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Brand And Graeber Discuss Alternatives To The Current State Of Neo-Feudalism


Setantii
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No when the banks went there wouldn't be any money. No money to pay the police to kick the mortgaged debt holders out of their house.

Most of the money is bank credit sitting in their accounts, if the infrastructure was seized by the government it could be backed directly by the state.

The government already does this in effect, on balances up to a certain value anyway. So I'm not seeing how that is a big deal.

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So bankruptcy causes problems for the people / institutions who go bankrupt. But what happens in a debt jubilee? Presumably everyone with a leveraged asset becomes outight owner; all bank balances and in fact all credit money vanishes, so we definitely become a cash economy?

Are there legal issues to do with what is a debt and what is a share? Do shareholders keep their shares, while accountholders lose their accounts? Are bonds a kind of share or a kind of account?

Does the bank retain part ownership of a mortgaged house?

Does everyone lose their entire pension?

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I haven't actually listened to this particular piece yet, but I actually like Brand. Not because I agree with his vague revolutionary socialist rantings, but because I like the way he is able to effectively ridicule those in power, and be genuinely funny about it.

I think the radical left needs more political humour. It's something that the radical right does well, the radical left are generally a grumpy bunch who tell you off for driving your car or for being successful at work. They are dismal.

Many years ago I was on a train from London to Edinburgh, and I was sat either side of two groups going to protest at Gleneagles (WTO conference if I remember rightly, the one with Bono and Blair).

In front of me were the socialists, branding their copies of socialist worker and banging on about the proletariat taking back the means of production through force come the inevitable revolution. I just wanted to punch them all in the face. To the right of me were a more anarchic bunch, they basically just wanted to get wasted and have a party and disrupt the whole thing by throwing beer cans at George W Bush's head. They seemed altogether more endearing.

Ridicule is an important part of getting people to question the status quo. People bang on about Brand being a champaign socialist (It's always fun to see the right engage in the politics of envy), or that he has no workable ideas - but that's the point - he is obviously not going to be a future prime minister, but if he can introduce some humour to the left and ridicule the self-proclaimed great & good, then he's alright by me.

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Most of the money is bank credit sitting in their accounts, if the infrastructure was seized by the government it could be backed directly by the state.

The government already does this in effect, on balances up to a certain value anyway. So I'm not seeing how that is a big deal.

A debt jubilee holds about as much weigh as "freeman of the land" nonsense. It may be fun to chat about from a position of little knowledge but it will not happen and could not happen.

A wiping out of debt would mean a wiping out of savers, no matter whether the money is "bank credit" or not.

The only real debt jubilee would be through hyper inflation to wipe out debt and savings in real terms. The only winners would be those owning debt against fixed assets.

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