--- In FairfieldLife@yahoogroups.com, Michael Jackson <mjackson74@...> wrote: > > Its an interesting documentary with a major flaw - he seems to think the > answer to all problems is for the US government to start issuing our own > money again, but as he points out in the film, its not how much money there > is but who controls it - if we were to switch to the system he proposes, who > would be in charge of the mint and the printing press - Al Greenspan? Tim > Geitner? That bastard Hank Paulson? Think they would do a more ethical job if > they were printing the money instead of borrowing it? > >
Getting more money into the hands of more people stimulates the economy. Paul Krugman has written extensively on this topic. The one per centers aren't using their money to create jobs. That's too much like work. Fancy financial instruments and fewer or unenforced financial regulations incentivizes playing and manipulating markets rather than creating jobs. Lest we forget, Detroit got swindled by Wall Street because the world's biggest banks manipulated interest rates (see link below). Detroit's bankruptcy court decisions will be up to one unelected official, Kevyn Orr, the city's emergency manager, appointed by Gov Rick Snyder under the "financial martial law" he signed 2011. Since then, Detroit's city contracts and public properties have been subject to Orr's sole discretion. He sold off large chunks of public property, attempted to sell off Detroit's art collection (the state Attorney General stopped him), slashed public services, ambulance services, and repairs to infrastructure, streetlights, sewers, roads, schools. Bottom line, a city with fewer jobs and a dwindling population means less tax revenue to manage the city. Since Orr's cuts to services and sale of property aren't enough to balance the books, Orr will have an even freer hand to reneg on pension promises to city retirees. As usual the poor get the squeeze. http://thinkprogress.org/economy/2012/12/19/1364661/libor-rigging-costs-taxpayers/?mobile=wt > > > ________________________________ > From: Bhairitu <noozguru@...> > To: FairfieldLife@yahoogroups.com > Sent: Thursday, July 18, 2013 9:31 PM > Subject: Re: [FairfieldLife] Detroit Files for Bankruptcy > > > > Â > On 07/18/2013 05:06 PM, John wrote: > > This is probably unavoidable given the problems that the city has had for > > many years. On the other hand, home prices over there are probably really > > cheap as compared to the rest of the country, if anyone is willing to > > invest. > > > > http://news.yahoo.com/detroit-files-for-bankruptcy-protection-202227106.html > > Only the beginning and coming to a city near you. Oops, forgot Vallejo > just a few miles from here declared bankruptcy and so did Stockton over > in the valley. The banksters don't like the commoners to own > property. That's why you are hearing people losing their homes that > they've even paid off. Take a look at that documentary I linked to earlier: > http://www.youtube.com/watch?v=swkq2E8mswI > > Or it's the karma of a country that bombed and invaded sovereign > countries. Karma is a bitch. >
