I haven't watched your video Peter, might have a look tomorrow
But will say this on debt.
There was a time and place for a certain amount of debt, and it seemed to work well for a long time and was able to grow and build the economy over many decades. Wether these were ever sustainable over the long run , I am not sure. If deposit rates for houses had been kept at 20% and we always had a healthy working economy and money was actually backed by something as oppossed to nothing,I think it MAY have had a chance of working.
But the main problem is this Peter, and I would prefer you pay close attention here.
The main problem is that the amount of debt and debt levels went way to fkn far, abused beyond a joke Peter, done to death, exhauted all avenues.
You can see with my little example above, how with 20% deposit rates kept in place and a perfect economy and dollar backing it May have worked, but we dont even now if this more stable example was ever going to work in the long run. And then we just kept dropping deposit ratez required to zero or less at one stage and zero rates to support it with little job secirity now or in future. The bottom line Peter is, we have milked this fuckn debt thing to death literally.
And from this point on, we cant drop required deposits beyhond zero or drops ratez below zero, this is the brick wall we have hit on the debt front. We got to the point where even with zero deposit rquired and zero interest rates and people paying Interes only loans, it still not working. And once this brick wall was hit and did not work , out came the bullshit QE 1234, because nothing else worked.
And understand this very clearly Peter. Now six years on after pumping an extra 10 trillion into the stock and bond market, and with rates at zero for six years, the stock market has finally reached where it was and nowexceeded it, and has now become way over Inflated and they are now forced to pull back on the stimulus or risk way over Inflating it even further. There is no REAL economic improvement, merely an illusion only a fool could not understand and see through by now. Could not be explained any clearer to you Peter, no rocket science buddy.
Claims Debt came first before coins (never mentioning gold & silver), explained the bearer note reason for the pound without mentioning the reason for the note was it was redeemable for 1 pound of silver, but simply says it is a claim upon itself (time index 6:50). The video tries to prove that fractional reserve banking was the way money always worked and money was and always has been fiat ever since primitive man moved from barter. Completely fails to mention Central Banks and how they prop up all other banks as lender of last resort and how banks such as in America before the FED in 1913 were always failing.
Very much agree, I've shown this one before, it's more about the history of banking, but it is along a similar line. Also, I'm very dubious of the supposed Einstein quote, I can't find any references to it anywhere other than from the episode Peter has posted, which is odd.
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