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| Mar 18, 2010 5:24 pm |
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money and debt in today's environment ... |
James Booth
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Early this morning one of the men told me about his trip to American Lake VA Hospital, and in passing, he mentioned that he was told by his counsellor the VA is "gearing up" to pay out more in benefits for exposure to Agent Orange in Southeast Asia, including those who had tours in South Korea.
This man had two tours in SK, was a "financial" officer in the Army, and later a professional trader, until his life crashed around him.
Mention of Agent Orange benefits was a trigger for me, an opening I had been waiting for, because I thought to myself that if I told this man what I really thought, "He will tear me apart, turn my head around. That would be good because even if I do not agree with all he says, I will know that what he tells me I need to give my attention to. I can learn something from him."
So I began, "You know, what the VA is doing ... I think it can be argued there is no money - we have these worthless paper IOUs - and it can be argued there is no debt. You know, we hear talk all the time about this massive *debt* we are passing on to our grandchildren and the next generation after them ... but there IS no debt."
Clearly I had his attention at that point, so I continued.
"Let's say you decide to start a business ..."
"I wouldn't start a business right now," he came right back.
"Let's just say you decide to start a business," I went on, "and your business is extending credit to your customers. Your customers come to you thinking they are borrowing money from you, but that is not what is really happening. They think they are signing a loan agreement, you know, just like you and I were brought up to think things worked, and they have to pay you back ... but the truth is, you do not care whether they ever pay you back. What you CARE about is their ability to pay, and you CARE about those monthly payments they are going to make to you. You are not giving them anything anyway, except the "opportunity" to go out and buy things. In fact, if they want to "borrow" more, so much the better for you because that means those monthly payments they make to you keep getting bigger. There never was any intention of paying off all this debt."
He was looking right at me, eyes wide open, as I continued, "VA benefits for Agent Orange, or for PTSD; appropriations for health care - its the same as for public works projects way back in Greece. The ruling power borrowing from the Money Power to finance these projects ... elevates the ruler, makes the people feel special. Apply that to our federal government today, and that is just what is happening. There IS no debt - just the rental payments on what has been "authorized" - appropriated by "government" ..."
At that point I was not quite done, but he interrupted me.
"You've got it figured out," was all he said, and I could tell me meant it.
It just blows me away.
Later, after giving my boss her morning update, I told her that what was on my mind really had nothing to do with the House.
I mentioned the conversation I had with the "trader" and about VA benefits for Agent Orange, which was relevant, and she is often curious about what I will come up with next, so, without mentioning I had already done this once this morning, I continued into a slightly different version of "I think it can be argued there is no money ... "
One difference, since she is a Catholic nun, is that I included Christ: "What was the one thing Christ got mad about?" I asked.
She mentioned something that came to her mind, and I agreed, but pointed out, "Yes, but there was an element of violence when Christ overturned the money changers tables. That was kind of out of character for him, wasn't it?"
She agreed, and this woman is no fool, knows more about running a business than a lot of people would still like to know.
She has Master's degree and is not timid at all about telling you if you are "full of it"
... but she sat there with a growing smile, nodding her head more and more, until I finished.
Then she said, "You don't seem to want to believe that, do you?"
"NO!" I said. "Of course I do not want to believe it! I was raised to think I lived in a country that had certain rules, where people acted in certain ways, felt responsibilities and obligations ... but I can't seem to find that place any more. No! I don't want to believe any of this!"
So for a second time in two hours this morning, my "theory" was confirmed, and by people whose opinions I value.
It just blows me away !
JB
Private Reply to James Booth (new win) |
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