lowrentyieldmakessense(honest!)
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Posts posted by lowrentyieldmakessense(honest!)
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does he mention taking away the banks power to create debt out of thin air
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Take your pick, are you in the deflation camp or inflation camp? Im of the inflation view but house prices are so high relative to earnings, we will see house price falls until the wage price spiral kicks in.
inflation in stuff we need
deflation in stuff bought with borrowed money( for a while anyway)
and Merv only worries about wage inflation - all part of the plan to make the masses have less money
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Mr Cook advised savers not to rush out and move their money, however, as this can be counter productive.
f em bring down the criminal banking system
its the only way things are going to get changed
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its one big ******ing con - wake the ****** up
Unfortunately, since bailment law was undeveloped in the nineteenth century, the bankers' counsel were able to swing the judicial decisions their way. The landmark decisions came in Britain in the first half of the nineteenth century, and these decisions were then taken over by the American courts. In the first important case, Carr v. Carr, in 1811, the British judge, Sir William Grant, ruled that since the money paid into a bank deposit had been paid generally, and not earmarked in a sealed bag (i.e., as a "specific deposit") that the transaction had become a loan rather than a bailment. Five years later, in the key follow-up case of Devaynes v. Noble, one of the counsel argued correctly that "a banker is rather a bailee of his customer's fund than his debtor, … because the money in … [his] hands is rather a deposit than a debt, and may therefore be instantly demanded and taken up." But the same Judge Grant again insisted that "money paid into a banker's becomes immediately a part of his general assets; and he is merely a debtor for the amount." In the final culminating case, Foley v. Hill and Others, decided by the House of Lords in 1848, Lord Cottenham, repeating the reasoning of the previous cases, put it lucidly if astonishingly:
The money placed in the custody of a banker is, to all intents and purposes, the money of the banker, to do with as he pleases; he is guilty of no breach of trust in employing it; he i s not answerable to the principal if he puts it into jeopardy, i f he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted.[3]
The argument of Lord Cottenham and of all other apologists for fractional-reserve banking, that the banker only contracts for the amount of money, but not to keep the money on hand, ignores the fact that if all the depositors knew what was going on and exercised their claims at once, the banker could not possibly honor his commitments. In other words, honoring the contracts, and maintaining the entire system of fractional-reserve banking, requires a structure of smoke-and-mirrors, of duping the depositors into thinking that "their" money is safe, and would be honored should they wish to redeem their claims. The entire system of fractional-reserve banking, therefore, is built on deceit, a deceit connived at by the legal system.
A crucial question to be asked is this: why did grain warehouse law, where the conditions – of depositing fungible goods – are exactly the same, and grain is a general deposit and not an earmarked bundle – develop in precisely the opposite direction? Why did the courts finally recognize that deposits of even a fungible good, in the case of grain, are emphatically a bailment, not a debt? Could it be that the bankers conducted a more effective lobbying operation than did the grain men?
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Hello everyone
I don't post a lot on here but I lurk a lot, and I've learnt a lot (like how to fend off friends and relatives - and spendthrift ex - who keep hassling me to blow my hard-earned deposit money and buy 'because property only ever goes up').
Anyway, I came across this posting on the Adam Curtis blog
Let Them Eat Plastic and I don't think I've seen it mentioned on this site - he refers to a book called Fault Lines by Raghuram Rajan who argues that access to cheap debt was used as a means to quell social unrest.
Here's how he sums up the book:
"Faced with this [social unrest], governments made a political choice. Rather than reform society, they removed all restrictions, gave up on their moral disapproval [of debt], and allowed a system to be created by the bankers that let everyone borrow.
It was better to give in and allow the "little people" to borrow rather than let them keep on striking and threaten social order. And what's more you could make lots of money out of it."
I imagined it's telling most of you what you already know but I thought you still might want to have a look
Best wishes
S
Raghuram Rajan has an extraordinary statistic. That if you look at the the growth in real incomes between 1976 and 2007, 58% of it went to the top 1%.its always the same with inflation every time in ******ing history
people need to wake the ****** up
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Cheer up sceppy, it's all over anyway.
The math don't lie.
maybe he has got a job at the council of foreign relations
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those nasty Muslims, who do they think they are competing against the bankers
http://www.muamalahcouncil.com/news/34-gen...2th-august.html
Alhamdulillah, we are happy to announce the news all of us have been waiting for – the official launch of Dinar and Dirham in the state of Kelantan will be held in its capital, Kota Bharu, on 12 August 2010.The upcoming event in Kelantan is history in making as it marks the beginning of both, the rise of Islam and demise of Capitalism for the two can’t co-exist: when the light comes darkness disappears.
This is the first time in the last 100 years, since the fall of the Ottoman Caliphate, when a Muslim government introduces Shariah Currency. Indeed there has been four generations of Muslims who have not seen Gold Dinar and Silver Dirham; four generations of Muslims who have been divided into little national reservations and sentenced to permanent robbery first by local, then by international Masters of Riba; four generations of Muslims who haven’t known what is their Deen. The introduction of Gold Dinar and Silver Dirham in the state of Kelantan is not a new idea or experiment, it is the return to the medium of exchange that has been known for 1400 years throughout Dar al-Islam as Money of Shariah taking its legislation from Allah’s Revelation and Rasul’s Sunnah.
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That's Taleb for you. Pick a really well capitalised bank and cross your fingers.
UBS? ( <- My Jim Rogers impersonation, just for you )
dickie bow on
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That was end of July, with echoes in September and on into the new year, wasn't it?
I thought it was this week
bugger
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I find myself in total agreement, which is unusual
could be the planetary alignment
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He's basically saying that, yes. Bet on deflation and hedge for the exact opposite - (hyper)inflation with dirt cheap options.
He's said it before.
who could pay out on the options if we get hyper-inflation - if hes doing that he's clueless
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Maybe even next year...
possibly - less than 12 months though
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too early
later this year methinks
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Really? Wouldn't you have been better buying somewhere in September 2003, even if there is a 20-30% fall this year?
he bought gold
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Agreed, that is the point, we have to settle for the same living standards as PingWee in China....................Eventually, this is why the hyperinflationists are so wrong.......Maybe costs will soar, but no way will wages.
hyperinflation happens when confidence in the con game ends
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they really only think wage inflation matters.
if you are aiming for a global levelling yep
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paydown of debt will have the same effect.
how are you going to get enough people to do that all in one go
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Yeah, and when that happens I take up arms - there will be revolution.
get ready then
IMF plan
crash all currencies and then offer the only solution
except it is far from the only solution and alternative currencies will win otherwise we starve
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I'm sure they will try, but in the event of state failure, what power base do they use as leverage?
Don't get me wrong, I don't think the tide has turned, but there is a suggestion of it beginning to turn. A man can hope, can't he?
we're hoping and we're trying
we made need some arrows though, but not paper ones
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That too. The original man prescribed savings in good times, and then spendings in bad times. Brown ignored the first part.
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the original man changed his mind all the time, spouted aboslute nonsense with the occassional correct observation and some wit
paradox of thrift
crumpling towels
war
digging ditches
governments saving money when they dont have any
bancor world currency (yep they are going to try it)
credit expansion can turn stones into bread
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The sheeple disproves you.
they took the wrong pill
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I get the feeling the centralists are on the retreat
i dont think so
the centralists continue to plan the one world currency and when they think the time is right it will be put forward as the only way of solving the financial crisis
Central Bankers Stoking The Inflation Fires, Whilst Academic Economists Worry About Deflation
in House prices and the economy
Posted
yep
hyperinflation - paper money implodes as enough people see the con game for what it is
it is not caused due to an increase in economic activity
and yet most of those arguing against hyperinflation state that we cant have it due to the excess capacity
they should check out hyperinflations that have happened previously