How to steal everybody’s money in seven steps

Big Bureaucracy ^ | June 1st, 2010 | Ellie Velinska

[Big Bureaucracy]

The United Kingdom is drowning in debt. A radical plan how to get rid of the problem is proposed by the Cobdence Center. If you find a flaw in the plan you will get £1,000 reward.

It is not the latest spam coming to your e-mail from the UK. It is a real plan that is endorsed by economists and politicians like the member of the British Parliament Steven Baker.

In just seven steps £850 billion magically appear in the system and allow the Great Britain to pay off the debt.. The plan starts with the government printing approx £850 billion in cash and injecting it directly into the vaults of the banks and into the checking accounts of individuals.

Wipe from the bank books all the demand-deposits/IOUs as banks would not owe you money anymore. The banks don’t have to pay you anymore; they will suddenly be £850 billion better off.

The government can now get the money that the banks don’t have to pay back to the people and put it into Mutuals, which would then immediately pay off the national debt.

In the complicated world of the elitist politicians and economists this is not inflationary, as “the cash replaces the demand-deposit which acted as money”.

In my world view this is either the government monetizing the debt or the banks stealing the money from all checking accounts....

[PGR88]

How to steal everyone’s money?

You only need 1 step - have a central bank that prints money to cover deficits (bail outs, unfunded entitlements, etc...)

Printing money and subsequent inflation is a stealth tax. Pretty soon, Gov’t has its programs and the people have no money worth anything.

[April Lexington]

The plan starts with the government printing approx £850 billion in cash and injecting it directly into the vaults of the banks and into the checking accounts of individuals.

Hmmm.. this plan just might work. Please wire money to account number 000098337484723737373 UBS, Zurich. I promise I'll start stimulating right away!

[jonascord]

Mr. Mugabe, white courtesy phone...

Go to Zimbabwe, and ask how that printing "money" wildly way of retiring the government debt thing is working.

[KarlInOhio]

I was trying to find if the Cobdence Center is a crackpot organization or a think tank at the center of British governance. Other than references to this plan, I could find nothing about it on Google. It looks like it is not merely crackpot, but a whole new variety of crackpot.

If serious people were proposing this, it would be a sign to get out of the pound and into something relatively safer like the Zimbabwe dollar.

[Big Bureaucracy]

Those are serious people - members of the British Parliament, economists, academics. They publish papers about “What is money?”

[KarlInOhio]

I found the problem. The group's name is "The Cobden Centre" at http://www.cobdencentre.org/ . Many more search hits occur with the right name.

[jonascord]

The front man, an MP from Drooling Retard named Baker, when asked by the author of this piece to explain how printing 850 billion pieces of paper will balance the budget, kissed her off by saying that if she couldn’t be bothered to read the books by the Cobdence Center, he didn’t have time to explain his genius.

However, as soon as Mugabe Lite can figure out how to personally profit, I’m sure he will suggest the same idea here.

Maybe we should talk to the Vercotti Bros. Our Lord could borrow the money from them, and at very favorable rates. Then, when he misses a payment... It’s win-win.

[Erasmus]

I was trying to find if the Cobdence Center is a crackpot organization or a think tank at the center of British governance.

How about, both?

[Big Bureaucracy]

Thanks for noticing my typo, I fixed it. Thanks!
Visit the folks from the Cobden Center. If their plan is really flawless they can implement it in here the US too. LOL