Debt Rattle September 13 2017

[Raúl Ilargi Meijer]

Sergio Larraín Valparaiso Chile 1963   • Greece Property Value Review A Hard Task (K.) • Creditors Set To Increase Pressure On Athens (K.) • US T
[See the full post at: Debt Rattle September 13 2017]

[V. Arnold]

The threat, to kick China off the SWIFT currency exchange, is laughable; Russia has put in place another option; it’s operational now.
The USD hegemon is fast losing credibility; the more the U.S. wield’s the USD as a weapon; the sooner the world developes counter measures.
A sure sign of the demise of U.S. worldwide influence.
A dying empire is a dangerous creature; ignore with caution…

[Dr. Diablo]

Yes, these are the kinds of threats they’re reduced to? It just shows how weak and contemptible they are. Go ahead, munchkin! Cut off China trade imports to the U.S. and tell me how it goes for you. Everything only accelerates the parallel competing currency system and shrinks the U.S. The real trouble is not the Problem they created, but the Solution they’ll surely attempt on us.

Speaking of clueless contemptibles:
“You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”
Gosh, yes, Jamie, you’re so right! Good thing we don’t have a system like that, and if we did, certainly you wouldn’t be involved in it. Right.

And no, Capitalism can’t save the planet or us, because “Capitalism” only means you have the right to make, own, and sell stuff. That’s value-neutral, it’s not meant to and is in no way involved in the parts that DO “save the planet”: society, morality, our beliefs. Capitalism is fine with slavery, or fine without it; it’s ourselves that set limits on what we feel is intelligent and legal and right. So just as we should not use a zebra as a hammer — two things in entirely unrelated spheres — we should not ask Capitalism to adjudicate on right and wrong, which is not the job of the magic “Market,” or the magic “Government” but our job, the people and citizens, with our hard work and attention, to control each of these things within their own scope. Understanding this, we then authorize the “market” or the “government” the limited, in-scope powers to enact the will we collectively have within us, in a very messy, human way.

For instance, the open and total harvesting of all land and people in Greece. Is it Slavery to steal, sell off their entire country, one lot at a time, until nothing is owned by the home population? Okay to pollute Chinese rivers instead of our own and kill millions overseas by off-shoring all our messy, inconvenient production? Is that murder, exploitation, slavery of a sort? Okay to overlook that there are perhaps more actual, literal slaves on earth this minute than during the entire 300 year western slave era? …But those are all okay, just the way the world works. They call the sale and control of Greece, more encompassing than the 3rd Reich, just “Capitalism”. No doubt the traders call human trafficking “Capitalism”. But it’s not for us to just hide our greed and cowardice behind inevitable drawbacks of “Capitalism” and go on our day. Or is it? That’s what we opine about the colonial era, the slave ships, and how could the people just sit there in 1815 in India, in South Carolina? How did they tolerate and allow such evil? As we more than sit here, but support, applaud, and profit by, the mirror image of all their primitive, violent moves. Why? Because “It’s not evil when we do it.” That’s human nature.

[averagejoe]

Bit fed up of Stockman and his fiscal doom articles. He is wrong. The truth is he misunderstands how money is created, via debt creation by a sovereign government in a FIAT system. The facts on this are all set out on Bill Mitchell’s useful blog. What matters is not the debt created, but the real capacity of the economy to provide services and products. Where I differ from Bill is I can see the limits of the planet’s resources, will inevitably start to shrink the capacity of the economy in sde course. Of course Stockman would mistakenly blame this on excessive government borrowing, but he would be wrong.

[zerosum]

It’s a real shame to see all those vacation cottages, condos, and resorts destroyed.

Where are all the vacationers going to go.

Supply and demand.

Will the cost go up for vacationing at the undamaged west coast resorts?

[zerosum]

Looking at someone else’s belly button

https://en.m.wikipedia.org/wiki/List_of_natural_disasters_by_death_toll

Ten deadliest natural disasters

Rank Death toll (estimate) Event Location Date
1. 1,000,000–4,000,000*[1] 1931 China floods China July 1931
2. 900,000–2,000,000[2] 1887 Yellow River flood China September 1887
3. 830,000[3] 1556 Shaanxi earthquake China January 23, 1556
4. 300,000[4] 1839 India cyclone India November 26, 1839
4. 300,000[5] 1737 Calcutta cyclone India October 7, 1737
5. 280,000 2004 Indian Ocean earthquake and tsunami Indian Ocean December 26, 2004
6. 273,400[6] 1920 Haiyuan earthquake China December 16, 1920
7. 250,000–500,000[1] 1970 Bhola cyclone East Pakistan (now Bangladesh) November 13, 1970
7. 250,000–300,000[7] 526 Antioch earthquake Byzantine Empire (now Turkey) May 526
8. 242,000–655,000 1976 Tangshan earthquake China July 28, 1976
9. 230,000 1138 Aleppo earthquake Zengid dynasty (now Syria) October 11, 1138
10. 229,000 Typhoon Nina—contributed to Banqiao Dam failure China August 7, 1975

Famines
Note: Some of these famines may be caused or partially caused by humans.

Rank Death toll Event Location Date
1. 15,000,000–43,000,000 Great Chinese Famine China 1958–1961
2. 25,000,000[citation needed] Chinese Famine of 1907 China 1907
3. 13,000,000[46] Northern Chinese Famine of 1876–1879 China 1876–1879
4. 11,000,000 Doji bara famine or Skull famine India 1789–1792
5. 10,000,000 Bengal famine of 1770, incl. Bihar & Orissa India 1769–1771
6. 6,000,000+ Indian Famine British India 1896–1902
7. 7,500,000 Great European Famine Europe (all) 1315–1317
8. 7,000,000–10,000,000 Soviet famine of 1932–1933 (Holodomor in Ukraine) Soviet Union 1932–1934
9. 5,250,000 Indian Great Famine of 1876–78 India 1876–1878
10. 5,000,000 Chinese Famine of 1936 China 1936
10. 5,000,000 Russian famine of 1921 Russia, Ukraine 1921–1922
11. 3,000,000 Chinese famine of 1928–1930 China 1928–1930
12. 2,000,000–3,000,000 Chinese Drought 1941 China 1942–1943
12. 2,000,000 Russian famine of 1601–1603 Russia (Muscovy) 1601–1603
12. 2,000,000 Deccan Famine of 1630–32 India 1630–1632
12. 2,000,000 Upper Doab famine of 1860–61 India 1860–1861
12. 2,000,000 French Famine France 1693–1694
12. 2,000,000 Great Persian Famine of 1870–71 Persia 1870–1871
13. 1,500,000–7,000,000 Bengal Famine of 1943 India 1943
w14. 1,500,000 Great Irish Famine Ireland 1846–1849

[olo530]

I don’t mean to sound cruel, but what’s the reason Greeks should enjoy higher living standards than Romania for example, other than that they are accustomed to it?

[Patricia]

You could turn that around olo530. What is the reason for Romania having a lower living standard than Greece other than they are accustomed to it?

[anticlimactic]

SWIFT

SWIFT is an international organisation owned by its’ users so the US has no direct power to cut off China. It can of course blackmail, threaten or intimidate users into backing the idea, as it did with Iran. However, China is such a massive trading partner to so many countries that any move to do this would fail..

China has been trying hard to move away from the dollar in trading so any move to stop China from using them could vastly accelerate this. China could to say to countries it trades with ‘stop trading or use another currency”. I doubt if many countries could afford to stop trading with China overnight! Even just the threat may be enough to enable China to further move away from the dollar.

All movements of dollars must be cleared through the US so if this is used as a blackmail then ANY company must seriously think about using alternatives to the dollar. If the IMF does introduce a blockchain SDR early next year it may be much more popular than it would have been.

I feel this threat will do a great deal of damage to the US.

[Author]

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