All bullish
On 19 Jul 2019, at 8:25 AM, J wrote:
National debt jubilee would lead, follow, or be contemporaneous w/ local officialdom debt jubilees
Any which way it would be a party all around
It would simply be a variation on state-led capitalism, where one lot of folks are shaved or cut in size, so that another lot refrain from taking up the pitch fork
Funny thing about mathematics, that the formulae works that same way as the equation, only differing in speed of action and perception of what be happening
A guess, but let us see
The laws are meaningless once meaningful ceases to be useful, per rule by making up new rules
At some juncture, Prop 13 shall collapse, presumably once the center of gravity of property tax to market value veers enough by natural action of … mathematics
Another guess
The difference between the various systems of governance, laws, regulations, rules, and rules of thumbs and toes may simply be speed of action and toxicity of medication
On 18 Jul 2019, at 7:30 PM, B wrote:
J, how does National debt jubilee interact with municipal/state/Federal Agency debt/banking system and FDIC?
Re outlawing physical trading:
Oct 28, 1977- 1977 Congress removed the president's authority to regulate "that which is no one's debt" transactions during a period of national emergency other than war. However, the Act of Oct. 28, 1977, Pub. L. No. 95-147, § 4(c), 91 Stat. 1227, 1229 (originally codified at 31 U.S.C. § 463 note, recodified as amended at 31 U.S.C. § 5118(d)(2)) amended the 1933 Joint Resolution and made it clear that parties could again include so-called "that which is no one'sdebt"clauses in contracts formed after 1977.
So, it appears the executive order route has been precluded, that is, if you pay attention to law. That being said, one should never underestimate the creativity of the executive...
On Thu, Jul 18, 2019 at 5:06 PM J wrote:
R, you are at once to cynical and not faithful.
There is still much ahead of us that is for-sure, for quite some duration, before the most are monetary-econo-financially knee-capped, and in no particular order:
Zero rate
Tax rise
Debt to high then higher
Piping hot printing
Capital controls
Wealth tax
Outlawing of physical gold trading whilst allowing papering of same
Infrastructure-spend MMT
National debt jubilee
...
All good stuff
On 18 Jul 2019, at 5:26 PM, R wrote:
Federal Reserve economics:
zerohedge.com
When it is time to raise rates, it should be data dependent. In other words, no need to hurry.
When it is time to cut rates, it should be pre-emptive. In other words, do it now because the President told us to.
On Thu, Jul 18, 2019 at 9:40 AM B wrote:
I think Ray Dialo is right, we are looking at overall currency depreciation... this is not new, of course, but if it accelerates, not so good.
If debt is considered an asset by some, and default occurs, not good for the asset holders, especially if same is a financial institution which fails as a result... with possible widespread effects including contagion.
However, if it is debt held by the CB's, can't they just forgive or cancel it? Only effect then is its essentially a shortcut to printing money... currency depreciation.
Cancelling the debt reduces the amount of debt outstanding and should increase the credit rating of the issuer, one would think.
This does not work for state or municipal debt or other debt not held by the CB's.
So for sure, beware of municipal debt or state debt like Chicago or Illinois.
And as a backup, that which represents no liability on anyone's part, and is only an asset...
On Thu, Jul 18, 2019 at 9:59 AM R wrote:
By the way, we broke $22 trillion around the 3rd week of February. We broke $22.5 trillion this week, at a pace of almost exactly $100 billion a month. We should be easily over $23 trillion before we see 2020.
usdebtclock.org
On Thu, Jul 18, 2019 at 6:22 AM R wrote:
cnbc.com
So Mnuchin said we do not have to worry about debt ceiling, but reporter did not ask him if we should worry about the debt. |
