sd: "Can you offer any thoughts at all as to why you apparently support the policy of allowing private banks to create all of our money as interest-bearing debt? If you really don't watch tv, your apparently slavish following of the economic status quo is a bit hard to understand, as the tv is the central method in the modern world of keeping people from thinking much about things like this and just believing whatever nonsense they are told - most people these days who don't watch tv are either hospitalized and doped up or have at least one foot outside of the box like thinking people tend to do - you seem to be lucid enough to preclude any assumption you are hospitalized, and yet you cannot see this elephant in the living room called 'give me the power to create a nation's money and I care not who makes her laws!' ??? puzzling."
As I said above, sd, ending the current control by private banks would be just lovely.
But you seem unable to separate analysis from the normative. I have been describing how we would up in this pickle, and you have ignored that process...as though the investment community will give up the right to speculate in finance capital markets as well as commodities...
And right now, you would have to convince the people invested in the market through their pension fund managers that your truly wonderful idea would mean valhalla...at the end of the loss of their funds.
I don't see a practical way, AT THE MOMENT, of overcoming the political barriers to your objective. But perhaps you saw the Japan has just said bugger convention and spent "as much as $23-billion (U.S.) to intervene in currency trading and weaken the yen - a currency that many analysts acknowledge is significantly overvalued. On Friday, a defiant Japanese Finance Minister Yoshihiko Noda vowed to
intervene again - and again- for as long as it takes to bolster its flagging export-dependent economy..." Barrie McKenna writes in today's Globe. "When the amounbt of currency traded in a few weeks exceeds the value of the globel economy, the conventional wisdom about free-floating currencies may not always be the smart chaice." (wow, such acumen) "The sheer volume of currency trades is swamping the kinds of eonomic fundamentals that should drive currencies."
The Globe quotes Dan Ciuriak, former deputy chief economist at Foreign Affairs and International Trade (Canada), who said one of the flaws of exchange rate orthodoxy is that currencies don't actually float, they fluctuate."We're purists in a non-pure world,' explained Mr. Ciuriak, now an Ottawa-based conculting economist. 'We ought to be interventionists....Firm by firm we are destroying our export market (as the Canadian dollar rises) ' he said.'Companies invest all this money to establish a presence in export markets and then they get driven out.'
Personally, I don't believe we are going to see Fidel's NDP government until the party begins to speak truth to industry on this one. Reforms COULD follow. But first, get elected.