good to see something is in the works.

    TPTB creating options for themselves.

    Have nothing to transition to by 2021 and LIBOR "Has to stop" or have a failure transitioning to a hastily cobbled together replacement : Crash.

    Transition to a replacement which comes into view in good time or kick the LIBOR can down the road past 2021: Business as usual.
     
  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Worked for the Japanese post-war.

    Big difference I guess was that Japan had just lost the war, the government and Central Bank were in a "war crisis" type mentality, and the Japanese people were largely voluntarily compliant.
     
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  20. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Might be part of the state and local bailouts that everyone will probably need eventually.
    They will need collateral until its paid back of course haha.
     

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