Posted on 03/21/2020 7:25:06 AM PDT by Kaslin
I understand the problem.
The thing to focus on as the “Who-Whom” debate starts is that, yes, many INDIVIDUALS with excess debt have been irresponsible or have behaved in undesirable ways. You will always be able to find debtors whose debts are erased who do not “deserve” it.
But the COLLECTIVITY of usurers have also behaved irresponsibly, given their penetrating insights into human nature, almost criminally so. We had laws against usury for a reason, and we will have them again as the great credit experiment collapses.
THERE IS NO CREDIT SOLUTION TO REFLATE THE COLLAPSING ECONOMY.
THAT is the central, key concept to keep in mind as we move forward. More FRNs make the problem worse. The “future payments” already booked as assets by the middlemen are not coming, and making them paid with debt to the stockholders of the Federal Reserve rewards THEIR misbehavior and enriches those who deserve it least.
Liquidating the debt, as FDR abrogated the gold contracts, is counterintuitive, but the more you think about it, the more you will see that it’s the only way out.
Hillary said (in a similar situation) that she "wasn't responsible for every under capitalized business."
I prefer “CHINESE BAT SOUP VIRUS RECOVERY FUND”.
In the long run we’re all Keynesian’s.
You’re onto something there.
I think things changed forever with FDR. That is when Americans embraced the idea that government could take care of them and solve all their problems. It’s been downhill ever since. I still remember the pony tail guy asking presidential candidates about government being our daddy. That was back in the Bush I era.
Complaining on FR and $5 will get you a cup of coffee at Starbucks!
IMHO....That would be true if we or the world had a gold standard...but now....debt is now just a measure against other countries inability to pay off their “loans”.....No country will EVER pay off all their debt...
Yes!
And, the LIEberals will also try to make every move a permanent one rather than for the duration of the Emergency!
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