Will there be a debt reset of everything

Maria2000

hansolo2000 said:

spencerrothchild said:

The FED repeatedly said time and time again they will not monetise the debt

yet this is exactly what they are now doing

Jim Sinclair just did a massive interview on USA watchdog today, it was entitled global debt jubilees everywhere.

If Jim is correct does he mean debt jubilee absolutely everywhere or just some places?

hansolo2000

Maria2000 said:

hansolo2000 said:

spencerrothchild said:

The FED repeatedly said time and time again they will not monetise the debt

yet this is exactly what they are now doing

Jim Sinclair just did a massive interview on USA watchdog today, it was entitled global debt jubilees everywhere.

If Jim is correct does he mean debt jubilee absolutely everywhere or just some places?

Yes he says at the moment it’s just the super rich being let off their debts

but he says the debt jubilee will have to be for everyone 

he is on that side saying there will be a reset of everything during is Great Depression 

what do those on the other side say? How can the world ever get out of the debt problems now they are too big to ever get under control 

eskbanker

hansolo2000 said:
Yes he says at the moment it’s just the super rich being let off their debts

Does he manage to keep a straight face while saying something as patently ridiculous as that?

sassy_one

No there will not be any debt "reset".
Liabilities are just that.

Maria2000

eskbanker said:

hansolo2000 said:
Yes he says at the moment it’s just the super rich being let off their debts

Does he manage to keep a straight face while saying something as patently ridiculous as that?

Can you keep a straight face while trying to say the debt problem in the world can be paid back?

eskbanker

Maria2000 said:

eskbanker said:

hansolo2000 said:
Yes he says at the moment it’s just the super rich being let off their debts

Does he manage to keep a straight face while saying something as patently ridiculous as that?

Can you keep a straight face while trying to say the debt problem in the world can be paid back?

Where have I said that?  I was simply highlighting how amusingly daft the quoted statement was, but believe it or not, it's not a binary choice between 'all debts are fine, no problem, everything's OK' and 'the whole thing's a house of cards that has to collapse'....

hermante

Since the end of the gold standard, money doesn't exist. Pounds and dollars are measures of debt like the metre is a measure of length and the second is a measure of time. When banks lend money, they literally create it out of nothing (source: https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy).
Physical banknotes in the UK are, literally, debts owed by the Bank of England (or the Scottish and NI banks) to the holders of those pieces of plastic/paper. All positive bank balances are just relative indications of how much banks are in debt to their account holders. Some entities' balances are positive and others' are negative, but across the economy and the world as a whole they add up to 0.

Therefore, if "all debts" are to be cancelled, all bank balances would be set to 0 and all cash would become worthless.

PixelPound

hermante said:

Since the end of the gold standard, money doesn't exist. Pounds and dollars are measures of debt like the metre is a measure of length and the second is a measure of time. When banks lend money, they literally create it out of nothing (source: https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy).
Physical banknotes in the UK are, literally, debts owed by the Bank of England (or the Scottish and NI banks) to the holders of those pieces of plastic/paper. All positive bank balances are just relative indications of how much banks are in debt to their account holders. Some entities' balances are positive and others' are negative, but across the economy and the world as a whole they add up to 0.

Therefore, if "all debts" are to be cancelled, all bank balances would be set to 0 and all cash would become worthless.

And your point is - let's all go live in a commune?

If money didn't exist, it would be invented. People used to barter but that was inefficient, so a common currency was needed. It does not matter whether it is gold standard or not but how the people who provide me with the things I need, like food, shelter, and heating value it. 

People spouting on about cancelling debt should really think - how will they eat without the state paying benefits to them, where will they live without the state providing housing or paying someone to provide housing for them.

Those who go out to work and strive to make a better life for themselves and their family know the real value of money - those who sit on their backsides expecting others to pay for them don't.

Shakin_Steve

108 replies over 11 pages.......just sayin.......

onlyfoolsandparking

Shakin_Steve said:

108 replies over 11 pages.......just sayin.......

And the OP was banned, lol