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Hi Trivium,
Since the popularity of the Grignon animations “Money as Debt” many observers of the global economy have adopted his view that lending creates unrepayable debts, along the lines of your example of a $20 loan creating a $21 debt.
However the assertion is a fallacy, and the Grignon videos (and arguments to the same effects by others) are flawed. I created a small simulation in a spreadsheet to model the supposèd creation of unrepayable bank credit.
/debt… and it just doesn’t work out as claimed. I’ve not yet found anyone to prove otherwise, and will happily share the spreadsheet with you. The examples you gave are “so simple the mind is repelled”, but it’s easy to be repelled for the wrong reasons, ie. by mistakenly thinking their true! So:Yes, it is possible to take out unrepayable loans, but this is also possible even if they are issued at 0% interest. We must not make the mistake of thinking that interest makes loans unrepayable.
Yes, bankers do charge money for lending money, but this is no different to a singer charging her audience for a concert. Neither banker nor singer creates money, or necessarily creates unrepayable debts for anyone. An opera singer can put.the whole world into her debt just as a banker can. It’s just that the bankers are better at it.
My concern is that this false idea about loans have creating unrepayable debt, is that it is a deliberated falsehood to distract the public anger away from the far simpler truth. Every debt has an equal an opposite credit, every debtor a matching creditor. Every article written about our “debt problems” can be written in equally validate terms about our “credit problems”. You can no more have technically unrepayable debt, than you could have technically unspendable credit.
If it is indeed true that the creditors of 95% of all world debt will fit on the seats of a double decker bus, and those individuals were driven to say Trafalgar Square for a little chat with the People, then it might be clearer to all just how very simple the mechanism of debt is. And how simply those few creditors of the world can help resolve the misery.
In fact, despite efforts since 2012 to discredit the disclosure, we do occasionally see some spare change from the back of the sofa being handed back by the creditors:
https://www.publications.parliament.uk/pa/ld201212/ldhansrd/text/120216-0002.htm#column_1016
I can be reached on [email protected] if you want the spreadsheet.
George
Funds are being salted away at every turn… inwards to our institutions, and then upwards to the invisible hands that El G refers to.
In the UK we have lost our presumption of innocence when possessing 1000 pounds or more in cash, this article also shows that our police forces receive 18-50% commission on deposit box raids. The police and the Inland Revenue work hand-in-hand against each deposit box holder, first using diamond disc cutters to raid every box in the entire facility, and then forcing the cash owner to sue for recovery of his property. Yet the costs of jewelry forensics, lawyers and court charges fall only on the property owners. Investigations into accusations of cash and diamonds disappearing from the police inventory were obfuscated by official video recordings that contained inexplicable discontinuities in the recordings. The original documentation should best be kept independently secure – after all, the entire cctv footage from the shooting of de Menezes at Stockwell Tube station went missing. This is like standing on softening mud.
TAE readers actioning Backyard National deposits may want to think about laser-printing bank statements onto acid-free paper for those plastic plumbing tubes. And a duplicate set of statements & photos should be kept elsewhere to remain out of reach from the “faulty” video cameras and edit lust of our unawakened footsoldiers. Respect for the lucidity of one of our many honest and courageous policemen, Tony Farrell.
As Stoneleigh points out, we only have a limited window before the Internet becomes less accessible than now, so we need to store key documents for posterity. If anyone can figure out how to download the Institutional Denial video linked above, please post how… The “Download” button is broken.
On the question of regional institutions actually turning out to be private companies, I think it was in 2010 when dozens of surprising entries existed in the UK Companies House register for a variety of national police forces, the Labour Party, and even courts of law, etc.. But today in March 2012, those entries do not appear on the database, and these are the moments when you kick yourself for not having downloaded the results.
Huge thanks to TAE for their clarity of vision. And El G., when are you throwing a party over there in Mexico?
Funds are being salted away at every turn… inwards to our institutions, and then upwards to the invisible hands that El G refers to.
In the UK we have lost our presumption of innocence when possessing 1000 pounds or more in cash, this article also shows that our police forces receive 18-50% commission on deposit box raids. The police and the Inland Revenue work hand-in-hand against each deposit box holder, first using diamond disc cutters to raid every box in the entire facility, and then forcing the cash owner to sue for recovery of his property. Yet the costs of jewelry forensics, lawyers and court charges fall only on the property owners. Investigations into accusations of cash and diamonds disappearing from the police inventory were obfuscated by official video recordings that contained inexplicable discontinuities in the recordings. The original documentation should best be kept independently secure – after all, the entire cctv footage from the shooting of de Menezes at Stockwell Tube station went missing. This is like standing on softening mud.
TAE readers actioning Backyard National deposits may want to think about laser-printing bank statements onto acid-free paper for those plastic plumbing tubes. And a duplicate set of statements & photos should be kept elsewhere to remain out of reach from the “faulty” video cameras and edit lust of our unawakened footsoldiers. Respect for the lucidity of one of our many honest and courageous policemen, Tony Farrell.
As Stoneleigh points out, we only have a limited window before the Internet becomes less accessible than now, so we need to store key documents for posterity. If anyone can figure out how to download the Institutional Denial video linked above, please post how… The “Download” button is broken.
On the question of regional institutions actually turning out to be private companies, I think it was in 2010 when dozens of surprising entries existed in the UK Companies House register for a variety of national police forces, the Labour Party, and even courts of law, etc.. But today in March 2012, those entries do not appear on the database, and these are the moments when you kick yourself for not having downloaded the results.
Huge thanks to TAE for their clarity of vision. And El G., when are you throwing a party over there in Mexico?
