Re: Austrian & Keynesian Theories Vs. Mathematical Facts
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Thomas: “Capture some existing money in circulation”
Is that what we call earning a living nowadays, I tried to asnwer your question with this and you didn’t seem to accept it.
If bank loans can only be paid off with newly created bank money(loans), then it follows that once banks stopped creating new money, we will default on all outstanding loans. Not unless all the loans are called in at once. Loans will be paid off according to terms, usually over a period of years. I will pay down my loan by capturing some existing money in circulation, or from my future earnings.
So then, the monstrous debt that our government have issued will ultimately be paid down(if ever) by legions of future Americans, our own grandchildren and their grandchildren. We agree it has to stop, we only differ on the solution. I believe that the banker/politician cabal is the reason we are where we are, and to pave the way for true reform we should – – –
(1) Abolish legal tender laws. (2) Allow banks to fail.