->I have, in the past, answered all the questions made over an extensive period in the COG Ownership group. I suggest you look there for the answers.<- ----------
The specific question on the table is this: How do you define "earnings"? I looked in the ownership archives. I saw that you repeatedly used the term but did not define it. Perhaps you will reference a post by date where you answered the question that I might find in the archive. The question is important because you want earnings to be fully paid out to stockholders. How can you do that without defining what it is you want fully paid out? --
->Alternatively you can stop being lazy and manage to read Binary Economics where you will find the definition of "earnings".<- ----------
Okay. I have the book. I did read it. Remember, you sent me a copy. On what page might I find the definition?
--
This relevant dialog is between J. M. Keynes, Professor Gregory and Major Douglas from the Macmillan Committee hearings held seventy-three years ago:
Mr. Keynes: "Do you mean that the receipts of capital are greater than the amount it pays out in dividends?"
Major Douglas: "Yes; that is an obvious statement of fact; the accounts of any company will show that."
Professor Gregory: "What happens to the difference?"
Major Douglas: "It is represented by the fixed assets in the company which it cannot distribute in the form of money."
--
Rodney, speaking for the binary economists, following Louis Kelso, apparently bases his argument on the proposition that it *can* indeed be paid out--first, to amortize (liquidate) the loans used to purchase the stock for the benefit of the "new capitalists," then to provide perpetual dividend income to the "new capitalists." What Rodney and the binarians seem to be conjuring is a type of financial perpetual motion machine that violates the fundamental rules of accounting.
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