[K4N4DI4N]

Im hoping this has been posted before and you folks had a chance to watch this little film, but just in case some havnt watched it yet, I'm reposting it!

http://www.youtube.com/watch?v=eVBDwAuCdPw

Start there

Very informative, and if it doesnt make you want to change thngs, well, you must be a robot.

Nothing better than watching a teen-age kid make TOTAL asses of our elected officials, and force the Ex PM's in the know to pathetically stutter and blush.

[Canadian_Mind]

Wrong section buds.

However, very informative video. I'm sure if I was so inclined I could have found the figures on my own. Is the 60 billion per year dedicated debt repayment? Or is that what we must pay in to keep the debt static? i.e. we pay off 60 billion, but that was just interest for the year, and overall debt stays the same).

Is it possible, or would it be legal for the government to re-write the laws or barter with the banks to freeze the yearly interest additions, and agree to pay the remaining debt (which is mostly interest) off within X number of years?

[K4N4DI4N]

Yeah I realized it was the wrong section after i posted


Personally, I would tell the banks to bug off, figure out the ACTUAL debt, and then pay. In reality, I bet if we calculated without the fraud, they would be paying CANADA money back. Now theres a tax return for the country

The other option is to print our own Money, through the bank of Canada, interest free, pay them back, tell them to GTFO, and then base our economy on reality.

[Canadian_Mind]

I think if we simply told the banks to take a hike the Economy would instantly go to shits, for many reasons.

A better option would be like your second idea, where the bank of Canada transfers debt owed from the private banks to the central bank over a period of 10 years. Because face it, the banks are expecting the debt owed to them to grow over the long term. To kill the growth would be a significant shock to them, even if they got 500 Billion in one large chunk.

Not only that, but the GDP is at only 1.3 trillion dollars. Where the inflation would come from is not the government creating money to finance debt (because really we are just borrowing money from ourselves), but the sudden injection of that 500 Billion into the banking sector would be huge. Now, not all of that debt is money owed to the banks that can be paid off outright, alot is government Bonds that people and companies have bought and will hold onto for many years.

But even if... lets say 175 Billion of the 500 Billion were bonds, thats still 375 Billion injected into the banking sector, or 1/4 the GDP. While it would be a financial boon for the banks, it would cause huge amounts of inflation. And while this would make it better for our exporters again, the ability for domestic companies to invest outside the country would falter.

So the second benifit of paying off the big banks over 10 years is that the banking sector gets much smaller mouthfuls of cash, only 37.5 billion per year over 10 years (would average out to something a little more, maybe 40-45 billion, due to interest), but that is more sustainable and could be better absorbed by the economy.

[Dragom]

If the Banks are making that much money, where is it going? I mean I've seen some very lavish banks in big cities, but I don't think it adds up to that much.

[Canadian_Mind]

Foreign aquisitions, mutual funds, stocks, etc.

[KorbenDeck]

K4N4DI4N K4N4DI4N:

The other option is to print our own Money, through the bank of Canada, interest free, pay them back, tell them to GTFO, and then base our economy on reality.

Reality? You do know money in itself is worthless right? Its just paper that has a value because we say it has a value. Just like gold, it only has value because we say it has value.

[Canadian_Mind]

Prime example of that in the video; Paul Martins glasses. They only had value because both he and the "buyer" agreed on a value for those glasses.

In reality, everything is relative. But better to owe yourself something everyone percieves to have value (money) than to owe it to someone else.

[Dragom]

Strange that it turns into an anti-world government video at the end.

But I should have seen it coming with that mistake at the start.

Money doesn't come from Banks. Banks generate dept, not money.

Money is a physical representation of the health extracted from the back of the working man.

[Lemmy]

Canadian_Mind Canadian_Mind:

Not only that, but the GDP is at only 1.3 trillion dollars. Where the inflation would come from is not the government creating money to finance debt (because really we are just borrowing money from ourselves), but the sudden injection of that 500 Billion into the banking sector would be huge. Now, not all of that debt is money owed to the banks that can be paid off outright, alot is government Bonds that people and companies have bought and will hold onto for many years.

But even if... lets say 175 Billion of the 500 Billion were bonds, thats still 375 Billion injected into the banking sector, or 1/4 the GDP. While it would be a financial boon for the banks, it would cause huge amounts of inflation. And while this would make it better for our exporters again, the ability for domestic companies to invest outside the country would falter.

So the second benifit of paying off the big banks over 10 years is that the banking sector gets much smaller mouthfuls of cash, only 37.5 billion per year over 10 years (would average out to something a little more, maybe 40-45 billion, due to interest), but that is more sustainable and could be better absorbed by the economy.

Inflation is a funny thing. It's a self-fullfilling prophecy of sorts. Any uncerainty about future prices creates extra inflation. So the inflation would certainly come from the government creating the money (Quantity Theory of Money), but also from the reaction that will be felt in every business deal and labour deal in response to the original money supply expansion. When people expect inflation, even if the conditions for inflation don't exist, people will bill it into their customers. When we print money, we don't just expect inflation, we KNOW we're gonna get it. And this isn't good for anyone, including banks and exporters.

Inflation is the worst problem an economy can have. Itnflation is the Black Plague or Ebola of economic diseases.

[MacDonaill]

Jesus, this movie just drags on. Cut to the chase and be succinct.

[MacDonaill]

And what was the point of including his opinion on the Monarchy?

[Dragom]

MacDonaill MacDonaill:

And what was the point of including his opinion on the Monarchy?

None. He just figured he had only one shot at your attention so he had best make it good.

[Guy_Fawkes]

Dragom Dragom:

Strange that it turns into an anti-world government video at the end.

But I should have seen it coming with that mistake at the start.

Money doesn't come from Banks. Banks generate dept, not money.

Money is a physical representation of the health extracted from the back of the working man.

I think I pee'd a little from that post

[Dragom]

If the Canadian Debt Clock is accurate then we each owe only $15,000. I could certainly pay that by 2020.

And apparently we all pay about $100 monthly on it already.