tag:blogger.com,1999:blog-6276436620527782297.post1035112344411644505..comments2023-08-12T07:55:32.551-07:00Comments on Jubilee Year -- Cancel Our Debt: Currency Reform: a Modest ProposalJustinhttp://www.blogger.com/profile/01023125641719686613noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-6276436620527782297.post-67303410966025405192009-10-22T01:08:45.886-07:002009-10-22T01:08:45.886-07:00Jct: wraft said...
At the present moment, I am gr...Jct: wraft said... <br />At the present moment, I am grateful for the legal tender laws. I am hoping for hyperinflation so that I can sell some things and pay off my credit card debt. I am happy that Bank of America is obliged to accept my inflatable federal reserve notes.<br /><br />Jct: But wouldn't you be happier paying off all your interest-bearing debts with interest-free no-inflation-possible time-based IOUs after subtracting all the interest so that all payments thereafter go against principal of the debt for the real goodies you got and owe for and someday, it's paid off without stiffing anyhow who provided goods and services and only stiffing the bankers who provided the chips. <br /><br />> However, if I were to loan the King of the Paupers some non-inflating money, <br /><br />Jct: I don't need your non-inflating money when I've my own non-inflating Hour IOUs. <br /><br />> he could offer to repay me in inflatable FRNs and if I refused them, the debt would be cancelled. Such is the effect of a FRN being legal tender for all private debts.<br /><br />Jct: Sure, non-inflatable time-based IOUs are better than inflatable FRNs but you can always use them to pay taxes with as fast as you can get rid of them. <br /><br />Justin said... <br />"Inflation in a high debt environment does seem like a nice fix, especially to the debtor. <br /><br />Jct: But no inflation in a low debt environment is a better fix to the debtor. No need to rob Peter to get Paul out of debt. Just the banks. <br /><br />> Pity the poor saver, though! Especially with so many Baby Boomers retiring, this is a really wicked time to be messing about with inflation.<br /><br />Jct: Right. Let's accept responsibility for the social credit part of our debt and repudiate the anti-social credit part of our debt just like Christ had his "slothful?" servant return the principal and stiff the master for the interest.<br /><br />Just cut the interest positive feedback instability in the 1/(s-i) usury banking system and everything goes stable. Just obey Nehemiah 5:10 Let the exacting of interest stop. Thomas 95: Jesus said: If you have money, do not lend it out at interest." Prophet Mohammed exactly the same words as Prophet Jesus. Buddha, Hindu saints, all the good have sought the abolition of interest rates. It's the only wire Mr. Spock would cut in the blueprint you can find at http://johnturmel.com/bankmath.htmKing of the Paupershttps://www.blogger.com/profile/14374913605730692218noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-36686692682874385252009-10-13T22:51:15.421-07:002009-10-13T22:51:15.421-07:00Inflation in a high debt environment does seem lik...Inflation in a high debt environment does seem like a nice fix, especially to the debtor. <br /><br />Pity the poor saver, though! Especially with so many Baby Boomers retiring, this is a really wicked time to be messing about with inflation.Justinhttps://www.blogger.com/profile/01023125641719686613noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-71935254677584593752009-10-13T21:22:22.384-07:002009-10-13T21:22:22.384-07:00At the present moment, I am grateful for the legal...At the present moment, I am grateful for the legal tender laws. I am hoping for hyperinflation so that I can sell some things and pay off my credit card debt. I am happy that Bank of America is obliged to accept my inflatable federal reserve notes.<br /><br />However, if I were to loan the King of the Paupers some non-inflating money, he could offer to repay me in inflatable FRNs and if I refused them, the debt would be cancelled. Such is the effect of a FRN being legal tender for all private debts.wrafthttps://www.blogger.com/profile/11500342138768626670noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-18474948469257804082009-10-08T14:16:04.782-07:002009-10-08T14:16:04.782-07:00King, you make some compelling points. Eliminatio...King, you make some compelling points. Elimination of usury is both a short term necessity and long term project. The banker class needs to be brought into line, and a public option in banking is a great idea whose time has come. <br /><br />Jubilee is an immediate solution to our short term problem of debt-deflation-caused depression. <br /><br />In our modern world of credit money, the 50-year Jubilee cycle is also a long-term strategy at avoiding these high-debt Minski moments.Justinhttps://www.blogger.com/profile/01023125641719686613noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-68659176918105941642009-10-08T05:32:02.449-07:002009-10-08T05:32:02.449-07:00John Regan said...
I also agree with a jubilee as...John Regan said... <br />I also agree with a jubilee as the best way to get there. <br /><br />Jct: Who eats the loss if you have Jubilee? When everyone gets their UNILETS interest-free time-based currency account, they can settle their interest-bearing debts and all payments go against principal so that the debt if finally paid off someday. No need of Jubilee from debts, we need jubilee from usury.King of the Paupershttps://www.blogger.com/profile/14374913605730692218noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-5133043349179187152009-10-08T05:29:49.603-07:002009-10-08T05:29:49.603-07:00"Before government fiat (debt free),
Jct: A..."Before government fiat (debt free), <br /><br />Jct: As long as I can pay my taxes with it, I like government using its own fiat chips. <br /><br />"the legal tender law should be modified to allow private transactions in alternative, inflation free currency. <br /><br />Jct: The legal tender law already allows private transactions in alternative inflation-free currency. You just can't make it look like government chips like the morons at the Liberty Dollar. <br /><br />"Otherwise, fiat becomes an agent of confiscation.<br /><br />Jct: Not if the fiat has no interest. The problem is that rather than create, spend and tax back, government lets the banks create, government borrows, spends and taxes back with interest to pay banks a vigorish they didn't have to. <br />Why represent our wealth with bank chips for a fee when we can represent our wealth with our chips for free?King of the Paupershttps://www.blogger.com/profile/14374913605730692218noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-53218196147722383202009-10-07T21:54:05.059-07:002009-10-07T21:54:05.059-07:00Before government fiat (debt free), the legal tend...Before government fiat (debt free), the legal tender law should be modified to allow private transactions in alternative, inflation free currency. <br /><br />Otherwise, fiat becomes an agent of confiscation.wrafthttps://www.blogger.com/profile/11500342138768626670noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-6380862381858258502009-09-05T04:40:04.473-07:002009-09-05T04:40:04.473-07:00"I think Time Hours systems are too utopian.&..."I think Time Hours systems are too utopian." <br /><br />Jct: That's what they can say about all good engineering. Why can't an ideal accounting currency be engineered too? <br /><br />"The fact is, not everyone's labor hour is equal. <br /><br />Jct: That's why the dentist in Ithaca charges more than the 1 Hour = $10US while may charge less. Sure, there are Timedollar systems afflicted with this "everybody's time is equal" flaw, but they can change. <br /> <br />"Some labor hours are worth more than others. To pretend otherwise, to base any money/economic system on falsehood, is bound to failure.<br /><br />Jct: Sure, the Timedollar model pretends otherwise but don't throw out the baby LETS Hours networks with the Timedollar bathwater.King of the Paupershttps://www.blogger.com/profile/14374913605730692218noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-62545718292237379642009-09-04T08:50:55.756-07:002009-09-04T08:50:55.756-07:00K.P. I think Time Hours systems are too utopian. ...K.P. I think Time Hours systems are too utopian. The fact is, not everyone's labor hour is equal. Some labor hours are worth more than others. To pretend otherwise, to base any money/economic system on falsehood, is bound to failure.Justinhttps://www.blogger.com/profile/01023125641719686613noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-54662664994464803362009-09-04T08:45:32.750-07:002009-09-04T08:45:32.750-07:00Thanks for the reading tip, John. I will look it ...Thanks for the reading tip, John. I will look it up.Justinhttps://www.blogger.com/profile/01023125641719686613noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-44106596162061737932009-09-03T21:16:07.797-07:002009-09-03T21:16:07.797-07:00Jct: People's around the world are already swi...Jct: People's around the world are already switching onto the Time Standard of Money. Ithaca Hours, African cell-phone minutes, they're all becoming compatible. <br />So yes, let there be timebanks for government accounts, personal accounts, corporate accounts,...<br />See http://youtube.com/kingofthepaupers for more info on global growth.King of the Paupershttps://www.blogger.com/profile/14374913605730692218noreply@blogger.comtag:blogger.com,1999:blog-6276436620527782297.post-24760694795603998602009-09-03T20:02:53.466-07:002009-09-03T20:02:53.466-07:00Justin, you might read Richard Timberlake's &q...Justin, you might read Richard Timberlake's "Monetary History of the United States", where he proposes something very similar.<br /><br />Personally, I have my differences with the Paulians and Randians but I emphatically agree with a gold standard. I also agree with a jubilee as the best way to get there. But I seem to be alone in favoring both.<br /><br />-John ReganJohn Regannoreply@blogger.com