Quote:
Originally Posted by Bownesian
As for waving a wand and abolishing government and personal debt, I have yet to hear a proposal for how anything would get done without access to capital. I could not afford my house when I bought it so I borrowed capital, paying a price to do so. Government revenues are hugely variable from year to year and thus they need access to capital to operate in lean years, lest they create worse inefficiencies by slashing spending when incomes aren't good.
If banks (and through them shareholders) don't have something to gain by lending capital then none will be lent.
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Banks are not providing "capital" to anyone. They are lending out a piece of paper and nothing more. They lend out mass sums of money that they do not have, and charge interest for it. They are the root cause of inflation...
Nations can lend themselves money. That's what we all used to do, you know way back when we weren't in massive debt to international bankers.
"Once a nation parts with the control of its currency and credit, it matters not who makes that nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talks of the sovereignty of Parliament and of democracy is idle and futile."
William Lyon Mackenzie King, 10th Prime Minister of Canada.