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It took $185 trillion of debt to produce about $46 trillion of GDP growth over the last twenty years. Jeff Booth, The Price of Tomorrow: Why Deflation is the Key to an Abundant Future
Transitioning from an inflationary world to a deflationary world – people should be scared. There is going to be disruption and that disruption is coming no matter what. There is nothing fundamental that governments can do to stop the rate of technology progress. Jeff Booth, interview The Keiser Report, RT August 2020
You have technology moving at an exponential pace driving prices down, and governments all around the world [are] caught in an inflationary trap that they created themselves our of monetary policy, fighting that force. And I would ask a simple question – isn’t it good when the value of your money goes up, and prices go down? ibid.
The abundance of technology would be broadly distributed. ibid.
It’s not going to go on for ever no matter what … It doesn’t matter until it does. One giant thing they miss that this is they assume a reserve currency goes on for ever, right, and you can just keep printing and people just trust in your currency. ibid.
What if a country, let’s say China, created a currency and decided to keep on printing for ever, and they used the currency and they used it to buy the world? … Would we trust that currency? ibid.
And so you can see from that thought experiment that if you just keep on printing money, people lose faith in your currency, and so you don’t have a reserve currency any more. So there’s a whole bunch of people like I think are like brainwashed in this ‘debt doesn’t matter’, that this can go on for ever. And it’s going to happen gradually … There is nothing that can that stop this. We are going to have deflation for sure. Structurally, technology requires it. The path to get to deflation could end up through hyper-inflation first – currency default, debt default – it could happen a whole bunch of different ways but we are going to have deflation anyhow. ibid.
The concentration of wealth because you’re fighting a natural force – Capitalism can’t work, right, so effectively the Government is the market today. Free market principles don’t work any more. ibid.
Deflation we’ve never seen in our lifetimes. What if next year everything around you got cheaper? All it does is increase the value of your savings, and decrease the value of your assets. ibid.
Why do you think the top five technology companies are at historic heights? ibid.
Everybody knows it. ibid.
More band-aids on a systematic, a structural change that has to take place. And so what they’re really trying to stop is a revolution, right, but they’re making the revolution more likely. ibid.
Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers’, who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. John Maynard Keynes The Economic Consequences of the Peace VI: 235-236 1919
The study of money, above all other fields in economics, is one in which complexity is used to disguise or to evade truth, not to reveal it. John Kenneth Galbraith
To pay off the debt was to destroy the money supply. John Kenneth Galbraith
Finally he paid the debt of nature. Robert Fabyan, The New Chronicles of England and France, 1516
Try paying your tab. The Sopranos s6e7: Luxury Lounge starring James Gandolfini & Lorriane Bracco & Edie Falco & Michael Imperioli & Dominic Chianese & Steven van Zandt & Tony Sirico & Robert Iler et al, Artie to Tony, HBO 2006
This is the Iraqi debt: $380 billion … Iraq is bankrupt. Mark Thomas, Debt Collector, Channel 4 2003
Foreign loans, war reparations, and broken business contracts. Saddam Hussein’s team borrowed money to build palaces and monuments but it also got debts of $76 billion buying weapons and defence equipment. ibid.
There’s profit in debt. This time last year debt traded at eight cents, now it’s up to twenty-eight cents. ibid.
Debt is a prolific mother of poverty and of crime. Benjamin Disraeli
Seems in today’s world the power to absolve debt is greater than the power for forgiveness. The Godfather III 1990 starring Al Pacino & Andy Garcia & Diane Keaton & Talia Shire & Sofia Coppola & George Hamilton & Bridget Fonda et al, director Francis Ford Coppola, Cardinal
I am the real loser here. And I’m concerned about your sincerity to repay £27,942 gambling debt that is one week overdue. Gang Related 1997 starring James Belushi & Tupac Shakur & Dennis Quaid & Lela Rochon & James Earl Jones & David Paymer & Wendy Crewson et al, director Jim Kouf, loan shark to Jake (Shakur), with Mr Cutlass Supreme
That’s it. I’m finished. It can and it is – I’m up to my lobes in debt. Star Trek: Deep Space Nine s5e18: Business As Usual, Quark to Dax
In the Reagan years, more federal debt was added than in the entire prior history of the United States. Richard Darman
The epitaph of the Reagan presidency will be: When Ronald Reagan became President, the United States was the largest creditor nation. When he left the presidency, we were the world’s largest debtor nation. Lester Thurow, MIT economics professor
It is the ultimate end-run goal to enslave the populus and to steal what’s left of that’s not already been stolen by the Elite who are engineering and machinating all of this stuff. The goal of a debt-based economy is not to get caught stealing ... And that’s why they want to go to a cashless system. Bill Cooper, interview Alex Jones 1998
What Mr Rothschild had discovered was the basic principle of power, influence, and control over people as applied to economics. That principle is, When you assume the appearance of power, people soon give it to you.
Mr Rothschild had discovered that currency or deposit loan accounts had the required appearance of power that could be used to induce people (inductance, with people corresponding to a magnetic field) into surrendering their real wealth in exchange for a promise of greater wealth (instead of real compensation). They would put up real collateral in exchange for a loan of promissory notes. Mr Rothschild found that he could issue more notes than he had backing for, so long as he had someone’s stock of gold as a persuader to show his customers.
Mr Rothschild loaned his promissory notes to individuals and to governments. These would create overconfidence. Then he would make money scarce, tighten control of the system, and collect the collateral through the obligation of contracts. The cycle was then repeated. These pressures could be used to ignite a war. Then he would control the availability of currency to determine who would win the war. That government which agreed to give him control of its economic system got his support.