A Quote by Thomas Jefferson
The banks themselves were doing business on capitals three-fourths of which were fictitious. This fictitious capital... is now to be lost, and to fall on somebody; it must take on those who have property to meet it, and probably on the less cautious part, who, not aware of the impending catastrophe, have suffered themselves to contract, or to be in debt, and must now sacrifice their property of a value many times the amount of the debt. We have been truly sowing the wind, and are now reaping the whirlwind.
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If we would have civilization and the exertion indispensable to its success, we must have property; if we have property, we must have its rights; if we have the rights of property, we must take those consequences of the rights of property which are inseparable from the rights themselves.
It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges, at the hands of men, who control the fictitious value of gold. Interest is the invention of Satan.
Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.
We need the government to force the banks to write down all their bad assets now and then recapitalize themselves, preferably with private capital. Those banks that cannot raise sufficient capital should be seized and their deposits sold off.
I don't understand how the Republican party is the party with the reputation for fiscal conservatism and fiscal sanity, when they're the ones who run up the debt. It was Reagan who ran up the debt and now Bush is doing it again, and in between, Clinton and Bush's father, I must say, worked so hard to get that deficit and that debt down.
People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can't revive. The reason is that every recovery since 1945 has begun with a higher, and higher level of debt. The debt is so high now, that since 2008 we've been in what I call, debt deflation.
All the central banks are doing is substituting one form of debt with another form of debt. They're issuing short term debt and using it to buy long term debt. In finance, we tend to think that's a neutral activity, even though those stimulus programs are huge.
The share price must be less than book value. Preferably it will be less than net working capital less long term debt.
I have younger friends who are in this pinch where they feel they've been counted out before they've had a chance to prove themselves. They've inherited a lot of debt - not just student debt but environmental debt, political debt. They really feel squeezed.
As the property market is very steep right now I think people should invest their capital in a mix of equity and debt instruments, through reputed mutual funds and maybe some in gold and silver. Regular savings are very very important.
Whereas the property-owning middle class could win freedom for themselves on the basis of rights to property--thus excluding others from the freedom they gain--the property-less working class possess nothing but their title as human beings. Thus they can liberate themselves only by liberating all humanity.
Most of these charges that people pay are economically unnecessary. There's no real cost behind them. There's no real value behind them. So, they're what the classical economist called empty pricing. Prices with no real cost value. What they called rent and fictitious capital. Capital claims on junk mortgage borrowers. The pretense is that all these debts can be paid but it's all fictitious, because everybody knows - at least on Wall Street everybody knows - that many debts can't be paid.
On a nationwide basis, I would guess that the various churches would have to pay annually an amount at least equal to the national debt. But it's impossible for me to make an exact estimate, because the churches hide their wealth in every way they can - deliberate falsification as to the value of property, registering it under phony names in order to obscure the fact that the Church owns the property.
I play fictitious characters often solving fictitious problems. I believe mankind has looked at climate change in the same way, as if it were a fiction.
[Democrats] have gotten rid of the mask, and they can't help themselves. And they are exposing who they really are every day now in random acts of special kind of stupid, to which and from which we certainly can benefit. I mean, I'm all for as many people as possible seeing who they are, but I know what you were doing with your class, you know, no booing, we must respect the president. I totally agree with that.
The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately the only party that can pay the debt is the government, because it runs the printing presses. So the debts ultimately either are paid by the government, or they're paid by a huge transfer of property from debtors to creditors - or, the debts are written off.
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