Prof. Joseph Stiglitz on: Banking Regulations

[AccumulatedKnowledge]

In this case, no matter how you look at it, the corporations and the governments had colluded to create this mess. Yes, the banks misused the money that was given to them by the central banks, but it was in fact the central banks that gave them that money. The problem is not that there are no cops around the street corner waiting to stop the bad guys. The problem is that this form of theft has been institutionalized and legalized. The problem is that the cops ARE the co-conspirators.

[4390100]

They stole candy from the candy store and the candy became spoiled or rotten and they said hey wait, I want some real good candy, hey, government give me some of your candy. Then the government said, we do not have any candy, but all of those people do, so we will take their candy and give it to you. Then the FED said, while we are at it. I'll make some nice candy for you, give it to you at no interest and if we ever have to have more candy, we take it from all of the people who have candy left.

[bankingreform]

Great quotes there.

We feel the basic thought is with our monetary system.

Simon Dixon

[murrchops]

bank loses money = government gives bank our money

bank loses money = government gives bank our money

people get poor as less money = get angry as bankers have money

tell government to get money off bank = bank gives government some money government keeps money for itself = people still poor

government + people say rich to blame = get more money off the rich

rich leave country or stop working = country has no money

government gets more money off people = people realise government twats

[NearAbbeyRoad]

@murrchops

"government + people say rich to blame = get more money off the rich

rich leave country or stop working = country has no money"

Use Land Valuation Tax, the Single Tax, no income Tax.

LVT does not penalize the poor

LVT promotes enterprise.

Revenue only come from LAND VALUES.

Land cannot be taken off-shore so all taxes paid (Some Greek millionaires pay nearly zero tax).

[murrchops]

@NearAbbeyRoad LVT is a novel idea, it's a shame it doesn't work in practice.How do you value land? By it's productivity and how much money you can make from it, if you produce things on your land and also have to pay a tax you will simply pass on the costs to the consumers, hurting even more American competitiveness in the face of German, Japanese and Asian industry, if you have a farm you will simply pass the costs on or sell up.

[NearAbbeyRoad]

@murrchops

LVT has worked wherever it has been implemented. Hong Kong uses it to great success. Land is valued by the market. The value is created by the community not the owner.

LVT CANNOT be passed on, as market forces dictate the price of rent - David Ricardo.

LVT promotes enterprise. It stops the rigging of LAND. Reasons for the 1929 & 2008 crashes were that debt after debt was poured into LAND because gains were tax free.. Products of production: LAND, LABOUR & CAPITAL must not be rigged

[murrchops]

@NearAbbeyRoad Hong Kong's tax is not Ad Valorom most people are exempt.... I have no idea why you think the costs will not be passed on it is an extra expense and has to be paid for by either cost saving more than the competition or increasing prices if you could explain otherwise I would be fascinated... The reason for the crashes you mention are mainly to do with an excessive amount of credit prior to the crashes through incorrect debt pricing.

[NearAbbeyRoad]

@murrchops

" I have no idea why you think the costs will not be passed on it is an extra expense and has to be paid for".

LVT cannot be passed on more than at present. Landlords always gets as much as the market will pay. If he is not he is undercharging. Apply LVT and the market comes into play. He cannot get more than the market will pay. David Ricardo:- LVT cannot be passed on.

Crashes were because debt after debt was poured into LAND as gains were tax free - Nothing to do with credit

[murrchops]

@NearAbbeyRoad If products are being produced on the property by the owner, costs will increase, there are no two ways about it. If a business rents a property from the owner then they will be paying what they can afford the loss is taken by the owner. What does the government do if the owner doesn' t pay the tax? If they have the power to tax then they have in essence de facto ownership of all land. Bubbles are a direct response of excess credit this can be seen in the rising cost of gold now.

[NearAbbeyRoad]

@murrchops

Landowner rents at market rates & pays LVT to HMG. If landowners defaults on LVT the same as now. HMG takes property, sells on taking its tax & cut.

LVT CANNOT be avoided or taken offshore.

Queen (HMG) owns all land. We only have a set of rights - title. Freeholder HOLDS land FREE of fee from HMG.

DotCom bubble was benign.

Bubbles in tax free LAND and RESOURCES, cause crashes.

LAND is unique, not a dishwasher.

Income tax was temporary to fund Napoleonic war - landowning Tories kept it

[NearAbbeyRoad]

@murrchops

LVT is NOT novel. It dates from Feudal times. Do a Goggle on LVT, Geogism, Geoism, Land Value Tax, etc. Lots of explanations of how it works which is simple.

Land values were created via community activity, not the owner. LVT reclaims community created value to pay for community services. Private wealth stays private hands - no Income Tax, etc.

Income Tax was a temporary tax to fund the Napoleonic wars. Landowners decided to retain it pushing the tax from them to those who work.

[murrchops]

@NearAbbeyRoad Novel in the sense that you bring it up as a solution for fattening government coffers....I am well aware that there is nothing new under the sun... Explain how land values are created by community activity and not the owners, if I raise money to build a factory and I start producing goods the land value has to be taken into account if it is too expensive I will not be able to build the factory and produce a profit. The market dictates the value of land....

[NearAbbeyRoad]

@murrchops

Please find out what LVT is and does. Community activity soaks into the land and crystalizes as land values. That is economics.

LVT "reclaims" the wealth to pay fro community services - it is not actually a tax. What you earn you keep - no income tax. Very simple.

First you need to know where land values come from. What creates them. It is not the landowner.

[murrchops]

@NearAbbeyRoad That is not economics, please explain how "community spirit soaks into the land?" Stp repeating yourself and actually explain how the value of land is a function of community activity....

[NearAbbeyRoad]

@murrchops says..

"please explain how "community spirit soaks into the land?'"

I haven't a clue how community "spirit" soaks into the land.

I know how community activity soaks into the land.

You are not that bright. Just take my word for it - it does. It is economics, not my view.

[murrchops]

@NearAbbeyRoad It doesn't and I'm not going to take your word for it.......

[NearAbbeyRoad]

@murrchops

Do not take my word for it. FIND OUT!

Near me a 250 year old houses in 1980 were worth say £25K. Now they are worth £1.5m. What have the families done to create that value in the land, apart from replace the kitchen and paint the inside? NOTHING!

Where did this land wealth come from? The land values came from the economic activity of the community. Their collective efforts soaked into the land crystalizing as LAND VALUES. That is economics, not my opinion.

UNDERSTAND THAT!

[murrchops]

@NearAbbeyRoad If you are using that as evidence for your strange and frankly absurd notions I feel quite sorry for you. Firstly you have made it quite clear by saying "say" that you have made up the figures. I would also suggest that value should in no way be worked out by using how many £s something is measured in. The bank of England has been permanently debasing the currency for the last 70 years, In 1980 everything was cheaper and wages were lower.

[murrchops]

@NearAbbeyRoad The value of a property is defined by how much somebody is willing to pay for it, this is found by what yield could be generated from it through rental income. The higher the yield possible the higher the price. If you want to find real value measure it in gold. Higher prices can be achieved by people becoming wealthy in the area due to well paid jobs. You still have not explained your community stuff and collective effort stuff... spell it out.... unless it's some strange magic.

[NearAbbeyRoad]

@murrchops

The sellable value of land/houses is determined by what someone will pay for it FULL STOP. Rental value is to determine Land Valuation Tax.

Understand where the value in LAND came from, it never came from the sky. The people in areas of well paid jobs are those who create the land values - the community. Those who created the jobs were also a part of this, as were the Council in the transportation, parks, schools, hospitals, etc. That is plain economics. You can't grasp it

[murrchops]

@NearAbbeyRoad The way people work out how much they should pay for it is through it's rental yield and replacement value. You can't just say it's what people are willing to pay for it.... You've basically just agreed with me. Land valuation tax would force poor people out of their houses if the area became inhabited by more productive and more educated people. If yuppies moved into an area and started businesses etc the rental values would go up,

[murrchops]

Respond to this video... cont... and existing home-owners would be forced to pay more in LVT or sell up and move to a poorer neighbourhood. For this reason I find this tax abhorrent and to say if it wasn't paid the government would take these peoples homes away is even worse, in a gentrified area the poor home-owners who had perhaps inherited their properties would be forced out.

[NearAbbeyRoad]

@murrchops

The average wage earner would pay about £5K less per year in total taxes. LVT does not take people's homes away. I can't as then figure do not add up.

It is best you do some reading and least TRY and understand something so fundamentally simple.

Alas, I think you are too far gone and that is beyond you.

BTW, Winston Churchill was a massive fan of the teachings of Henry George. Also Einstein, Tolstoy, etc. Totstoy said,, sort out the land & many social problems will disappear

[NearAbbeyRoad]

@murrchops

"existing home-owners would be forced to pay more in LVT or sell up and move to a poorer neighbourhood."

You obviously cannot figure this out. It is best you let other do the thinking for you. Search Youtube on:

"Ricardo's Law ~ The Great Tax Clawback Scam", for starters.

[militantmindset]

The whole fractional reserve banking / central banking system is a ponzi scheme that was setup by a syndicate of investment bankers in 1913 when they captured the right to print the global currency. Soveriegn states need to start printing their own money without debt instead of borrowing at interest.... and lock up those bastard bankers while they are at it

[TreachMarkets]

What an idiot. The policeman is the candy thief in this example.

[Rattapax]

If there were more consumer protections in place, people wouldn't be moving their moneys to credit unions...i.e., regulations help businesses.

[DavidAKZ]

It angers me that such a person of supposed moral character and intellectual honesty is basically an apologist for systemic criminal activity on the part of the so called investment banks aided and abetted by the Federal Reserve of the United States. References i) Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak tinyurl . com / 4ykbhbs ii) Euro currency crumbling ? watch?v=E4MAifsp-8E