Thoughts On “New Age Socialism & The End Of Debt-Based Money Creation
Steve Thank you for your analysis. After ten years in banking my view is that the main factors determing money creation in a bank is the risk level of their loan portfolio (as measured by Basel 1-3) and the bank’s funding cost (senior debt and covered bonds).
Deposits are the bank’s debt to their customers and usually not a significant driver. Money are created by issuing a loan, as explained simply but clearly in this bulletin from Bank of England.
Are you expecting commercial banks to lose their money creating priviliges in the “new age”? Kind regards, Steve
Dane Wow JC great essay and presented with a sense of responsibility. Great work!
“The onset of robotics and AI technologies will further release man from the long hours of labor. This will fundamentally alter the existing relationship between capital and labor.”
So what will man do with all this spare time?
Paul O. Neil JC gives you his view of the future of monetary creation while labeling us both ignorant and indolent. He’s abs correct that the lemmings actions are created by our greed while he charges 150/ year to buy into his philosophy. POM, cute,
Just another loophole finder to get your money. Allowing more greedy humans to find the “loopholes of the future”.
Socialism breeds indolence; laziness. Wake up you lemmings. Get out of line or else the cliff is imminent!
JC Collins Paul O’Neil, you correctly state that socialism breeds indolence and laziness while lambasting me for expressing the most fundamental function of capitalism – expecting honest remuneration for hard work. You are in fact supporting socialism with such actions.
And you can’t even get your numbers correct. It’s $120.00 for a full year, not $150.00. You have completely discredited yourself here on this site with your lack of attention to detail and facts, while not understanding the fundamental differences between socialism and capitalism. Organize yourself before taking another run at discrediting me.
Dane “JC gives you his view of the future of monetary creation while labeling us both ignorant and indolent.”
Paul JC has never excluded himself from the rest of humanity here on POM. This statement is ignorant and assinnine as ignorance is curable and the POM community is doing a great job of helping me rise from this ignorance.
“He’s abs correct that the lemmings actions are created by our greed while he charges 150/ year to buy into his philosophy.”
So a minute ago you and I were ignorant and indolent but we’re not lemmings? What’s a lemming since your the one calling names?
And the yearly fee is quite acceptable to me. But please Paul don’t follow me over the cliff because you might find something amazingly unexplainable.
Furthermore, you know nothing of my character because you can’t see into the spirit of the comment you replied to. You in fact showed exactly what the majority of man will do with this spare time. Shame on you. Misery always loves company. Sorry I’m not biting and the other fish you were trying to catch now know your motives.
JC has always included himself with humanity. Check his wording of “we” this is usually inclusive not exclusive.
As long as I’m giving God what is his than my conscience is clear. Remember what Jesus said to the Pharisees about paying Cesar and paying God?
“Matthew 22:15-22New International Version (NIV)
Paying the Imperial Tax to Caesar
15 Then the Pharisees went out and laid plans to trap him in his words. 16 They sent their disciples to him along with the Herodians. “Teacher,” they said, “we know that you are a man of integrity and that you teach the way of God in accordance with the truth. You aren’t swayed by others, because you pay no attention to who they are. 17 Tell us then, what is your opinion? Is it right to pay the imperial tax[a] to Caesar or not?”
18 But Jesus, knowing their evil intent, said, “You hypocrites, why are you trying to trap me? 19 Show me the coin used for paying the tax.” They brought him a denarius, 20 and he asked them, “Whose image is this? And whose inscription?”
21 “Caesar’s,” they replied.
Then he said to them, “So give back to Caesar what is Caesar’s, and to God what is God’s.”
22 When they heard this, they were amazed. So they left him and went away.”
Thank you JC for both posting this comment and exposing it’s ignorance.
Chili Palmer JC gives away a lot of his good content for free
Llstudent Links regarding AI and Robotics; of which some show dark underbelly of “will further release man from the long hours of labor. This will fundamentally alter the existing relationship between capital and labor.”
Above links posted on my group:
Reinier They are the unemployed serfs
Patrick The lucky ones will flip burgers and the rest will starve.
I wish that I could share the optimism of “meant to accommodate the expansion of man’s creative and spiritual “sovereignty”.” but however those that rule lust for power and that power comes at the expense of our personal sovereignty.
JC Collins Machines will flip burgers. Man will need to get more creative.