[Banks do not put nations into “bankruptcy”. Nations don’t “go bankrupt”. .. However, bear in mind that $7 Trillion of the Total Debt is “Intra-Governmental Debt” (owed to itself).”]
I dare to disagree with Boom. Taking Dr. Brady's logic further, suggests that governments can just spend spend spend as it is all internal. Therefore let's issue as much money and as fast as we can and enjoy barrow loads of cash each. It will be fun (for a very short time).
I remember Nov 19th 1967 very well, training on the river Dart when I heard of Harold Wilson's devaluation speech (The Pound in your Pocket speech). To all intents and purposes, that 14% had made us bankrupt. The Bank of England burned through £200m in gold and foreign currency reserves in just one day alone. A further sterling crisis in March 1968 almost led to another devaluation, but was staved off by an international loan.
The only thing stopping some banking collapse is that no one wants to pull the first card out of this house of cards. I'm of the group that can see an economic crisis coming, but then I'm no expert in finance so must be wrong.
Thanks Greg. BOOM is convinced of the efficacy of fiat currency - I reserve judgement as I lack the experience to be sure. The future will prove who is right in the end! :-)
Can you elaborate on your metaphysical reservations please - otherwise - what is one to think - so please elaborate - I mean I got some metaphysical difficulty with the bankers think they run the currency.
I'm pretty sure Schumacher in his seminal work - "Small is Beautiful" - did as well - cause I read the vitriol he spewed on the pages - it resonated with me.
I think modern monetary theory tis a slippery slope - and what matters is if there is faith in fiat - as debt increases - faith diminishes - so not sure Boomy got his glasses on straight in this assessment -seems a tad self-fulfilling ideology - and really - why not just remove the "middle-man" in transactions and barter locally - cause as faith is lost this makes more sense - more than it always has - and self-fulfilling bankers start losing their minds when they realize their ideology is built upon fiat lies.
Thanks Ken, and I agree as a supporter of local economies and local money. But BOOM is a big picture guy and looks globally - I am left confused - but the future will dictate the rights and wrongs eventually.
Of course - "money" - is a useful tool of currency - but if faith in fiat is lost - what is the value?
That is why, as you are aware, I advocate for some sort physical backing of currency.
But - barter transactions can be a simple "buyer-buyer" - win-win settlement. I give you this - for that kind of deal. Two parties only.
Simple - and I should add - if done in "good faith" such transactions are also usually mutual - and there is something to be said for keeping the "middle-man" out of it.....give me that at least....I mean really - do we even need bankers?
Well - the future dictates no doubt - but some ideas have been proven WRONG - I think "MMT" falls into that - mostly because it is a sort of "red herring" that the banksters just love to use to their advantage - as banksters are want to do - so I advocate for barter transactions that take the middle man out of the picture altogether!
Locally of course that works better - but the scale could be increased if well thought out - and truly -
who needs a middle-man proving to be harmful over the centuries?
Thanks Peter as ever. Unusually I question the brilliant Dr Gerry Brady's interpretation on this one. I know Werner's work, and the broad tenets of the article and its references. More importantly I know and have lived things that Gerry omits from his analysis. IMHO when we get into existential discussions (i.e., the future of the human species) it's not possible to predict anything with any reliability by extrapolating data from past experiences. I cite Bernardo Kastrup's work (e.g., essentiafoundation.org) on universal consciousness, quantum and realities. David R Hawkins' books, Gill Edwards' books (LivingMagically.co.uk), and Robert Temple (Robert-Temple.com - notably 'A New Science Of Heaven' 2022) offer other helpful information about energies, aether, plasma. Realities are complex and infinitely more dimensioned than what we believe we sense in the physical realm. And for those who like scientific papers: https://www.gusp.org/defusing-world-crises/scientific-research/ Global Union of Scientists for Peace "Diffusing World Crises: A Scientific Approach" - more than 50 demonstrations from 28 research studies dating back to the 1980s, proving that brain/consciousness energies reduce human conflict and suffering. Finally, read The Wise Wound by Shuttle and Redgrove (https://www.equinoxpub.com/home/wise-wound/). I'm happy to debate with anyone about these matters. It's a soul thing :) Love and gratitude, Alan
No doubt - the future is full of uncertainty - live with it - what choice is there?
But - Kropotkin recognized in the 19th century - his ideas have been stifled - that the species works together individually and collectively - with other species mind ya - tis the one most likely to survive - it ain't really "survival of the fittest" individual - tis collective.
But that does not deny individual thought - nor does it offend liberty - tis just the way nature works - those Mutual survive - those can't work with others perish.....if their ideas do not resonate.
Simple really - and Tesla understood this I think - and I think 2024 was the Year of Resolution and I'm looking forward to 2025 - better ideas beckon.
Over the millennia, many so-called "creditors" realized the utility of "jubilee"....
Because frankly, what makes them the "creditors" - seems sort of self-fulfilling when thought about deeply - and it becomes sort of well.....nefarious.
Stating that nations can't go bankrupt the way households can implies that nations can somehow draw energy, resources, labor, and everything constituting wealth out of thin air. They cannot. They have the power to manipulate money, for quite a while, but debt will ultimately catch up with them and make them go bankrupt just like households or any entity that consumes more than it produces. The bankruptcy will likely not have the form of a standard bankruptcy. It will be a civilizational collapse of sorts.
This guy BOOM is a sharp fella and has some very keen observations, but as far as economics, he's stuck within the realm of the hydrocarbon-driven past few hundred years.
[Banks do not put nations into “bankruptcy”. Nations don’t “go bankrupt”. .. However, bear in mind that $7 Trillion of the Total Debt is “Intra-Governmental Debt” (owed to itself).”]
I dare to disagree with Boom. Taking Dr. Brady's logic further, suggests that governments can just spend spend spend as it is all internal. Therefore let's issue as much money and as fast as we can and enjoy barrow loads of cash each. It will be fun (for a very short time).
I remember Nov 19th 1967 very well, training on the river Dart when I heard of Harold Wilson's devaluation speech (The Pound in your Pocket speech). To all intents and purposes, that 14% had made us bankrupt. The Bank of England burned through £200m in gold and foreign currency reserves in just one day alone. A further sterling crisis in March 1968 almost led to another devaluation, but was staved off by an international loan.
The only thing stopping some banking collapse is that no one wants to pull the first card out of this house of cards. I'm of the group that can see an economic crisis coming, but then I'm no expert in finance so must be wrong.
Thanks Greg. BOOM is convinced of the efficacy of fiat currency - I reserve judgement as I lack the experience to be sure. The future will prove who is right in the end! :-)
Yes, as Shakespeare wrote: "but at the length truth will out." (Merchant of Venice, 1596)
I agree with you in daring to disagree with Boom on this one. My reservations are based on metaphysics, rather than financial interpretations.
Can you elaborate on your metaphysical reservations please - otherwise - what is one to think - so please elaborate - I mean I got some metaphysical difficulty with the bankers think they run the currency.
I'm pretty sure Schumacher in his seminal work - "Small is Beautiful" - did as well - cause I read the vitriol he spewed on the pages - it resonated with me.
I think modern monetary theory tis a slippery slope - and what matters is if there is faith in fiat - as debt increases - faith diminishes - so not sure Boomy got his glasses on straight in this assessment -seems a tad self-fulfilling ideology - and really - why not just remove the "middle-man" in transactions and barter locally - cause as faith is lost this makes more sense - more than it always has - and self-fulfilling bankers start losing their minds when they realize their ideology is built upon fiat lies.
Thanks Ken, and I agree as a supporter of local economies and local money. But BOOM is a big picture guy and looks globally - I am left confused - but the future will dictate the rights and wrongs eventually.
Of course - "money" - is a useful tool of currency - but if faith in fiat is lost - what is the value?
That is why, as you are aware, I advocate for some sort physical backing of currency.
But - barter transactions can be a simple "buyer-buyer" - win-win settlement. I give you this - for that kind of deal. Two parties only.
Simple - and I should add - if done in "good faith" such transactions are also usually mutual - and there is something to be said for keeping the "middle-man" out of it.....give me that at least....I mean really - do we even need bankers?
(ha, ha...
No we don't need banksters Ken! There are many ways a local economy can exchange for mutual advantage. https://en.wikipedia.org/wiki/List_of_community_currencies_in_the_United_Kingdom
Well hells bells - glad we can agree on that - what you think Boomy thinks?
He's committed to central banking Ken - that's his bag.
Well - the future dictates no doubt - but some ideas have been proven WRONG - I think "MMT" falls into that - mostly because it is a sort of "red herring" that the banksters just love to use to their advantage - as banksters are want to do - so I advocate for barter transactions that take the middle man out of the picture altogether!
Locally of course that works better - but the scale could be increased if well thought out - and truly -
who needs a middle-man proving to be harmful over the centuries?
Regards,
BK
Yes, Ken agreed (see above).
Above where?
Still - who needs the damn bankers - they have proven themselves harmful to humanity.
My last comment
Oh yeah - twas above there in your "last comment"...
ha, ha...
Love you hombre!
Ken
Thanks Peter as ever. Unusually I question the brilliant Dr Gerry Brady's interpretation on this one. I know Werner's work, and the broad tenets of the article and its references. More importantly I know and have lived things that Gerry omits from his analysis. IMHO when we get into existential discussions (i.e., the future of the human species) it's not possible to predict anything with any reliability by extrapolating data from past experiences. I cite Bernardo Kastrup's work (e.g., essentiafoundation.org) on universal consciousness, quantum and realities. David R Hawkins' books, Gill Edwards' books (LivingMagically.co.uk), and Robert Temple (Robert-Temple.com - notably 'A New Science Of Heaven' 2022) offer other helpful information about energies, aether, plasma. Realities are complex and infinitely more dimensioned than what we believe we sense in the physical realm. And for those who like scientific papers: https://www.gusp.org/defusing-world-crises/scientific-research/ Global Union of Scientists for Peace "Diffusing World Crises: A Scientific Approach" - more than 50 demonstrations from 28 research studies dating back to the 1980s, proving that brain/consciousness energies reduce human conflict and suffering. Finally, read The Wise Wound by Shuttle and Redgrove (https://www.equinoxpub.com/home/wise-wound/). I'm happy to debate with anyone about these matters. It's a soul thing :) Love and gratitude, Alan
No doubt - the future is full of uncertainty - live with it - what choice is there?
But - Kropotkin recognized in the 19th century - his ideas have been stifled - that the species works together individually and collectively - with other species mind ya - tis the one most likely to survive - it ain't really "survival of the fittest" individual - tis collective.
But that does not deny individual thought - nor does it offend liberty - tis just the way nature works - those Mutual survive - those can't work with others perish.....if their ideas do not resonate.
Simple really - and Tesla understood this I think - and I think 2024 was the Year of Resolution and I'm looking forward to 2025 - better ideas beckon.
BK
Like Ukraine, perhaps nations forfeit their national lands and resources to their creditors?
Over the millennia, many so-called "creditors" realized the utility of "jubilee"....
Because frankly, what makes them the "creditors" - seems sort of self-fulfilling when thought about deeply - and it becomes sort of well.....nefarious.
Stating that nations can't go bankrupt the way households can implies that nations can somehow draw energy, resources, labor, and everything constituting wealth out of thin air. They cannot. They have the power to manipulate money, for quite a while, but debt will ultimately catch up with them and make them go bankrupt just like households or any entity that consumes more than it produces. The bankruptcy will likely not have the form of a standard bankruptcy. It will be a civilizational collapse of sorts.
This guy BOOM is a sharp fella and has some very keen observations, but as far as economics, he's stuck within the realm of the hydrocarbon-driven past few hundred years.
Excellent Jess, thank you. Too few people are awake - much more to do I guess.