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 Post subject: Re: Money = Confidence
PostPosted: Sun Mar 22, 2020 9:51 pm 
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Consider what happens if the Stock Market completely and utterly tanks tomorrow/this week/at any point in the foreseeable future...

Think about how many individuals are dependent on income from the Stock Market, and on management of their investment assets by other individuals and institutions.

Think about pensioners and retirees, who enjoy "healthy" retirement incomes, based on the investments they have made.

Now imagine what happens when that all collapses in Value. Can't sell anything, can't earn any dividends, can't even rely on "Fixed Income", as all sovereign currencies are now worthless too.

For a lot of people - most people I guess - the prospect of suddenly being guaranteed an income of one or two thousand (whatevers) a month, is very appealing. Because they have had to work like crazy to earn anything even approaching that, pre-Virus.

Now, people can get a job that earns that just by turning up at their local supermarket.

But for people who are used to receiving dividends, stipends, other returns on their investments... Reliably amounting to many, tens and hundreds of thousands a month... To suddenly be getting fuck-all, and having to scrape by on one or two thousand a month, might present a bit of a challenge.

If the virus don't get the pensioners, enforced poverty may.

:-??

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 Post subject: Re: Money = Confidence
PostPosted: Mon Mar 23, 2020 1:39 pm 
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MARCH 23, 2020

A Debt Jubilee is the Only Way to Avoid a Depression

by MICHAEL HUDSON


Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards and other payments. America’s debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate.

Massive social distancing, with its accompanying job losses, stock dives and huge bailouts to corporations, raises the threat of a depression. But it doesn’t have to be this way. History offers us another alternative in such situations: a debt jubilee. This slate-cleaning, balance-restoring step recognizes the fundamental truth that when debts grow too large to be paid without reducing debtors to poverty, the way to hold society together and restore balance is simply to cancel the bad debts.

The word “Jubilee” comes from the Hebrew word for “trumpet” — yobel. In Mosaic Law, it was blown every 50 years to signal the Year of the Lord, in which personal debts were to be canceled. The alternative, the prophet Isaiah warned, was for smallholders to forfeit their lands to creditors: “Woe to you who add house to house and join field to field till no space is left and you live alone in the land.” When Jesus delivered his first sermon, the Gospel of Luke describes him as unrolling the scroll of Isaiah and announcing that he had come to proclaim the Year of the Lord, the Jubilee Year.

Until recently, historians doubted that a debt jubilee would have been possible in practice, or that such proclamations could have been enforced. But Assyriologists have found that from the beginning of recorded history in the Near East, it was normal for new rulers to proclaim a debt amnesty upon taking the throne. Instead of blowing a trumpet, the ruler “raised the sacred torch” to signal the amnesty.

It is now understood that these rulers were not being utopian or idealistic in forgiving debts. The alternative would have been for debtors to fall into bondage. Kingdoms would have lost their labor force, since so many would be working off debts to their creditors. Many debtors would have run away (much as Greeks emigrated en masse after their recent debt crisis), and communities would have been prone to attack from without.

The parallels to the current moment are notable. The U.S. economy has polarized sharply since the 2008 crash. For far too many, their debts leave little income available for consumer spending or spending the national interest. In a crashing economy, any demand that newly massive debts be paid to a financial class that has already absorbed most of the wealth gained since 2008 will only split our society further.

This has happened before in recent history — after World War I, the burden of war debts and reparations bankrupted Germany, contributing to the global financial collapse of 1929-1931. Most of Germany was insolvent, and its politics polarized between the Nazis and communists. We all know how that ended.

America’s 2008 bank crash offered a great opportunity to write down the often fraudulent junk mortgages that burdened many lower-income families, especially minorities. But this was not done, and millions of American families were evicted. The way to restore normalcy today is a debt write-down. The debts in deepest arrears and most likely to default are student debts, medical debts, general consumer debts and purely speculative debts. They block spending on goods and services, shrinking the “real” economy. A write-down would be pragmatic, not merely moral sympathy with the less affluent.

In fact, it could create what the Germans called an “Economic Miracle” — their own modern debt jubilee in 1948, the currency reform administered by the Allied Powers. When the Deutsche Mark was introduced, replacing the Reichsmark, 90 percent of government and private debt was wiped out. Germany emerged as an almost debt-free country, with low costs of production that jump-started its modern economy.

Critics warn of a creditor collapse and ruinous costs to government. But if the U.S. government can finance $4.5 trillion in quantitative easing, it can absorb the cost of forgoing student and other debt. And for private lenders, only bad loans need be wiped out. Much of what would be written off are accruals, late charges and penalties on loans gone bad. It actually subsidizes bad lending to leave them in place.

In the past, the politically powerful financial sector has blocked a write-down. Until now, the basic ethic of most of us has been that debts must be repaid. But it is time to recognize that most debts now cannot be paid — through no real fault of the debtors in the face of today’s economic disaster.

The coronavirus outbreak is serving as a mind-expansion exercise, making hitherto unthinkable solutions thinkable. Debts that can’t be paid won’t be. A debt jubilee may be the best way out.

A version of this column first appeared in the Washington Post.

Michael Hudson is the author of Killing the Host (published in e-format by CounterPunch Books and in print by Islet). His new book is J is For Junk Economics. He can be reached at mh@michael-hudson.com

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 Post subject: Re: Money = Confidence
PostPosted: Mon Mar 23, 2020 5:20 pm 
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https://www.ft.com/content/d184fa0a-690 ... 70cff6e4d3

Useful data from the FT.

>*^*<

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 Post subject: Re: Money = Confidence
PostPosted: Mon Mar 23, 2020 10:15 pm 
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The Federal Reserve is buying ALL debt

...In attempt to attempt anything.

>*^*<

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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 1:22 pm 
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@Fellow OP'rs:

Or at least, Fellow OP'rs with any form of debt servitude in their lives...

I am not yet seeing any indication that there won't very soon be a cancellation of all debts.

Don't worry about looking for the holes in that Net that you will slip through.

Just go with me on: All Debts.

And what that would mean to you personally, if it very definitely applied to all the debts *YOU* (may) actually have (in whatever form).

Cancelled.

All of them.

Just like that.

What I'm looking for is the emergence of the suggestion in the Mainstream Media - source or sources are immaterial - and its testing for "Public Response".

I'll keep you posted when I find stuff.

But like I say: not yet seeing anything to completely rule out the possibility of a total Debt Jubilee.

What might you do to prepare for such an event?

Well, firsties:

Pay very close attention to any and all communications you are receiving from your, {ahem} "Financial Services Provider(s)". I.e. your creditors.

See what, if anything, they may be saying about "Payment Holidays".

It's like getting blood out of a stone to get them to print it... So it might be proposed as "No late payment fees for 90 days.".

Which means: if you do not service your debt for the next 3 months, you will be no worse off than you are now.

Which really means:

Just don't pay your debts for the next 3 months, and we'll all figure out what to do later. No penalties.

What else could they say?

If Everyone simultaneously defaults on their debt service - because they have no choice, because they have no income from their "Gig Economy" job - the Default cascades out and throughout the entire debt-based Economy.

The Entire Global Economy is currently sinking in debt.

The only way out is to cancel all debts.

Exactly when..?

Who knows? I never know (Gods, sometimes I wish I did...)...

All I can now more confidently say is: sooner than you thought possible.

Very much more likely to be in the next 3 months now, than it was likely just a week ago.

And if your {excuse me} "creditors" are telling you not to worry about paying your bills for 3 months: no penalties (...will be politically permissible)...

Why on Earth, at this Moment in Time, would you continue to pay those bills?

It's worth Thinking about, if you have any Time on your hands this week.

:-"

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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 2:30 pm 
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I've got a mortgage (Boo! Hiss!) If you're wrong would you mind paying it off for me? :D

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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 3:36 pm 
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My son is getting his baby tooth surgically removed today. Mommy is a bit stressed at the moment. Pray for a quick recovery and that everything goes smooth everyone. I love you all!! *hugs*

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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 7:38 pm 
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So what are gonna be the skills to have once all this has blown over and we have a reset economy then?

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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 7:38 pm 
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Slacks wrote:
So what are gonna be the skills to have once all this has blown over and we have a reset economy then?


clubbing people on the head


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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 8:27 pm 
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^^^Fucking lol!

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"Well if I am the last man, who's gonna stop me? Think about that...."


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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 8:41 pm 
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Wunderschlung wrote:
^^^Fucking lol!

"I wouldn't shag you if you were the last man on Earth!"

"Well if I am the last man, who's gonna stop me? Think about that...."

Quit thinking of ways to bend each other over ffs!!! *paddle swats for all*!!! ... Or, keep thinking of ways, it could be interesting... :-?

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 Post subject: Re: Money = Confidence
PostPosted: Tue Mar 24, 2020 11:17 pm 
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Slacks wrote:
So what are gonna be the skills to have once all this has blown over and we have a reset economy then?


Anything demonstrably and purposefully beneficial to individual human beings, and Humanity as a Whole.

Doctors and anyone connected with the provision of Public Healthcare at any level, will be the Primary Drivers of Human Society for a while.

That is:

For the last fifty years, anyone connected with Finance and Banking has been venerated and regarded as "successful", implicitly and explicitly.

Second tier are those in the Energy and Defence Sectors, and other tertiary power interests.

But now:

Anyone who works in a job that has to do with saving peoples' lives - especially when there's a new virus in town - will be regarded and rewarded... Highly... By the Rest of Society, in one way or another.

Doctors will be thanked for their service, after this is all over.

After this is all over, and everyone realises we're likely to have to go through it again next year, and the year after that probably.

Because this is Nature, and therefore cyclical. New viruses are going to follow this one, and the ones before.

So the World is going to need a *REALLY* effective Public Health Infrastructure.

And Doctors being Doctors, they don't really care about geographic or political differences: once you open up a human body, and you're up to your elbows in it, they all look and function the same!

So they'll just work as a Global Team, and they'll be allowed to. They'll be given everything and anything they need.

It's like: all the resources that have been spent on Military strategies over the years, are now going to be spent on Medical strategies. The difference should be an immediate and noticeable improvement in condition!

So anything to do with creating a giant, Global Healthcare Infrastructure, where Everyone gets the best treatment available, no matter where they are or how they came into being.

Suspect being helpful in that area will be a good move.

Oh, I also believe that civilian governments will lose control of the Military. Because that control will be transferred to the Medical and Scientific Community.

Who lets face it, should be the *ONLY* people allowed to control a Military: people who will only do it when they can actually *PROVE* they need to do it, right?

:-bd

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 Post subject: Re: Money = Confidence
PostPosted: Wed Mar 25, 2020 9:03 am 
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Holyman wrote:
Slacks wrote:
So what are gonna be the skills to have once all this has blown over and we have a reset economy then?


Anything demonstrably and purposefully beneficial to individual human beings, and Humanity as a Whole.

Doctors and anyone connected with the provision of Public Healthcare at any level, will be the Primary Drivers of Human Society for a while.

That is:

For the last fifty years, anyone connected with Finance and Banking has been venerated and regarded as "successful", implicitly and explicitly.

Second tier are those in the Energy and Defence Sectors, and other tertiary power interests.

But now:

Anyone who works in a job that has to do with saving peoples' lives - especially when there's a new virus in town - will be regarded and rewarded... Highly... By the Rest of Society, in one way or another.

Doctors will be thanked for their service, after this is all over.

After this is all over, and everyone realises we're likely to have to go through it again next year, and the year after that probably.

Because this is Nature, and therefore cyclical. New viruses are going to follow this one, and the ones before.

So the World is going to need a *REALLY* effective Public Health Infrastructure.

And Doctors being Doctors, they don't really care about geographic or political differences: once you open up a human body, and you're up to your elbows in it, they all look and function the same!

So they'll just work as a Global Team, and they'll be allowed to. They'll be given everything and anything they need.

It's like: all the resources that have been spent on Military strategies over the years, are now going to be spent on Medical strategies. The difference should be an immediate and noticeable improvement in condition!

So anything to do with creating a giant, Global Healthcare Infrastructure, where Everyone gets the best treatment available, no matter where they are or how they came into being.

Suspect being helpful in that area will be a good move.


Can't I stick to something in IT?

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 Post subject: Re: Money = Confidence
PostPosted: Wed Mar 25, 2020 10:33 am 
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Of course.

As ever, IT will be all over anything that will involve a lot of overtime.

:-bd

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 Post subject: Re: Money = Confidence
PostPosted: Wed Mar 25, 2020 10:35 am 
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It's going to be more about who you are letting use your slills, and for what purposes.

:-S

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 Post subject: Re: Money = Confidence
PostPosted: Wed Mar 25, 2020 12:48 pm 
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Holyman wrote:
@Fellow OP'rs:

Or at least, Fellow OP'rs with any form of debt servitude in their lives...

I am not yet seeing any indication that there won't very soon be a cancellation of all debts.

Don't worry about looking for the holes in that Net that you will slip through.

Just go with me on: All Debts.

And what that would mean to you personally, if it very definitely applied to all the debts *YOU* (may) actually have (in whatever form).

Cancelled.

All of them.

Just like that.

What I'm looking for is the emergence of the suggestion in the Mainstream Media - source or sources are immaterial - and its testing for "Public Response".

I'll keep you posted when I find stuff.

But like I say: not yet seeing anything to completely rule out the possibility of a total Debt Jubilee.

What might you do to prepare for such an event?

Well, firsties:

Pay very close attention to any and all communications you are receiving from your, {ahem} "Financial Services Provider(s)". I.e. your creditors.

See what, if anything, they may be saying about "Payment Holidays".

It's like getting blood out of a stone to get them to print it... So it might be proposed as "No late payment fees for 90 days.".

Which means: if you do not service your debt for the next 3 months, you will be no worse off than you are now.

Which really means:

Just don't pay your debts for the next 3 months, and we'll all figure out what to do later. No penalties.

What else could they say?

If Everyone simultaneously defaults on their debt service - because they have no choice, because they have no income from their "Gig Economy" job - the Default cascades out and throughout the entire debt-based Economy.

The Entire Global Economy is currently sinking in debt.

The only way out is to cancel all debts.

Exactly when..?

Who knows? I never know (Gods, sometimes I wish I did...)...

All I can now more confidently say is: sooner than you thought possible.

Very much more likely to be in the next 3 months now, than it was likely just a week ago.

And if your {excuse me} "creditors" are telling you not to worry about paying your bills for 3 months: no penalties (...will be politically permissible)...

Why on Earth, at this Moment in Time, would you continue to pay those bills?

It's worth Thinking about, if you have any Time on your hands this week.

:-"


So what you're saying is, for people like me to do the responsible thing and pay off their debts was a dumbass move. Because we both know a Debt Cancellation will ONLY benefit the irresponsible and discriminate against the responsible and simply cause more problems than they solve.

Otherwise, am I getting my roughly 35,000 dollars back for the student loan and car debts I finished paying off last year? If not, why should I agree to let somebody else, anybody else off the hook with their debts? How is that fair to leave the responsible (former) debtor like me with nothing but the irresponsible idiot gets a free clean slate?

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 Post subject: Re: Money = Confidence
PostPosted: Wed Mar 25, 2020 4:59 pm 
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If it's a choice between writing off debt and saving what's left of the economy or not writing off debt and completely tanking it, wouldn't you rather the former?

I'm not saying that is the choice, but if it was surely it would be a no-brainer.

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 Post subject: Re: Money = Confidence
PostPosted: Wed Mar 25, 2020 8:25 pm 
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Slacks wrote:
If it's a choice between writing off debt and saving what's left of the economy or not writing off debt and completely tanking it, wouldn't you rather the former?

I'm not saying that is the choice, but if it was surely it would be a no-brainer.


Not even a "No-Brainer"; not even a Choice.

Just: the only thing that might hold Society together.

If you don't write off the debt, the Economy is definitely screwed. Because it is the accumulation of debt that has screwed the Economy.

No Debt Write-off = No Economy.

But a debt write off *MIGHT* save the Economy. At the least, hold things together long enough for people to get their shit together and figure out how they want to proceed.

So a debt write off isn't a choice. This Time: There Really Is No Alternative. TRINA.

And sorry SG, but you did exactly the wrong thing by repaying your debts.

Here's why:

Every time someone conscientiously services and repays their debts, it encourages people in the debt business to keep issuing more debt.

If we all stopped paying our debts; or all became really unreliable at paying our debts... There would be fewer people in the debt business; fewer debts issues; and fewer people in debt.

We're now at the point where the bulk of the people who are in debt because they have no choice (if they want to stay alive) but to be in debt; are no longer able to repay their debts.

Not because they won't work, or they are workshy (usually quite the opposite): but because they have been forbidden from working.

So coronavirus has achieved at a stroke, what a large number of Monetary Activists have been trying to achieve for a while now:

Coordinated consumer debt default.

Nice.

^:)^

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 Post subject: Re: Money = Confidence
PostPosted: Thu Mar 26, 2020 1:23 am 
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Slacks wrote:
If it's a choice between writing off debt and saving what's left of the economy or not writing off debt and completely tanking it, wouldn't you rather the former?


If it came with an equal compensation measure for non-debtors or those who are otherwise responsible people then maybe. Otherwise, let it fail. Better we're all equally impoverished than cause larger problems than an increase in bankruptcy court hearings. I guarantee you, if you write off just the debt of debtors, especially irresponsible ones with nothing for the responsible folks, you're going to cause massive problems both economically and politically and beyond.

That's the lesson we've apparently failed to learn from the 2009 "Great Recession", don't throw good money after bad. If there are bad debts LET THEM FAIL. Rescues and bailouts for only those will only cause more problems just as happened in 2009.

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 Post subject: Re: Money = Confidence
PostPosted: Thu Mar 26, 2020 3:16 am 
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While I enjoy the idea of a clean slate I also understand how hard it to of always “done the right thing” and honored my debt repayment. I am not envious of those who are struggling, as I have always struggled and am thankful that it will and does help so many people. I have come to a point in my life were my debt is still an issue after paying off tens of thousands of dollars worth of credit cards and loans with our retirement. At some point, even those that have always paid their debt can’t do it anymore. Most are living from pay check to pay check, as we are right now and this virus has taken its toll on us all.

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 Post subject: Re: Money = Confidence
PostPosted: Thu Mar 26, 2020 10:18 am 
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SomeGuy wrote:
Slacks wrote:
If it's a choice between writing off debt and saving what's left of the economy or not writing off debt and completely tanking it, wouldn't you rather the former?


If it came with an equal compensation measure for non-debtors or those who are otherwise responsible people then maybe. Otherwise, let it fail. Better we're all equally impoverished than cause larger problems than an increase in bankruptcy court hearings. I guarantee you, if you write off just the debt of debtors, especially irresponsible ones with nothing for the responsible folks, you're going to cause massive problems both economically and politically and beyond.

That's the lesson we've apparently failed to learn from the 2009 "Great Recession", don't throw good money after bad. If there are bad debts LET THEM FAIL. Rescues and bailouts for only those will only cause more problems just as happened in 2009.


But it wouldn't be throwing money at the problem because the money doesn't exist.

Also I'd anticipate it being very, very difficult to get credit in a world where the reset button on debt has been pressed.

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 Post subject: Re: Money = Confidence
PostPosted: Fri Mar 27, 2020 1:15 am 
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DEANNA79 wrote:
While I enjoy the idea of a clean slate I also understand how hard it to of always “done the right thing” and honored my debt repayment. I am not envious of those who are struggling, as I have always struggled and am thankful that it will and does help so many people. I have come to a point in my life were my debt is still an issue after paying off tens of thousands of dollars worth of credit cards and loans with our retirement. At some point, even those that have always paid their debt can’t do it anymore. Most are living from pay check to pay check, as we are right now and this virus has taken its toll on us all.


OK.

A Real American Voice.

Sit tight D: help is on its way!

It's going to get a little bit shouty for a while; and knowing your compatriots, that might also mean a bit of shooting.

However, I'm reasonably confident that if there is any shooting, Everyone will be aiming at the same target. And that will no longer be each other.

Not that there needs to be any shooting. Shooting isn't going to help. Shooting will, in fact, be socially irresponsible, what with U.S. Healthcare's efforts to cope with the coronavirus.

And I think even the most deluded of America's private gun-owners know that going up against highly-trained, professional bodyguards, isn't going to give them the triumph they've always dreamed of.

So I'm cautiously predicting little or no violence. (And that's the only prediction I really do hope I'm not wrong about.)

But this is Healthcare we're talking about. So after people have had time to adjust to the shock of it all, they'll have to settle in for the Long Term.

And that's when Everyone can start taking stock.

Last time there was a major Economic catastrophe was in 2008. It was caused by loan sharks selling debt to Americans.

The loan sharks (a.k.a. bankers/financiers &c.) borrowed money from the taxpayer, via the Federal Reserve and Government.

They then loaned the money they had borrowed from taxpayers, back to taxpayers, at a higher interest rate.

Then they used the loans they had issued, and the interest streams they were earning, as collateral to borrow even more money from the taxpayers, to lend back (at a higher interest rate) to taxpayers.

Until the whole scheme collapsed in on itself in 2008, and caused 12 years of Economic Misery for most people.

Except the loan sharks. Who were allowed to carry on loan sharking, because all of our politicians are in debt to them, in one form or another.

In order for the whole "Banking" loan shark scheme to work, Everyone else has to work.

Everyone has to keep working, so that they can keep earning.

This is because the collateral you put up when you spend money on a credit card, or take out a bank or car loan, is your Future Earnings.

You agree to be able to get the thing that you need/want right now; in exchange for some of the money you will earn in the future.

All good, just so long as you keep generating those Future Earnings.

But what if you can't work? What if nobody can work?

Then neither you nor anyone else can pay your debts.

And anyone who bet some money up-front, on the basis that you would keep earning until you had repaid all of your debts with interest, suddenly loses that bet.

And in many cases, they've used their betting slips as collateral to make other bets.

Quite a lot of cases, in fact. Most cases, now that I come to think about it.

Now in 2008, to make up for the sudden loss of Future Earnings, Governments around the World just started printing money and giving it directly to the loan sharks.

And the loan sharks carried on loan sharking.

Now, 12 years later, "Future Earnings" have disappeared for the, uh, foreseeable future. And that means a lot of people, especially in the United States, are simultaneously not going to be able to service their debts.

And to make matters worse, their current inability to service their debts will, in a shorter space of Time than anyone believes possible, mean that they will never be able to service their debts again, because they won't be able to earn anything at all.

In 2008, politicians viewed a similar Landscape, and had the opportunity to plug the Free Money Supply in at the bottom of the Economy. I.e. give it directly to Citizens, rather than to the loan sharks.

But ever since Ronald Reagan was President, the U.S. has been locked onto the idea of "Trickle Down" Economics. Meaning that if you make Business as easy as possible for those at the top of the Pyramid, allow them to make and have as much money as they desire, they will spend freely and liberally, and their spending will "trickle down" through the rest of the Economy, bringing success and prosperity to all.

As we know, things didn't turn out quite as rosy as that.

So this time around, through clenched and gritted teeth, your government has *HAD* to give free money to U.S. Citizens, instead of the loan sharks.

Previously, people like SomeGuy would have cried "No Fair!" at the thought of a complete cancellation of all debts; and loan sharks would have said, "Don't you dare!".

But now, what with the virus and everything... And the fact that all debt repayment has already stopped (thought it'll take a while for Everyone to catch on to that...)...

Nobody really gives a fuck if the loan sharks go out of business or not.

Pretty soon, some Bright Spark will point out that if the whole loan shark System was brought under the control of the Taxpayers, then taxpayers could lend to taxpayers at the same, low interest rate they'd previously been lending to the loan sharks at. And any interest/profit earned, would accrue to the taxpayers.

Which is another way of saying that pretty much the entire Global Banking System is about to be Nationalised. Or potentially even Globalised, if I have my way!

So hang on in there D. One way or another, I don't think debts are going to be bothering people quite so much in the very near Future.

B-)

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“We are moving into an era where authority cannot be The Truth. Only the Truth shall be the Authority in coming times, as sanctity of all authorities will be questioned."- Sadhguru


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 Post subject: Re: Money = Confidence
PostPosted: Fri Mar 27, 2020 4:34 am 
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Lieutenant-Colonel
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What about mortgages though?


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 Post subject: Re: Money = Confidence
PostPosted: Fri Mar 27, 2020 8:27 am 
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Holyman
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Yesterday's News:

Residential property buyers and sellers started realising they may not be exchanging funds and property when they hoped.

Today's News:

Eurozone countries realise the disadvantage of not having their own Central Banks.

Germans and Italians will fight like cats-in-a-bag over what to do.

Italy will probably then leave the Euro and re-establish the Lira.

Other Eurozone countries, probably starting with Spaun, will then follow suit.

Bye-bye the Euro then. It was nice to know you.

:-h

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“We are moving into an era where authority cannot be The Truth. Only the Truth shall be the Authority in coming times, as sanctity of all authorities will be questioned."- Sadhguru


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 Post subject: Re: Money = Confidence
PostPosted: Fri Mar 27, 2020 11:21 am 
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Major General
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Holyman wrote:
Yesterday's News:

Residential property buyers and sellers started realising they may not be exchanging funds and property when they hoped.

Today's News:

Eurozone countries realise the disadvantage of not having their own Central Banks.

Germans and Italians will fight like cats-in-a-bag over what to do.

Italy will probably then leave the Euro and re-establish the Lira.

Other Eurozone countries, probably starting with Spaun, will then follow suit.

Bye-bye the Euro then. It was nice to know you.

:-h


Probably for the best.

Hoping for a European organisation to come out of this with collaboration at the core, not governance and centralised power.

Also, EEA.

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