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Questions about fiat currency and central banks

Discuss conspiracies, mysteries and paranormal phenomena.

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gsjackson
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Re: Questions about fiat currency and central banks

Post by gsjackson » October 29th, 2017, 5:46 pm

Winston wrote:I dont get something about fiat currency and central banks. Can anyone explain them?

If the central banks print money out of nothing, then its worthless. Not debt. Not a loan. So what do the banks lose if they cancel the debt? The money is worthless. They can print money and put it in their own pocket. So why do they need to be paid back? Do u see what i mean?

Also how come the income tax in taiwan is only 10 percent? How does the government in taiwan function that way but italian government cannot? The average italian is intellectual, much more than taiwanese. The average taiwanese is primitive like animals and dumbfuck eggshells, I swear. Not much brighter than filipinos. So how is the taiwan government more efficient than the italian government? Makes no sense.

Why doesnt the government overthrow the central banks then? Like the king of france did with the knights of templar in the 14th century because they were in huge debt to them?

So why doesnt government arrest all the bankers and cancel all debt and then the problem is solved?
Without mentioning ethnicity -- because the bankers own the government, as well as the black hole media into which your suggestion would disappear.

You should read Michael Hudson, the most interesting economist out there. He gets into history a lot, and often mentions the old custom of jubilee years in which all debts were forgiven -- about every seven years or so. Won't happen under our current rentier class.




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Re: Questions about fiat currency and central banks

Post by Winston » October 29th, 2017, 6:00 pm

But if the government is owned by the bankers and in trillions of debt, then wouldn't the US government have an incentive to rebel and overthrow its owners too? After all trillions of debt is massive and turns them into slaves. Wouldnt the government not want to be slaves of the bankers either? Wouldnt it prefer to cancel the debt? Isnt that what the king of france did with the knights of templar?

Why do the central bankers want the debt repaid? Why does it create money out of debt? Why cant it print money without counting it as debt or loans? After all, if they can print money and pocket it, then they dont need anyone to pay off the debt right or interest right? Whats the point? I don't see the logic behind all this.

If i were the central bank I'd just print money and not ask for it to be repaid. Then i could print and pocket all the currency i want. What would i have to lose? Why the need to cause such suffering? I dont get it. It seems unnecessary.

Dont people who print money out of nothing have all the money they could ever want? For them money grows on trees. They have magic power to print money out of thin air. So why demand it be repaid? Makes no sense.
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Re: Questions about fiat currency and central banks

Post by Contrarian Expatriate » October 29th, 2017, 6:14 pm

Winston wrote: If the central banks print money out of nothing, then its worthless. Not debt. Not a loan. So what do the banks lose if they cancel the debt? The money is worthless. They can print money and put it in their own pocket. So why do they need to be paid back? Do u see what i mean?
Governments that print money as needed usually see inflation or hyperinflation result. One notable exception is the U.S. government which prints money as needed but the dollar is artificially kept high in value due to the "Petrodollar factor" or the fact that worldwide oil transactions must be done in dollars. This special status is a HUGE boon to the ability to print money as needed without the overall value going down. Most countries can't do that thus have much more responsible monetary policies than the USA.
Winston wrote: Also how come the income tax in taiwan is only 10 percent? How does the government in taiwan function that way but italian government cannot?
Taiwan does not have to finance trillions in military and social entitlements nor multiple war/nation building efforts therefore they have the luxury of a low rate. Also, economist Arthur Laffer's "Laffer Curve" illustrated that lower tax rates can actually INCREASE tax revenue up to a certain point. The theory is if the tax rate is moderately low, this enables individuals and businesses to use more of their earnings to grow the economy. At a certain point on the curve however, revenue will decrease if the rate is set too low.
Winston wrote: Why doesnt the government overthrow the central banks then? Like the king of france did with the knights of templar in the 14th century because they were in huge debt to them?

So why doesnt government arrest all the bankers and cancel all debt and then the problem is solved?
Governments can already legislate away their central banks so there is no need to overthrow them. But why would they want to do that and lose the tool to set interest rates, monetary policy, and supervise banking operations in the country. Wholesale nationalization of banks is a Marxist tactic that never ends well for an economy. Temporary bank nationalization does happen in the West, including in the USA. A good article on the subject explains it better than I.

https://www.thebalance.com/what-does-it ... ks-3969573

Also, which "debt" should be canceled? If you mean national debt, the USA has to repay trillions of dollars to other countries and individuals around the world in the form of purchased bonds and treasury notes. To "cancel" all that owed debt would be so serious to almost constitute an act of war at worst, and a complete tanking of the dollar and US economy at best because the perceived reliability and safety of dollar would be ruined. Some economists think the national debt is presumed to never be fully repaid, and others think that it should wait until after the dollar plummets. Both are irresponsible views IMO....
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Re: Questions about fiat currency and central banks

Post by gsjackson » October 29th, 2017, 6:56 pm

Winston wrote:But if the government is owned by the bankers and in trillions of debt, then wouldn't the US government have an incentive to rebel and overthrow its owners too? After all trillions of debt is massive and turns them into slaves. Wouldnt the government not want to be slaves of the bankers either? Wouldnt it prefer to cancel the debt? Isnt that what the king of france did with the knights of templar?

Why do the central bankers want the debt repaid? Why does it create money out of debt? Why cant it print money without counting it as debt or loans? After all, if they can print money and pocket it, then they dont need anyone to pay off the debt right or interest right? Whats the point? I don't see the logic behind all this.

If i were the central bank I'd just print money and not ask for it to be repaid. Then i could print and pocket all the currency i want. What would i have to lose? Why the need to cause such suffering? I dont get it. It seems unnecessary.

Dont people who print money out of nothing have all the money they could ever want? For them money grows on trees. They have magic power to print money out of thin air. So why demand it be repaid? Makes no sense.
Who do you think "the government" is? It's a bunch of narcissistic congresspersons believing in the magic of their own stars, and really, really not wanting to go home to the law practice in Lubbock. They believe that money = reelection, so they will do whatever they have to do to keep the donor spigots flowing. The financial sector is one of the largest sources of congressional donations, and will spend whatever is necessary to keep Congress in line. Ron Paul has been trying to call attention to the Fed for years, but Congress isn't going to mess with its paymasters.

The job of the media is to cover up and distract from this corruption, so that the congresspersons will never face any countervailing pressure from the electorate.

To answer your last paragraph: The way banks create money is by making loans -- 97 percent of the money supply. The money they loan is not sitting there in their reserves, it is created from scratch with the stroke of a keyboard. If it's not paid back at all the banks don't make any money. But at some point, when the debtor has paid back a substantial amount, including interest, and is getting trapped in the web of compounding interest, then debt forgiveness is necessary.

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