Posted by: graemebird | October 11, 2008

Trade Surpluses NOW!!!

We are a debtor nation that has let our fractional reserve system hollow out our industry and put us all in debt. Its time to put this all behind us and from here on in reduce debt, ponzi-money, government spending, and massively expand our exports.

This is very easy to do and it does not require any tarriffs.

I want to link to the bloke from cheers who played Cliff. I’ll put all links down the bottom because they seem to disturb my formatting. John Ratzenberger is now running a campaign against the US losing all its manufacturing. It ought to be very clear by now that this talk of the service economy was all delusional, insofar as it relied on this idea that we can lose all our manufacturing ability and still maintain a decent economy.

It is our financial/taxation system that has caused the

problems that John Ratzenberger is pointing to.

 But these are real problems. John probably thinks

that its the tariffs doing it. I don’t want to get to surpluses

 through tariffs. But we have to get to surpluses

one way or another.

Now notice that our pro-fractional-reserve rightists

are giving our Marxists a free kick.

If you back a stupid and untenable idea you give

the opponents to liberty a free kick.

I went to Larvatus Prodeo and for the first time

in a long time Mark Bahnisch was saying

something valid.

He was ridiculing the contention that the crisis was

caused fundamentally by bad regulations.

Bad regulations are always a feature of banking crises.

But the real cause of banking crises is fractional reserve.

These assclowns in the banking sector have hollowed

us out much more than one-sided tariff reduction ever could.

Notice that in terms of chronology the destruction of

the reserve asset ratio came along pretty much

at the same time as the cuts to tariffs.

Let me quote Mark quoting someone else:

Although financial institutions were evaluated for compliance with the act, it never required they lose money on mortgages or that they be given to people with slim prospects of repaying them. Even if, as some claim, the legislation ultimately played a part in encouraging excesses, such as the bundling of sub-prime loans into packages that hid their riskiness, that was a failure not of too much but of too little regulation.

What conservatives can’t point to, ultimately, is any form of regulation that actually caused the crisis. No one put a gun to the head of US bank executives and made them lend to people without the means to repay loans. No one threatened dire retribution to investment bankers unless they packaged sub-prime securities. And no one compelled Standard and Poor’s and Moody’s to inexplicably and wholly irresponsibly rate those securities at AAA levels even when they didn’t understand the packaging mechanisms being used.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

This is the first time I’ve caught out Mark saying anything both tangible and credible in a long time. And its the libertarians who claim that fractional reserve is NOT inherently fraudulent give this commie a free kick. If you cannot come to grips with the inherent anti-capitalist and fraudulent nature of fractional reserve than you will continue to aid and abett the hollowing out of our economy, and the propaganda coup you are giving to these leftists.

Mark and John Quiggin were beginning to look totally ridiculous around the traps. But thanks to you bank-subsidy-“libertarians” these fundamentally ludicrous people will now be able to dust themselves off and find the ears of the uncommitted laity.

You traders making easy money from this crap system we have….. keep making the easy money but at least be pointing to a better tommorrow where the easy money is harder to make. If you don’t do this than you are selling your grandkids down river.

Mark points out what happened recently to allegedly free enterprise Iceland. But it can never be free enterprise if its fractional reserve banking. Because once your banks are fractional reserve you are locked into the socialist international monetary system.

http://www.youtube.com/watch?v=yxGEwcwZ7OI

http://www.youtube.com/watch?v=BOlxquxYUPI&feature=related

 
 

 

 

 

 

 
 

 

 

 

  

 

 

 

 

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