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Us Faces One Of Biggest Budget Crunches In World – Imf


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correct, but not employing banking didn't save the roman empire from being dissolved.

So perhaps fractional reserve banking is not in itself the root cause of the failure of western capitalism?

Dare I suggest that something OTHER than fractional reserve banknig is the result of the ultimate failure of the west,. In fact can any civilisation end in anything other than failure?

Unless it turns out that we live in a steady state universe - No.

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no, because the coins rose in value from the time of romulus and remus up until about 100AD. So clearly this does not represent stealing from the roman coin holders during this period.

The value can go up and there can be theft.

many things, including building cities, a civilisationa, and yes, war.

However over a course of 5 centuries from about 400AD to 100AD the face value of a roman coin rose and rose. How can you paint that as a central bank stealing from its thralls?

Easy, what value would it have if there was no theft?

it's the same as now with the 2% inflation malarky. That 2% is stolen, even if the economy does better and the money goes further there is still theft.

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Your logic is severely flawed, just because something didn't cause the end of the Roman empire, that doesn't mean it's not (one of) the cause of failure of western capitalism.

yes, but the point is what the common causes of failure are.

if we regard FRB as a signature feature of western capitalism and citizen soldiers as a feature of the roman empire, and _insert feature here_ as a feature of the macedonian hegemony and all collapsed, then both FRB, citizen soldiers and the macedonian secret sauce can be elininated as the basic cause of collapse.

There must be some common feature at a base level. And unless that cause is understood, then replacing FRB with some alternative offers no solution to our woes at all.

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yes, but the point is what the common causes of failure are.

Who says there has to be a common cause?

In fact it would be rather unusual if there was a common cause between events separated by approximately 2000 years (ok probably more like 1500-1600 years, but I'm sure you get my point).

Edited by wise_eagle
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Where did the Mongols buy all their horses then?

I thought they just ate grass and sort of grew

:blink:

an excellent example of a very successful hegemonising swarm with no central bank.

mongol war parties funded themselves and paid for their own armour and horses out of the proceeds of conquest. And when there was no conquest, they farmed the land wherever they happened to be and paid for their kit that way.

Didn't stop them uniting into fearsome conquorers without being put into debt, LOL. Likewise the vikings.

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yes, but the point is what the common causes of failure are.

if we regard FRB as a signature feature of western capitalism and citizen soldiers as a feature of the roman empire, and _insert feature here_ as a feature of the macedonian hegemony and all collapsed, then both FRB, citizen soldiers and the macedonian secret sauce can be elininated as the basic cause of collapse.

There must be some common feature at a base level. And unless that cause is understood, then replacing FRB with some alternative offers no solution to our woes at all.

The problem is a lack of accurate signalling between operators in an economy.

The use of force causes signals to disrupt. How many haven't got an actual pension because they think the state can magic them one out of thin air by strongarming someone on their behalf?

The use of fraud causes signals to disrupt. How many haven't got a pension because they are under the impression they actually do have a pensions due to being lied to by banksters?

Apart fom these, there can be simple signal/noise problems, chinese whispers, mistakes in understanding and that sort of thing.

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