Wally, I see it in the archives. For some reason it didn't reach my inbox.
I was bewildered by Michael's characterization that you said something about the "investment of savings to pay off the loan." -->The two ways of financing production he describes are (a) direct investment of savings in production and (b) new credits for new production followed by investment of savings to pay off the loan.<-- What you actually said was "investment of existing savings in equity," an entirely different matter. Michael, it seems to me, is advocating a type of socialism where there are no competitive markets, where prices are fixed, where consumers receive income exactly equaling the collective fixed prices of the goods reaching the shelf, where they receive no surplus whatsoever that would allow them to purchase equity in the means of production, so there could be no equity markets, and the consumer must therefore be entirely beholden to the good graces of the bureaucrats in charge of the national credit account, from whom he derives his sustenance. It seems to me that is the very definition of slavery, though no doubt more benign than the old chattel form. -- --------- Original Message --------- DATE: Thu, 12 Jun 2003 07:44:27 From: "Wallace M. Klinck" <[EMAIL PROTECTED]> To: [EMAIL PROTECTED] Cc: >Bill, my posting was made to the List on June 7 at 00:48 and was >entitled, "Social Credit--Financing Production, Etc." You will find it >there so I am not re-posting it. > >Wally > > >[EMAIL PROTECTED] wrote: >> I must have missed the message from Wally that >> Michael refers to below, regarding the selling of >> shares, not consumer goods, to repay loans, etc. I >> am bewildered by what is meant by "investment of >> savings" to pay off loans. >> Will Michael or Wally post that message to the list? >[Clipped] ____________________________________________________________ Get advanced SPAM filtering on Webmail or POP Mail ... Get Lycos Mail! http://login.mail.lycos.com/r/referral?aid=27005 ==^================================================================ This email was sent to: [EMAIL PROTECTED] EASY UNSUBSCRIBE click here: http://topica.com/u/?a84IaC.bcVIgP.YXJjaGl2 Or send an email to: [EMAIL PROTECTED] TOPICA - Start your own email discussion group. FREE! http://www.topica.com/partner/tag02/create/index2.html ==^================================================================
