And, of course, boom for whom?
Dirk Johnson wrote:
>
> Canto XLV; endless boom and bust.
>
> -----Original Message-----
> From: derek hardy [mailto:[log in to unmask]]
> Sent: Tuesday, December 26, 2000 12:24 PM
> To: [log in to unmask]
> Subject: Re: Slouching toward Bedlamham
>
> That's all very interesting.  But what are the implications?
>
> >From: Dirk Johnson <[log in to unmask]>
> >Reply-To: - Ezra Pound discussion list of the University of Maine
> >    <[log in to unmask]>
> >To: [log in to unmask]
> >Subject: Re: Slouching toward Bedlamham
> >Date: Tue, 26 Dec 2000 10:26:03 -0800
> >
> >It's pure fiat money (i.e., money simply printed on paper without value
> >other than that which law gives it).  The entire U.S. (and European) system
> >is based upon debt, not value.  If all debt were paid, under the current
> >system of banking, there would be no money at all.
> >
> >The money is created from debt and then used as a "reserve" to create
> >further debt under a fictitious fractional reserve (fictitious because the
> >reserve doesn't actually exist except as previous debt), which in turn is
> >used as a reserve upon which fractional loans and so forth again and again
> >up to, if memory serves me, 23 times, when it exhausts itself.  Of course,
> >new debt is simply issued by the government (bonds, bills, notes) and new
> >money is printed to buy it and the whole shebang starts again.  Banks
> >charge
> >interest on all of it.
> >
> >The classic case of usura.
> >
> >Since debt is the standard, precious-metal charge cards are directly to the
> >point, since debt has more value to banks than gold (or any other
> >commodity)
> >does.
> >
> >Dirk Johnson
> >Assistant Vice President
> >Kelling, Northcross & Nobriga
> >A Division of Zions First National Bank
> >
> >-----Original Message-----
> >From: charles moyer [mailto:[log in to unmask]]
> >Sent: Monday, December 25, 2000 9:50 AM
> >To: [log in to unmask]
> >Subject: Slouching toward Bedlamham
> >
> >
> >     Merry Christmas, Pounders and other Personae who have found a medium
> >for
> >projecting themselves (in their plurals) through the Internet. Today's
> >words
> >of wisdom come from Mark Twain who wrote that "It is by the fortune of God
> >that, in this country, we have three benefits; freedom of speech, freedom
> >of
> >thought, and the wisdom never to use either."
> >     Twain again makes me aware of my shortcomings. Nevertheless, if the
> >bankers are still on line maybe they could explain what was meant by the
> >following discussion which took place between Congressman Wright Patman,
> >chairman of the Banking and Currency committee and Marriner Eccles,
> >Chairman
> >of the Federal Reserve Board in 1913.
> >
> >     Mr. Patman: "Mr. Eccles, how did you get the money to buy these two
> >billion dollars of government bonds?
> >     Mr. Eccles: "We created it."
> >     Mr. Patman: "Out of what?"
> >     Mr. Eccles: "Out of the right to create credit money."
> >
> >     Don't get me wrong. I'm as willing as the next guy to be  a
> >"believer",
> >and I wouldn't want to think that some group of cyclical, precession of the
> >equinoxes, "occult" nuts have a monopoly on the poetic truth, nor would I
> >want to throw a wet blanket on the chrematistical meliorists' burning
> >embers
> >of faith in the goose; but why do we never see a bank call itself "The
> >First
> >Fractional Reserve Bank"?  And why is it inversely true that as the
> >standard
> >of money goes from the most precious metal to the lesser, and then to none
> >at all that the credit card advertising hype proceeds from nothing of value
> >to the "Silver Card", to the "Gold Card", to the "Platinum Card" on to a
> >"God-knows-what-metal-next Card". Some like it shiney?
> >     Any comments or should I borrow Joe Brennan's copy of "Nostrodamus"
> >for
> >answers?
> >
> >CDM
>
> _________________________________________________________________________
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