General Discussion

abelenkpe

(9,933 posts)

59. Yeah agreed

Reply to Junkdrawer (Reply #26)

Thu Mar 20, 2014, 01:25 PM

Mar 2014

Saw this article as a good push back against the argument for austerity. Strange that some see it as the opposite.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

61 replies

= new reply since forum marked as read

Highlight:

The truth is out: money is just an IOU, and the banks are rolling in it [View all] abelenkpe Mar 2014 OP

kick nationalize the fed Mar 2014 #1

Posted to for later comment ... 1StrongBlackMan Mar 2014 #2

Money as Debt PowerToThePeople Mar 2014 #3

First thing I thought of, as well. nt Electric Monk Mar 2014 #14

Yep. Loans create money. I had a post on fractional reserve banking a while back Recursion Mar 2014 #4

No reason for austerity abelenkpe Mar 2014 #6

Well, inflation does actually exist, though you wouldn't think it Recursion Mar 2014 #7

How are you defining inflation? fleabiscuit Mar 2014 #15

That is why I have not borrowed since '97 alittlelark Mar 2014 #5

This is only "news" to low information internet cranks. mathematic Mar 2014 #8

No kidding. OilemFirchen Mar 2014 #12

k&r thanks for posting. nm rhett o rick Mar 2014 #9

With "austerity" inflation is controlled by clamping down on the working class... hunter Mar 2014 #10

, blkmusclmachine Mar 2014 #11

Rolling in it ... 1000words Mar 2014 #13

buy gold yargle bargle blargle belch! Warren DeMontague Mar 2014 #16

It's David Graeber starroute Mar 2014 #19

Sure. Warren DeMontague Mar 2014 #22

He doesn't charge anything hfojvt Mar 2014 #27

Damnit, how in the hell AtheistCrusader Mar 2014 #21

Good lord. Warren DeMontague Mar 2014 #23

I'm not even wearing socks right now. :D AtheistCrusader Mar 2014 #32

k&r. nt adirondacker Mar 2014 #17

"they have effectively thrown the entire theoretical basis for austerity out of the window" Spitfire of ATJ Mar 2014 #18

You're right! We aren't broke abelenkpe Mar 2014 #60

EVERY policy of the Right goes back to catering to HATE for the poor. Spitfire of ATJ Mar 2014 #61

BUY GOLD RON PAUL ARGLE BARGLE AtheistCrusader Mar 2014 #20

I'm not at all sure that's the argument being made.... Adrahil Mar 2014 #57

As we dig further...... DeSwiss Mar 2014 #24

simple IS certainly the right word for that hfojvt Mar 2014 #29

Well I kept it simple...... DeSwiss Mar 2014 #30

you made that video? hfojvt Mar 2014 #31

Yeeeeah, that's pretty far from the truth the longer you watch it. AtheistCrusader Mar 2014 #33

Fiat currency Aerows Mar 2014 #25

But infinitely better than gold Recursion Mar 2014 #28

Exactly. I freak out a little every time somone says 'gold has intrinsic value'. AtheistCrusader Mar 2014 #34

You did post this using a computer, right? Aerows Mar 2014 #37

Yes, in fact, I mentioned that. AtheistCrusader Mar 2014 #42

I think you may be missing the difference between fiat Aerows Mar 2014 #36

No, gold and silver have value because people agree they have value Recursion Mar 2014 #38

Let me make sure I understand what you are saying here. Aerows Mar 2014 #40

Their industrial and ornamentation values are comparable to... wait for it... paper Recursion Mar 2014 #41

I really appreciate all of your contributions on this topic on DU. I couldn't agree more. Democracyinkind Mar 2014 #47

Fractional Reserve banking per se is not the big problem... Junkdrawer Mar 2014 #26

And insider stuff like the LIBOR scandal. AtheistCrusader Mar 2014 #35

It's rather unsurprising the members of Congress Aerows Mar 2014 #39

The LIBOR scandal came right in the middle of Obama's reelection..... Junkdrawer Mar 2014 #45

I disagree - it is a huge problem, in how it produces boom/bust cycles. reformist2 Mar 2014 #43

Long term, money-as-debt is, ahem, less then optimal.... Junkdrawer Mar 2014 #44

Yeah agreed abelenkpe Mar 2014 #59

In Switzerland, we are currently trying to get together an initiative to take that privilege from.. Democracyinkind Mar 2014 #46

Thanks. This is what I was trying to come to above... Junkdrawer Mar 2014 #48

Some of us surely are. Although I am not pure-bred, which makes me suspect to some ;) nt Democracyinkind Mar 2014 #49

Adoptees often see the benefits of the Family clearer than native sons... Junkdrawer Mar 2014 #50

That's true, and it has given me a unique perspective... Democracyinkind Mar 2014 #55

Good luck with that, but a Switzerland without the banks in charge? May as well ban Swiss cheese! reformist2 Mar 2014 #51

An analogy: Junkdrawer Mar 2014 #52

Very true. I'll be watching - if you guys win, that would be huge! reformist2 Mar 2014 #53

That's what I like about this initiative: It would constitute a political revolution... Democracyinkind Mar 2014 #54

I love this "national, unconditional guaranteed income provided by the state, not by corporations"! reformist2 Mar 2014 #56

K&R woo me with science Mar 2014 #58