Tony Posted July 18, 2010 Share Posted July 18, 2010 Did also run up the debt in virtually every other industrialised nation as well? That statement sounds exactly like the denial mentioned in the OP. What caused the debt? Link to comment Share on other sites More sharing options...
artisan Posted July 18, 2010 Share Posted July 18, 2010 This so called debt is only theoretical. It is non existent. Just write it off and start again. It has not been borrowed from anyone, nor is it owed to anyone. It is just capitalists playing with numbers. The world turns, lets move on from here. Link to comment Share on other sites More sharing options...
Tony Posted July 18, 2010 Share Posted July 18, 2010 That's not true though artisan as the holders of various government loan notes will testify. The question remains, what caused the debt? Link to comment Share on other sites More sharing options...
artisan Posted July 18, 2010 Share Posted July 18, 2010 That's not true though artisan as the holders of various government loan notes will testify. The question remains, what caused the debt? Capitalism, which is rotten to the core. I just hope it staggers on for a few more decades, until me and all my friends and relatives are dead and gone. Because the thing waiting to fill the vacuum left fills me with horror. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted July 18, 2010 Share Posted July 18, 2010 Its Sunday am and I am up before either of you! . Only just the dog as to go for his walkies and I have to have some brecky before I can get the laptop out. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted July 18, 2010 Share Posted July 18, 2010 The question remains, what caused the debt? Come on Tony you know we are all waiting with bated breath for your answer. Link to comment Share on other sites More sharing options...
Tony Posted July 18, 2010 Share Posted July 18, 2010 You know the answer Malky, I've mentioned it plenty of times in the past. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted July 18, 2010 Share Posted July 18, 2010 You know the answer Malky, I've mentioned it plenty of times in the past. So you have Link to comment Share on other sites More sharing options...
espadrille Posted July 18, 2010 Share Posted July 18, 2010 Only just the dog as to go for his walkies and I have to have some brecky before I can get the laptop out. I have 2 labradors and they had already been by then! Link to comment Share on other sites More sharing options...
Occam'sRazor Posted July 18, 2010 Share Posted July 18, 2010 Capitalism, which is rotten to the core. I just hope it staggers on for a few more decades, until me and all my friends and relatives are dead and gone. Because the thing waiting to fill the vacuum left fills me with horror. I'd agree with that! Well, I agree that capitalism is rotten to the core. The whole principle being that greed is rewarded. I'm sure I'll get laughed at for being so naiive in thinking that people can be motivated by things other than greed. Here's a great quote from a great economist: When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money-motive at its true value. The love of money as a possession — as distinguished from the love of money as a means to the enjoyments and realities of life — will be recognised for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease ... ... But beware! The time for all this is not yet. For at least another hundred years we must pretend to ourselves and to everyone that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still. For only they can lead us out of the tunnel of economic necessity into daylight. "The Future", Essays in Persuasion (1931) Ch. 5, JMK, CW, IX, pp.329 - 331, Economic Possibilities for our Grandchildren (1930); as quoted in "Keynes and the Ethics of Capitalism" by Robert Skidelsy Well, I make that to be near enough a hundred years. Let's move on and evolve. We have the technology to feed everyone, house and clothe them, give them education and hospitals, and with modern renewable energy technology, we can easily provide enough energy to power the world forever. We have the resources and the technology, but the power lies with the few and the rich. I was disgusted when, after the global economic crisis, nobody important was suggesting monetary reform. There was nothing to vote for. Fractional reserve banking has run its course. It is unsustainable, based on perpetual debt. As a nation, we have to borrow our own currency from a central bank, which charges us interest! The money supply is then expanded through loans from commercial banks on the high street, adding to the overall debt. When you pay off your loan, the money disappears again (apart from the interest - the bank keeps that). In other words, 97% of the money in the country is debt-money and would disappear if everyone paid it back tomorrow. Of course, everyone would then be fighting over the remaining 3% to pay off their interest. Adopting a Resourced Based Economy sounds the best way to go. Link to comment Share on other sites More sharing options...
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