Posts Tagged ‘inflation’
What is debt consolidation?
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Duration : 0:1:11
New rules– No government subsidization of private debt, and no borrowing at all by government:
I saw your internet storefront; business must be brisk.
Yes, I’m going to need a loan to help expand. I stopped by a branch of the Fifth Second, but of course, it’s no longer a bank, since there are no banks other then the government, all-electronic bank. The Fifth Second is willing to loan me money, but now that money will be coming out of their private funds rather than out of depositor’s funds.
Why don’t you just use one of those new internet sites, where they match up savers and borrowers? There’s a huge influx of savers, willing to lend out money, since deposits at the government bank don’t earn any interest. The small, riskier loans are pooled, to reduce risk, but with so many savers throwing money into these loans chasing yield, I wonder if we’ll see another bubble, like what we saw with housing and college tuition loans.
But there’s a difference. Weren’t the housing and college tuition loans insured by the government?
Yes, now there is no government interference and the private markets will very quickly set proper rates. I don’t think we’ve ever seen purely market determined interest rates before. Now, there will never again be any federal or municipal debt to crowd out the credit markets. And the Fed, together with its interest rate manipulations, are gone forever!
Wasn’t the sheer size of government debt considered the largest bubble in history?
That’s what happens when debt is considered risk free. And there is theoretically no limit to the amount that can be issued, when interest rates approach zero. But how could anyone think that passing more and more debt onto future generations, could be considered risk free?
Now, exactly how did they defuse the bubble?
The entire government debt was eliminated. Large portions were written off. Some was paid giving away government property. Special tax assessments were made, using net worth taxes wherever possible, and some were allowed to pay by giving away ownership of properties, businesses, and other assets, where it might have been difficult to sell them to raise money. Lengthy negotiations were required. But the choice was between either a controlled settlement, or a catastrophic, uncontrolled collapse.
I’m glad our leaders had the foresight and courage to make the right choice.
Even the right choice was extremely painful. So painful that it was decided never to let the government issue debt again! At the same time, they questioned why the government should even have its own money. Instead of depositing tax money into a government account and then spending it, they could instead spend instantly created money and then retire that amount of money through taxation. This way all money could remain in private hands.
How could we trust government to generate the right amount of taxes to match government spending?
Taxes needed to be scalable and automatic, without the type of delays caused by debating wealth reallocation issues. That’s why simple rules were chosen, using the net worth tax where possible, since this is the only type of tax that does not reallocate wealth.
Gee, I’d like the power to create money out of thin air every time I want to buy something.
Actually, government spending will be much more constrained than before. If the President announces we’re going into another war, he better have a very good reason, because people will know that taxes are about to rise!
Duration : 0:3:36
PLEASE SUBSCRIBE!!!!! http://nwotruth.com/greece-hires-former-goldman-banker-as-debt-chief/ http://www.spiegel.de/international/europe/0,1518,676634,00.html http://www.ft.com/cms/s/0/f90bca10-1679-11df-bf44-00144feab49a.html Greece replaced its debt management chief with a former Goldman Sachs Group Inc. investment banker, as declines in the countrys bonds roil European markets.
Petros Christodoulou took over from Spyros Papanicolaou as head of the Athens-based Public Debt Management Agency, the Finance Ministry said yesterday in an e-mail. Christodoulou held positions in global markets at Credit Suisse Group AG, Goldman Sachs and JPMorgan Chase & Co. before joining National Bank of Greece in 1998, according to a company filing.
The incoming guy is walking into a tough mandate, said Charles Diebel, senior interest-rate strategist at Nomura International Plc in London. Such is the sentiment towards Greece at the moment, a new broom could be a positive. Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country’s already bloated deficit.
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Duration : 0:9:59
Links
http://www.marketoracle.co.uk/Article20254.html
http://abcnews.go.com/Business/wireStory?id=10899182
http://uk.news.yahoo.com/22/20100613/tbs-uk-ecb-nowotny-nikkei-b5819a3.html
Duration : 0:6:8
The government has acquired trillions of dollars in debt and no one knows how we can pay it back without destroying our own economy to do so.
Something must be done to preserve free enterprise in America.
The voices of businesses and workers must be unified to speak in a voice so loud that our elected officials will be forced to listen.
Beginning September 22, 2009, we will.
The private sector of our economy is comprised of 5 million companies and 115 million workers. The private sector pays 85% of all taxes and is being burdened by our government with unsustainable levels of operating deficits and ever-increasing debt. Help preserve our fiscal policy and free enterprise system by reducing wasteful government entitlements.
Duration : 0:2:55
My God! http://www.associatedcontent.com/article/1870129/debt_cancellation_prosperity_preachers.html
Duration : 0:2:28
Geithner and Bernanke are lying to you. Facing huge pressure from purchasers of US debt like the Chinese, do you really expect them to admit to debauching the currency? What the kind of monetary system relies on the mercy of authoritarian communist nations to prop it up anyway? “You have to choose [as a voter] between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.” —George Bernhard Shaw
Duration : 0:9:59