Quote:
First... I am not a socialist. Originally Posted by Colts Fan
Excellent video. I'm sure golfhobo, our resident socialist, will be very disturbed.
Second.... I am not yet overly disturbed, as I have not yet seen anything I didn't already know.
However.... I have not yet taken the time to view the 2 hour video. Maybe this coming weekend. I took the advice to start with the shorter 47 minute "primer."
I have no real problem with money being created as debt. That is really no different than a barter system. We pledge to work our lives away to pay for a house built today or the new car we want to drive. That is our choice.
The thing that jumped out at me in this shorter video was when they showed the guy burying his money, and essentially said that "hoarding" the money is what would collapse or affect the "system." That is exactly my beef with the capitalists that run the businesses/industry in our country. [The super rich that Dubya wants to give welfare to.]
If a company borrows money (created by the banks) to build a factory and purchase raw materials, etc. to produce a product.... the debt should be repaid out of those profits BEFORE any money is "banked" or paid out to CEO's as bonuses. If this were being done, they wouldn't all be lined up now looking for a bailout.
Once that debt is repaid, the profits should not be "hoarded" but put back into circulation through job creation or wage increases. This would go along way towards eliminating welfare and poverty..... and more personal debt. Our labor would be worth more, and our need to borrow would be less.
I am not one that says we should return to the gold standard. What is gold but a shiny rock that was arbitrarily chosen to represent value? (could have just as easily been FISH.) What is the REAL value in this country and the world, is the labor of the workforce. (Remember that slaves were once considered an "asset" for that very reason.)
With an ever-increasing population, there SHOULD in fact be more wealth to be created. But.... ONLY if there are JOBS to work at.
None of this is to say that I excuse the "usury" of the banks. But, I do believe they need to make a "reasonable" profit for the service they provide. And I have for a LONG time questioned why our government has to pay interest on money borrowed when the collateral is in fact a promise of the citizenry to pay the taxes necessary for a prudent government.
It is not the creation of money (i.e. value) by the banks that I object to. That is how industries are built, jobs created, and infrastructure developed. It is the overspending by the government, and the hoarding of capital by the richest that place burdens on the common man.
I look forward to learning more about how others are coming to see what I have known, by watching the other videos... now that I have upgraded to road runner.
But, so far, I am no more surprised, confounded, or enlightened than I was in high school physics class.
Of course, I was not one who thought the banks only lent out money they had on deposit.