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sobmaz
Participant[quote=briansd1]Sure, Dennis sees the writing on the wall; and he does care about the people.
But does he care about the people of the today or the people of the future? It makes a difference because the people of today need to cut back so that the people of the future may live better.
Any credit system is based on front loading the present and borrowing from the future. As long as that works, we will borrow more and more from the future until the system collapses. Who knows when that time will come?
Dennis wants us to live sustainably. Even if he’s successful in convincing Americans, it won’t last long. If Americans didn’t have access to easy credit, our standard of living (the products and services we can purchase) would quickly drop. Soon, other countries where credit is widely available (because not all countries would follow the Kucinich model) would surpass us and we would wonder what’s wrong with our political system.
My prediction is that when the current credit-based regime collapses, another one will takes its place. The power players will be different.
The mortgage business is a good illustration. If mortgage were extremely hard to get, people would live “in poverty”, more simply, in small houses. The economy would not be as strong because all the jobs to support housing would not exist.
Households would save to payoff their houses and future generations would not inherit debts. Over the long run (hundreds of years), that’s a better system.
But who is willing to make the sacrifices today for a future they will never live to see?[/quote]
Wow…..
Spot on and well said.
Participant[quote=Eugene][quote=patb]Nationalize the fed. Excellent
Creates new money? A change over forces hidden cash to be explained.
Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]
I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”
So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.[/quote]
How would that shut down all banks and credit unions?
It clearly states that you can not do lending via the “so called fractional reserve banking”. It doesn’t say you CANT lend!
All that means is they can’t receive 1.00 on deposit and then lend out 6.00 and collect interest on 6 based upon the 1.00 deposit, as the current “fractional lending system allows”.
It might do some good for a bank to take in 1.00 in deposits and only loan out 1.00. It might encourage them to pay depositors more interest to attract more deposits. It might encourage them to be more selective about lending money to only those who might be able to pay it back.
Lax lending destroyed our economy.
Exactly how is revamping a banking industry that has gotten a free ride and screwed the American public, GOING BONKERS?
Participant[quote=Eugene][quote=patb]Nationalize the fed. Excellent
Creates new money? A change over forces hidden cash to be explained.
Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]
I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”
So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.[/quote]
How would that shut down all banks and credit unions?
It clearly states that you can not do lending via the “so called fractional reserve banking”. It doesn’t say you CANT lend!
All that means is they can’t receive 1.00 on deposit and then lend out 6.00 and collect interest on 6 based upon the 1.00 deposit, as the current “fractional lending system allows”.
It might do some good for a bank to take in 1.00 in deposits and only loan out 1.00. It might encourage them to pay depositors more interest to attract more deposits. It might encourage them to be more selective about lending money to only those who might be able to pay it back.
Lax lending destroyed our economy.
Exactly how is revamping a banking industry that has gotten a free ride and screwed the American public, GOING BONKERS?
Participant[quote=Eugene][quote=patb]Nationalize the fed. Excellent
Creates new money? A change over forces hidden cash to be explained.
Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]
I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”
So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.[/quote]
How would that shut down all banks and credit unions?
It clearly states that you can not do lending via the “so called fractional reserve banking”. It doesn’t say you CANT lend!
All that means is they can’t receive 1.00 on deposit and then lend out 6.00 and collect interest on 6 based upon the 1.00 deposit, as the current “fractional lending system allows”.
It might do some good for a bank to take in 1.00 in deposits and only loan out 1.00. It might encourage them to pay depositors more interest to attract more deposits. It might encourage them to be more selective about lending money to only those who might be able to pay it back.
Lax lending destroyed our economy.
Exactly how is revamping a banking industry that has gotten a free ride and screwed the American public, GOING BONKERS?
Participant[quote=Eugene][quote=patb]Nationalize the fed. Excellent
Creates new money? A change over forces hidden cash to be explained.
Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]
I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”
So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.[/quote]
How would that shut down all banks and credit unions?
It clearly states that you can not do lending via the “so called fractional reserve banking”. It doesn’t say you CANT lend!
All that means is they can’t receive 1.00 on deposit and then lend out 6.00 and collect interest on 6 based upon the 1.00 deposit, as the current “fractional lending system allows”.
It might do some good for a bank to take in 1.00 in deposits and only loan out 1.00. It might encourage them to pay depositors more interest to attract more deposits. It might encourage them to be more selective about lending money to only those who might be able to pay it back.
Lax lending destroyed our economy.
Exactly how is revamping a banking industry that has gotten a free ride and screwed the American public, GOING BONKERS?
Participant[quote=Eugene][quote=patb]Nationalize the fed. Excellent
Creates new money? A change over forces hidden cash to be explained.
Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]
I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”
So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.[/quote]
How would that shut down all banks and credit unions?
It clearly states that you can not do lending via the “so called fractional reserve banking”. It doesn’t say you CANT lend!
All that means is they can’t receive 1.00 on deposit and then lend out 6.00 and collect interest on 6 based upon the 1.00 deposit, as the current “fractional lending system allows”.
It might do some good for a bank to take in 1.00 in deposits and only loan out 1.00. It might encourage them to pay depositors more interest to attract more deposits. It might encourage them to be more selective about lending money to only those who might be able to pay it back.
Lax lending destroyed our economy.
Exactly how is revamping a banking industry that has gotten a free ride and screwed the American public, GOING BONKERS?
Participant[quote=SD Realtor]Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.
If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.
FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.
Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….[/quote]
You wouldn’t believe the number of people who really believe that our real worry is “deflation”.
The US is populated with fools, for the most part, and if the FED says deflation is what we need to worry about people will believe it hook line and sinker.
There has only been one brief period of deflation in our FIAT history and to think it is a possibility with the “Quantitative Easings” is ridiculous.
Quantitative Easing sounds so much better than “printing money and dropping it from helicopters”, don’t you think?
Participant[quote=SD Realtor]Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.
If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.
FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.
Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….[/quote]
You wouldn’t believe the number of people who really believe that our real worry is “deflation”.
The US is populated with fools, for the most part, and if the FED says deflation is what we need to worry about people will believe it hook line and sinker.
There has only been one brief period of deflation in our FIAT history and to think it is a possibility with the “Quantitative Easings” is ridiculous.
Quantitative Easing sounds so much better than “printing money and dropping it from helicopters”, don’t you think?
Participant[quote=SD Realtor]Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.
If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.
FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.
Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….[/quote]
You wouldn’t believe the number of people who really believe that our real worry is “deflation”.
The US is populated with fools, for the most part, and if the FED says deflation is what we need to worry about people will believe it hook line and sinker.
There has only been one brief period of deflation in our FIAT history and to think it is a possibility with the “Quantitative Easings” is ridiculous.
Quantitative Easing sounds so much better than “printing money and dropping it from helicopters”, don’t you think?
Participant[quote=SD Realtor]Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.
If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.
FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.
Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….[/quote]
You wouldn’t believe the number of people who really believe that our real worry is “deflation”.
The US is populated with fools, for the most part, and if the FED says deflation is what we need to worry about people will believe it hook line and sinker.
There has only been one brief period of deflation in our FIAT history and to think it is a possibility with the “Quantitative Easings” is ridiculous.
Quantitative Easing sounds so much better than “printing money and dropping it from helicopters”, don’t you think?
Participant[quote=SD Realtor]Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.
If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.
FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.
Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….[/quote]
You wouldn’t believe the number of people who really believe that our real worry is “deflation”.
The US is populated with fools, for the most part, and if the FED says deflation is what we need to worry about people will believe it hook line and sinker.
There has only been one brief period of deflation in our FIAT history and to think it is a possibility with the “Quantitative Easings” is ridiculous.
Quantitative Easing sounds so much better than “printing money and dropping it from helicopters”, don’t you think?
Participant[quote=patb][quote=davelj]I’m not saying he’s wrong, but… I’m filing this under: I’m Talking My Own Book, By the Way.[/quote]
i think with the destruction of asset prices?
no sign of inflation for a while[/quote]
UMMMM…..If you recall, throughout the 90’s and 00’s asset prices skyrocketed and there was NO INFLATION, or very little, officially.
The CPI DOES NOT consider asset prices. So, if asset increases did not go into the CPI calculation, asset decreases do not go into the CPI calculation.
The key here is what the FED wants you to believe.
Now that we do have asset deflation the FED wants us to worry about deflation yet when they were inflating they said, “don’t worry, it’s not really inflation”.
The reason for this twisting of facts is they want everyone to think that there is nothing wrong with printing dollars endlessly when we have this supposed “deflation”.
Check the price of all commodities.
Check the price of your utilities y over y, insurance, food, all living expenses and tell me if there is deflation.
Yep, if all you do is buy plasma tvs and computers there is deflation but most people spend their money on food, rent, utilities and insurance.
Participant[quote=patb][quote=davelj]I’m not saying he’s wrong, but… I’m filing this under: I’m Talking My Own Book, By the Way.[/quote]
i think with the destruction of asset prices?
no sign of inflation for a while[/quote]
UMMMM…..If you recall, throughout the 90’s and 00’s asset prices skyrocketed and there was NO INFLATION, or very little, officially.
The CPI DOES NOT consider asset prices. So, if asset increases did not go into the CPI calculation, asset decreases do not go into the CPI calculation.
The key here is what the FED wants you to believe.
Now that we do have asset deflation the FED wants us to worry about deflation yet when they were inflating they said, “don’t worry, it’s not really inflation”.
The reason for this twisting of facts is they want everyone to think that there is nothing wrong with printing dollars endlessly when we have this supposed “deflation”.
Check the price of all commodities.
Check the price of your utilities y over y, insurance, food, all living expenses and tell me if there is deflation.
Yep, if all you do is buy plasma tvs and computers there is deflation but most people spend their money on food, rent, utilities and insurance.
Participant[quote=patb][quote=davelj]I’m not saying he’s wrong, but… I’m filing this under: I’m Talking My Own Book, By the Way.[/quote]
i think with the destruction of asset prices?
no sign of inflation for a while[/quote]
UMMMM…..If you recall, throughout the 90’s and 00’s asset prices skyrocketed and there was NO INFLATION, or very little, officially.
The CPI DOES NOT consider asset prices. So, if asset increases did not go into the CPI calculation, asset decreases do not go into the CPI calculation.
The key here is what the FED wants you to believe.
Now that we do have asset deflation the FED wants us to worry about deflation yet when they were inflating they said, “don’t worry, it’s not really inflation”.
The reason for this twisting of facts is they want everyone to think that there is nothing wrong with printing dollars endlessly when we have this supposed “deflation”.
Check the price of all commodities.
Check the price of your utilities y over y, insurance, food, all living expenses and tell me if there is deflation.
Yep, if all you do is buy plasma tvs and computers there is deflation but most people spend their money on food, rent, utilities and insurance.
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