Conversations w/ Great Minds - Dr. David Graeber Debt: The 1st 5000 years P2

[summondadrummin]

"If they can do it for the big players they can do it for everybody"Jubilee yes and end fractional reserve lending while were at it.Even Mervyn King the Governor of the Bank of England thinks its time to end debt based money creation.

[MrIzzyDizzy]

the whole system is flawed. the money supply is debt principal and interest doesnt exist in the money supply so every dollar of interest paid - creates an unpayable debt. sadly we allow banksters to create money with loans out of thin air - and the interest insures someone some where will fail because they dont create the interest. its all a ponzie scheme and will always fail. sadly we dont even need to exchange -barter - buy or trade -but not many see that - so we remain indentured servants

[bigfootSH]

The examples in the book are feudal societies where the government is replaced by the rich over-lord or the king. To me, debt to the king is public debt.

[homoeroticfood]

@bigfootSH When he talks about debt he is mainly talking about private debt owed by poor people to rich people, not public debt (debt owed by governments). Thisis mentioned in the book.

[bigfootSH]

Wait a second, the concept of jubilee is for public debt, not including private right? At least that's my understanding from the book, but he doesn't seem to make that distinction in his interviews...

[kemokidding]

@KenMacMillan The better question to ask is: why are some people denied housing at all?

[Tasadaru]

One rule to help prevent stupid over leverage of the entire system: no more fractional reserve banking.

[Cabronosidad]

Wow, great interview. Debt peonage is the problem. Jubilee is the solution. Don''t hold your breath though folks. They haven't finished plundering the western economies just yet. Lanterns & pitchforks anyone?

[KenMacMillan]

@Cabronosidad Jubilee is the solution? So everyone who was to stupid to realize they couldn't afford a house should get that house for free?

[qonf]

@KenMacMillan Sucks if your a young guy who struggle to even scrape together the security capital to be eligible to take out a loan for a house.

[KenMacMillan]

@qonf How many people even know how to buy a house? I'd wager a guess at about 10% of people over 18. It's a shame, they spend more time teaching kids advanced calculus than how to handle money, buy a house, a car, start a business, etc. The country is screwed up because we put our faith in an education system that doesn't care about the students at all. It's been that way for decades & now we're reaping the "rewards".

[macross101292]

lol the usa doesn't print money. 

[overseachininadoll]

Gee, all you big spenders out there, go now to to nuts maxing out your creditcards, eat, shop till you drop dead if you are not already did so because there are free money many time over. The debtors debt jubilee is coming...... ha ha ha

[Beannaich]

@overseachininadoll People spending all that money all at once would stimulate the economy, no?

[overseachininadoll]

@Beannaich - Sure if money are their own money not borrowed from others. Hell who won't want to buy and spend the free money happily if knowing you don't have to pay them back?

[Beannaich]

@overseachininadoll The system doesn't care who owns what money, as long as money is being spent, it works. I think it's an interesting idea, but not one that would ever fly in this country.

[brscic]

@mistermassive1 Just vote for people with moral compass and principals(Ron Paul or Kucinich,that have the rule of law,. or even the rule of transcendent God above their morals,..it will get bad for all of us in the short term,.. but don't have this status quo for much longer,.. because all hell will break loose if you guys don't change shit,..Get your monetary policies back at least. At least audit Federal reserve,.. Fuck that, nationalize your monetary policies,.. and put some people in jail.