Mark Campbell5 said:Yeah, I'm with you on that...
https://ealnet2010a.wordpress.com/20...ing-or-stolen/
And their stock market took a dive too...
http://translate.google.com/
Google translates websites now, you know. 😉
Iceland
http://www.informationclearinghouse....ticle28391.htm
Egypt
http://www.almasryalyoum.com/en/node/469888
Google Translate is actually pretty great if you're just looking at classic literature or standard texts. But once you start hitting specialized economic terms or specific institutions from another country's system, I'm lost. There are just too many unknowns for me to really grasp the core point.
When you look at what’s happening in Egypt, it’s honestly such a classic move. It's that old tactic where they hand out loans just to secure specific concessions later on. You could basically call it the textbook way of managing debt.
I stumbled upon a bunch of really solid articles written in straightforward English over at...
prosperityuk.comAnd it’s not just a one-off thing either. They’ve been publishing these forecasts for over a decade now. Back in 2000, they were already claiming the dollar wouldn't be able to survive. I mean, we all know the underlying issue here. It’s a currency built on debt, and Germany isn't about to risk sliding into a recession just because of high interest rates driven by the situation in Greece. Italy is staring down the barrel of bankruptcy for that exact same reason.
Some good pieces on why we need new money regulations are right here.
Simon Dixon's blog.The thing about Simon is that he’s actually a trained economist. That matters. He's the kind of guy you'd realistically want to put on the payroll just to advise us through the whole reform process.
There are movements all over the world pushing to reform how money is regulated, and honestly, seeing The Wolf of Wall Street advocate for this was just timely. We really need someone willing to stand up and fight against hopelessness. By promoting actual, viable solutions, we can hopefully push everyone toward avoiding the total financial collapse of both the government and most of the citizens.
The whole thing really boils down to just two possibilities. Either we head straight toward a guaranteed bankruptcy—which, let's be honest, is what the entire global economic establishment is already calling for—or we take this other path, the one Angela Merkel is pushing like she’s some kind of savior. But if you look closely, they aren't actually looking for an exit from the crisis at all. They don't care about fixing things. They're just looking out for themselves while everyone else goes under.
That’s basically how all the other political parties operate. If we just had a state-funded currency, we could easily slash our annual deficit by something like $9 billion. Over a single administration's term, that adds up to roughly $36 billion. Every previous government has seen their debt climb by at least that much. It really just means we could have gotten by with significantly less borrowing than we actually did.
Should we just keep banging our heads against the wall, or is it finally time to actually start using our brains?
These ideas about money supply aren't exactly new. They were being pushed around ninety years ago.
Chartalism. It’s one of those concepts that people love to toss around when they want to sound smart at a dinner party, but if you really sit down and look at it, it changes everything about how we view money. It isn't just some niche economic theory tucked away in a textbook. It’s the foundation. It’s about how the state defines value through the power to tax. You can’t really understand modern fiscal policy without looking at this. People get caught up in the mechanics of gold or silver or whatever commodity they think should back a currency, but they miss the point entirely. Money is a social contract backed by the government. Period. It’s simple, really, even if economists like to make it complicated.The only real flaw in their logic is how they involve the banking sector. We all saw exactly how that plays out, looking back at those massive reforms during the 90s under Marković. The initial rollout was actually solid, but then everything just spiraled into hyperinflation. Now, I’m convinced it was a deliberate distraction designed to wreck the economy. It’s highly unlikely someone with Marković's level of expertise could be that blind to the consequences.
Even Keynes was kind of a joke. Once I realized that money is basically just being issued as even more massive debt, I couldn't wrap my head around how someone of his caliber could actually pitch state investment like that. It’s pretty obvious it leads to total ruin in the long run. But then again, if you look at smart government spending—I mean, really strategic, orderly investing—combined with non-credit money, you could actually turn this country into a powerhouse of prosperity.
Neoliberalism, free markets, credit-based common currencies, and outsourcing everything to East Asia—that's the recipe for global poverty for most people. It's pretty straightforward when you look at it. The free market is fundamentally limited by the money supply. And that supply? It all comes down to interest rates. Interest rates depend on exports. That’s just the reality of how this works. Only countries that can export enough can maintain low interest rates, but they still end up piling up massive amounts of debt regardless. Even if you manage to keep interest rates low, if there isn't enough export volume, the country starts generating debt and interest faster than it can handle. Look at what happened in places like Spain. Once that happens, the government is forced to hike taxes, which kills economic competitiveness, and once you're in that hole, it is incredibly hard to climb back out.
In the end, given how things are set up, it feels like there isn't an exit strategy. Everything follows a certain logic, except for the fact that the conclusion is 100% predictable—bankruptcy.
The Wolf of Wall Street initially argued that we need to allow for money expansion through low interest rates, but the fallout would just be credit expansion, a drain on foreign reserves to pay for imports, and yet more global debt. That exact same line of thinking is still being pushed today, and it's wrong. I found some data showing that back in the day, people in places like Spain had mortgage rates at 1-2% and car loans at 3%. Everyone thinks that's some kind of divine solution. It doesn't seem to be. Even with those tiny interest rates, Spain ended up drowning in massive debt.
The interest rate only dictates how fast the debt accumulates, not the direction the process takes. You have to strip interest out of the money issuance process entirely. The reason is simple. Over 80% of the money in circulation comes from credit. So, how are we supposed to pay the interest on that money? Assuming inflation exists and we are borrowing just to maintain purchasing power, the debt created this way tends to balloon because it's a combination of inflation plus the bank's interest. That explains why banks aren't bothered by inflation. Since all the money originates from the banks, inflation doesn't hurt them, and the debt grows much faster than the actual money supply (this is based on the diagram from the video, which I verified with a
spreadsheet).
See, I actually sent a letter to the Federal Reserve asking how they plan to handle the cumulative impact of inflation when using credit to expand the money supply. I never got a response. It means they know exactly what the problem is, but they stay silent and just "do" their jobs. And they certainly aren't doing it for the people. The Federal Reserve should probably just rename itself the Un-People's Bank.
Back when protesters were forming live chains around the Fed building, I used to leave comments on the news saying, "Forgive them, for they know not what they do." But those days are over. Now it's perfectly clear what the Fed's true nature is. Total, exclusive support for the banks. There isn't a shred of support for the public left.
According to the laws governing the Fed, the Chair can propose measures to the government to improve how the system functions. Jerome Powell hasn't done that, and he isn't going to.
The Fed is just like any other central bank—it does everything except actually serve the citizens of the country.
The Wolf of Wall Street said the Fed acts like an exchange bureau. Do you know why the Fed doesn't issue low-interest loans to banks? Because that influx of cash would create a massive credit bubble and put immense pressure on our foreign reserves.
The Fed keeps us struggling just to protect our reserves to maintain the exchange rate, allowing banks to swap their domestic profits into foreign currency. It’s all true, but only blind people fail to see it.
After all that, what is the fix? Do we stick to the old ways, or do we actually discuss how to end economic slavery in America?