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Economy
Related: About this forumMoney From Nothing: A Primer on Fake Wealth Creation and its Implications
"Only God can create value out of nothing"Justice Martin V. Mahoney in First National Bank of Montgomery vs. Jerome Daly.
" Im) doing Gods work." Goldman Sachs CEO, Lloyd Blankfein
"Introduction:
What is fraud except creating value from nothing and passing it off as something?
Frauds interlink and grow upon each other. Our debt-based money system serves as the fraud foundation. In our debt-based money system, debt must grow in order to create money.
Therefore, there is no way to pay off aggregate debt with available money. More money must be lent into the system to make the payments for old debts. This causes overall debt to expand as new money for actual people (vs. banks) always arrives at interest and compounds exponentially. This process is called financialization.
Financialization: The process of making money from nothing in which debt (i.e. poverty, lack) is paradoxically considered an asset (i.e. wealth, gain). In current financialized economies wealth expansion comes from the parasitic taxation of productivity in the form of interest on fiat lending. This interest over time consumes a greater and greater share of resources, assets, labor, and livelihood until nothing is left."
Much more at lnk. Smith writes simply and effectively.
http://charleshughsmith.blogspot.com/2012/03/money-from-nothing-primer-on-fake.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+google%2FRzFQ+%28oftwominds%29
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Money From Nothing: A Primer on Fake Wealth Creation and its Implications (Original Post)
Owlet
Mar 2012
OP
It's cool. I just wanted to be sure so i can read more. Did part 2 get posted? nm
rhett o rick
Mar 2012
#6
Pure garbage again. "parasitic taxation?" "Fiat lending?" What the fuck?
banned from Kos
Mar 2012
#7
Demeter
(85,373 posts)1. I always wondered about that statement of Blankfein's
Now it all makes sense. Not only should he be prosecuted for fraud, but blasphemy, too.
CAPHAVOC
(1,138 posts)2. Hyperstagflation
Is going to be the result of this.
bemildred
(90,061 posts)3. Never give a sucker an even break. It's the American way, always has been.
And everybody is a sucker or potential sucker, kids, women, old people, anybody. The less they are able to defend themselves, the better. That's why they hate regulation, it makes it more difficult to rip people off in large enough numbers to get filthy rich. And this is our glorious economy that we think we can rule the world with.
rhett o rick
(55,981 posts)4. Did Smith write this piece or Zeus Yiamouyiannis, Ph.D. ? nm
Owlet
(1,248 posts)5. Oops..good catch!
Zeus was the author. I'm dodging thunderbolts even as I type.
rhett o rick
(55,981 posts)6. It's cool. I just wanted to be sure so i can read more. Did part 2 get posted? nm
banned from Kos
(4,017 posts)7. Pure garbage again. "parasitic taxation?" "Fiat lending?" What the fuck?
Money does not "come from nothing".
This Charles Hugh Smith is a right wing asshole.