Reset The Economy: Delete The Debt.

Naive it may be, and certainly over simplified to say, but...with almost the entire world in debt up to its eyeballs, with the big economies staring at debts of up to 400% GDP, the US with over 106% of GDP debt level, even China with around 40% while remembering the enormity of the economies i'm talking about these debts have all but reached the point where they are impossible to balance.

Austerity or whatever version of it exists in various countries won't balance the debt, but is and will continue to floor the people.

The question is, if as it now appears to be, we are all faced with a situation where the purpose of the combined world economy is no longer existing to facilitate and function to serve Humanity and our mutual properity and advancement, but rather has now become the instrument by which the purpose of Humanity is no longer to exist in order to advance, prosper and evolve but rather to exist in order to serve and facilitate world economy itself?

Even by our Human standards of illogical behaviour, It's a reversal that would be comical in its absurdity, if the ramifications were not so dreadful and set to get worse.

Isn't it time, we as a whole stopped trying to flog a dead horse while dragging its corpse to water and trying to force it to drink?

Isn't it time we simply acknowledge that the entire financial system is a rediculous, bloated absurdity and is a whipping rod of our own making..and do away with the debt..all of the debt?

Consider it...our species exists and exists to advance, our currency and debt doesn't really exist at all in any real sense, the bulk being a long string of zeros and ones held on electronic servers, yet we allow it, by mutual agreement to prevent both our existence and advancement, and to inject a large degree of misery for most, while pleasure for a small few along the way.

Isn't it right and logical to stop the merry-go-round? Isn't it time we simply deleted the zeros and ones and began again with a clean slate?

Since we all owe sums we cannot pay, it's the logical thing to do. Most will hugely benefit and only a very small minority sitting on the thrones of the mega banking cartels will not.

As Mr. Spock once wisely pointed out; It is not logical for the needs of the (so very) many to be sacrificed for the needs of the (so very) few.

Reset the economy, delete the debt.

reply to post by MysterX


Short of someone detonating EMP devices over all our financial capitals I really don't see this happening. Even if it did "They" have probably got all our data backed up at some secure facility.

Have to say thought i think it would be great for everyone to be equal once again!

reply to post by andy06shake


Yeah, unfortunately it would have to be done by a decision process and with the agreement of all concerned..the problem is those who make the dicisions and would have to agree, are the small few raking it in at the rest of the worlds expense.

If the BRICS nations line up and form their own currency or start trading with their own local currencies, no longer using the american dollar, the dollar will tank. You can't stop those countries from forming and trading together without all out nuclear war, So when a loaf of bread costs 40 dollars is when i say people will riot and demand a debt reset.

A debt reset would be most ideal for everyone, but the bankers wont accept that. We are their slaves.

reply to post by AzureSky


If you wait until a loaf of bread costs $40 you're too late!

The time is now!

reply to post by MysterX


Project mayhem anyone?

I wouldn't say just wipe it, the Government should pay the debts off just like how they gave the banks hundreds of billions. I'd even guess that paying off everybody's debt would be cheaper than the bank bailouts..(?)

Who's to say people wouldn't just get in more debt though? There needs to be a complete wipe of the system and everything rebuilt better to make sure debt isn't a problem or even exist.

Nice post Mystery :

Most of the national debts of countries with a global central bank (like Canada or the US) are compound interest. Compound interest is the devil and is the reason all countries debts soar exponentially. Hence why state owned banks that run for the people by the people at no interest seems far more appealing. So wipe all the compound interest and pay off the principal, that seems fair.

I think this is essentially what happened in 1929, and it will happen again. A system reset is inevitable.

The debt is phony, a con, money loaned that was created out of thin air, money that never existed in the first place that allows people in privileged positions of power to claim immense wealth that they did not earn.

reply to post by MysterX


Good approach, but a reset doesn't solve any of the system-immanent problems, for the next DAY there would be new debt.
Honest, thorough, structural reforms towards sustainable and sound economics and is what we need, not a reset.

But that is what we call austerity... and people don't want to hear it.

reply to post by iRoyalty


Did you know that "Fight Club" was released only to a very limited number of theaters, and had very little advertisement.

Warren Buffet hated the movie, and by that time the ICBs had gotten their claws into Hollywood, after Newt changed the laws so that ICBs could buy our nations media, and so the movie that had been created before the industry had gotten completely bought out, barely managed to escape, and Buffet actually has a degree of humanity.

"Fight club was a mule, not allowed to breed. This is why Hollywood stopped putting out movies with any real depth anymore. The same with music, literature, art, all mediocrities, because the truth must be repressed.

The dark figure behind the curtain desperately wants to keep this whole scam going, and is doing everything in its power to prevent the reset.

n00bUK
I wouldn't say just wipe it, the Government should pay the debts off just like how they gave the banks hundreds of billions. I'd even guess that paying off everybody's debt would be cheaper than the bank bailouts..(?)

Who's to say people wouldn't just get in more debt though? There needs to be a complete wipe of the system and everything rebuilt better to make sure debt isn't a problem or even exist.

Nice post Mystery

:

Thanks n00b,

The debt the people have, in terms of personal borrowing equals roughly the same amount handed to the banks - about £1.4 Trillion, about the same amount is Government debt. Together they equal more than our GDP which is about £2.4 Trillion annually.

A lot of other countries are in the same boat, a lot are many times worse off and their particular boats are sinking with all hands.

We are all both owing debt to one another AND owning the debts of one another, we're debtors and creditors...to me, that is a ridiculous state of affairs.

Why allow people to suffer, starve, become jobless and homeless and even die, when the banks and nations are playing virtual pass the parcel with debt, which has no real meaning?

It's all done to keep the economy fluid, moving around and artificially sustained.

How can it be right, that people's lives are so negatively affected and are more or less just being used to support the processes of world economies...surely an economy, being a product of Human invention is designed to exist to support Humanity, not Humanity existing to support an economy?

Thanks again.

reply to post by MysterX


When I hear poeple talk about the debt crisis, I can't help but wonder just who do we owe all this money to.
Are there some people out there who is owed money but do not owe any money to anyone else?
I think a simple way to "reset the economy" would be to compare all the banks balance sheets and start making off those numbers which simply go in a circle from one sheet to another. This should set up a zero sum amount for a lot of the debts.
After this it should become much clearer just who has money and who has debt. It can't be the case that everyone owes money to everyone else and no one can ever pay their debts off.
Yes, I am well aware of how circular this sounds, but if you think about it for a moment I think it will become more clear.

reply to post by poet1b


Well they certainly failed! It's become a cult classic!

I wish more people would listen to the messages though...

reply to post by ColCurious


Yeah, but 'austerity' is just a mechanism designed to compel the people to service the circular debt...the debt itself is what needs austerity measures applied to it, not the people.

MysterX
reply to post by ColCurious

 

Yeah, but 'austerity' is just a mechanism designed to compel the people to service the circular debt...the debt itself is what needs austerity measures applied to it, not the people.

No. Big misunderstanding.

Austerity is merely the pragmatic process of finding the right balance.
It is a tool, and as such it can be used wrong... like slashing the economic backbone of an economy (or anything that is of real value, or produces real value) would be wrong of course.
Too harsh and ill-directed austerity can be bad (see Greece), no austerity at all is even worse (see Greece pre GFC).

Ok, so let's say we wipe off the debt. That still doesn't change the fact that pretty much every government in the world still spends more on a daily basis than it takes in. If you don't fix that problem along with wiping the debt, we get ourselves right back into trouble again.

And quite frankly, with all the things our governments, at all levels, have promised us, there is no way those spending levels can be reduced without considerable pain just like there is no way those spending levels can be bolstered with taxation without plunging the better part of the populace into perennial poverty no matter how much you try to selectively target the rich.

So, in order to do something like this you really need to do several things:

1.) Wipe the debt.
2.) Put governments on a truly sustainable, balanced spending regime
3.) Change the attitudes of people such that they stop expecting so much from their governments

The problem isn't just too much debt but lack of resources and environmental damage (including global warming).

Reset the debt... what, so we can start this whole process over again? This is what our economic system produces. It doesn't need to be reset (or reformed). The whole thing needs to be dumped into the black hole of lies we call history--where it belongs.

reply to post by MysterX


A debt free system would work only if everyone worked an applied skill or trade that could be justified as suffiecient contribution to the system. You may take what you can give, no more. We need a reassessment of value of goods and services. Want based services are overvalued for the most part. So, re-evaluate need based goods and services to establish a new base or standard of living. Once this is done, if one does not contribute, or their family/friends cannot afford them, and they are over 18, into the military they go. Those that cannot operate mentally or physically or both will have to rely on compassion, not food stamps and $. Lots of other changes needed as well, but it starts with small groups who resist the handouts. If those handouts stop to people who can work, that is the beginning of ridding the system of debt. After that, we go after the banking system.