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Post by traelin0 on Dec 30, 2010 23:12:53 GMT -5
well I am glad we are all in love here and when I have time I will google the Britton woods and see what is there to confuse me more.
Just a quick one..so when we violated the Britton Woods..example sake. XYZ country had one doller of of debt,say a bond...after we said it's there problem , the debt, the one doller of debt was not worth the one doller any more, because we would not redeem it in gold , there fore it depreciated from the doller and was worth less? Arch is a good guy and was a good Mod IMHO. He just likes to break my balls because he's a Democrat and I'm a fringe Libertarian, LOL. In your Googles, you could start with Charles de Gaulle gold Bretton Woods. Kennedy was once purported to have said (and I obviously paraphrase), "Holy shit, there's not enough gold to go around!" No kidding, we can't fund all these wars and welfare with real money. |
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deziloooooo
Senior Associate
Joined: Dec 20, 2010 16:22:04 GMT -5
Posts: 10,723
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Post by deziloooooo on Dec 30, 2010 23:28:15 GMT -5
what about my scenario above..something like that, thus when we changed the rules we screwed the creditors?
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ungenteel
Familiar Member
Joined: Dec 25, 2010 20:26:26 GMT -5
Posts: 560
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Post by ungenteel on Dec 30, 2010 23:42:40 GMT -5
All new debt, federal and private, can only be retired with future wealth creation .. the only thing that creates wealth is value added activities .. a bank that loans $80 on deposits of $20 is not creating wealth .. it is only making a bet that wealth will be created in the future to cover that bet
The captains of US industry have, for the most part, moved much of the value added activities to other countries.
Whining about debt creation, without whining about the relocation of value added activities is a form of sticking one's head into a hole in the sand
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Post by traelin0 on Dec 30, 2010 23:44:05 GMT -5
what about my scenario above..something like that, thus when we changed the rules we screwed the creditors? dezi, I have no idea what would happen if we screwed the creditors again. I don't want to think about it, it's too scary to think about now that world geopolitics is much less in our favor today. Maybe what we'd do is issue a new currency for domestic use and pay the world back near or at par, and only screw US citizens. It's been done before in other countries. |
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