Olias, In a sense, I am just saying: " It's the Earth that is orbiting the Sun and not the other way around" http://en.wikipedia.org/wiki/Galileo_Galilei Sorry if your religions(=economies) will not allow you to accept this idea. Peace
Sanaz3. From reading your comments I can only believe that the 3 in your handle refers to your age. A famous quote comes to mind. " I am no longer young enough to Know it all ...."
I think he means eliminating debt would restore economic growth. And it would. The trade off is a loss of cheap capital for business investment and major consumer expenditures, like a home or car. In the new deflationary paradigm, savings = capital = investment. Interest rates would be much higher, the economy net deflationary, and growth solid with fewer bubbles. I support this system. We need to get off fractional reserve banking which is the root of the boom-bust cycle, manias, and deficit financing. All are extremely destructive to private wealth.
it may have already been mentioned,but the problem is banks are like a monopoly,they need to limit there size,recently all the tarp money,tax dollars, went to bail them out,while the smaller banks were offered next to zero for their problems,hard to argue that their size is healthy for anyone, and lobbying in US or anywhere else should be a punishable crime for elected officials and corporations ..it's not the money thats bad, it's just a means of exchange,fish hooks and whale oil,it's the abuse of money
What is the alternative to fractional reserve banking? What is your recommended way to get rid of debt? Seems to me that when you have cleared the cliff edge the outcome is inevitable like the cowboy on the horse yelling Whoa.
If money didn't exist, and the cheating became a crime and punishable (like murder and rape but not to that extent ) so that whoever did not work and honor other people's work would be put in prison. Then I am sure people would much prefer to work freely outside than to be locked up.
"Fractional reserve" is economically sensible and viable... WHEN PRUDENTLY APPLIED! No way to "get rid of debt" without serious damage to someone/everyone... DEBT A-L-W-A-Y-S GETS ACCOUNTED FOR BY SOMEONE!
Was just making a "FYI" general response... soooo many noobs, naives, and idiots on ET... wish there were more grey matter.. It's RIDICULOUS when ETers chime in with, "just default", "just get rid of debt", "get rid of money", etc... Doubt they could share one brain cell between them..
If there were any wisdom it would come from reflected upon experience. That is difficult to do at 3 years of age.