Debt
Sacrilegious suggestion
“What horrifies me is that you’ve got a financial system designed by neoclassical economists.”
Numerous “proper” economists have attacked the sacrilegious suggestion that it would be possible to reverse the money creation flow by bailing out the debtors first, – not the banks. No wonder the (Swedish) central bank(s) stole into the prestigious Nobel price to reward the subservient economic priesthood.
However, doing the same thing over and over, expecting different results is the definition of “proper” economists, – or was it insanity?
Reading Debunking Economics – The Naked Emperor Dethroned? should be a pleasurable experience for everyone, except for hypnotized chickens of course.
Debunking Economics
System dynamics
Humpty Dumpty
Debtwatch
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Debt: The First 5,000 Years
The Lost Science of Money
Economic Hit Man
Debt: The First 5,000 Years
“Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter system–to relieve ancient people from having to haul their goods to market. The problem with this version of history? There’s not a shred of evidence to support it.”
“Interest rates spiked and the indebted became slaves. And the system perpetuated itself with tremendously violent consequences, with only the rare intervention of kings and churches keeping the system from spiraling out of control.”
Chomsky describes this out of control spiral here and concludes, – ”By shredding the remnants of political democracy, the financial institutions lay the basis for carrying the lethal process forward — as long as their victims are willing to suffer in silence.”
As we saw from “The Lost Science of Money” most economists steadfastly refuse to learn anything from history, – which is all the more peculiar for a “discipline” claiming to be “scientific” and on the outlook for the optimal truth and not a cult worship.
David Graeber.
Debt The First 5,000 Years
Mad Max
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9,3% between deposit and lending rates (IMF)
kiva
P2P lending
Financial suicide?
“What is the rational of Iceland and other debtor countries paying, especially at this time? The proposed agreements would give Britain and Holland more than EU directives would. Iceland has a strong legal case. Social Democratic warnings about the EU seem so overblown that one wonders whether the Althing members are simply hoping to avoid an investigation as to what actually happened to Landsbanki’s Icesave deposits. Britain’s Serous Fraud Office recently became more serious in investigating what happened to the money, and has begun to arrest former directors. So this is a strange time indeed for Iceland’s government to agree to take bad bank debts onto its own balance sheet.” ~ Michael Hudson
To ask (threaten) us to pay for an un-investigated crime scene only shows the psychopathic mentality of the financial terrorists, which by the way are living in luxury under the protection of the “claimants”.
After a 60% No-brainer vote, we might ponder the unholy alliance between bankers and governments, and the simple fact as some blogger pointed out, that, “most Icelandic people hadn’t heard of Icesave until they were supposed to pay it all.”
Austerity for Whom?
In our case, it has been heartwarming to see how the political class selflessly withdrew their investments from the failing banks in the days leading up to the meltdown
Although they do not deny having superior knowledge, in no way did they use their insights to their own advantage.
Governments everywhere are Of, By, and For their People.
The Cost of Economic Hubris
Central Bank’s “Technical” Bankruptcy 175
Landsbanki 122
Arion (Kaupþing) 46
Icesave 35
Íslandsbanki 28
Total: 530 miljarðar ~ $ 4.4 billion ~ € 3? billion
Somehow these numbers do not reflect the priorities propagated by the powerful and moneyed interests.