I have a rough idea of the answer, but I'd love to hear the most succinct. I'm starting to get the idea of playing a sort of "20 questions" with anyone who wants answers to how this economic clusterfuck. Sort of like a customizable red-pilling template.
Do you know of Steven Newcomb's work? I am honored to call him a friend but even more importantly, he has studied the "Doctrine of Domination" for most of his life, and his insights are, in my opinion, crucial to understanding of what we are going through today.
If “we the people” were united, we’d declare it’s over! No more debts! It’s all Monopoly money anyways, it has no power, if we stop relinquishing so much of ours for some of that PAPER!
Money is the mother of all “Social Constructs”
We lost our chances, we have allowed mercenary monsters to be created, so now we have no tools for changing realities on the ground... us “sleeping on our watch,” is the reason we now all must always stay awake
Aug 30, 2022·edited Aug 30, 2022Liked by Joel Smalley
Not buying it. In a voluntary exchange economy, the consent of both parties is necessary to enable an exchange. It's indeed true that coercive power may be brought into play, often in an unseen way. It is also true that one party may be at an disadvantage - a man who desperately needs a job and has limited talents and few opportunities at his disposal, may accept a job he does not like - but these aren't due to a power play by the employer. Power plays by employers can and have happened - the chicanery of 'company towns' early in the last century, where prices at the 'company store' magically match the wages being paid, for instance - but these are exceptions, not the general rule.
These are indeed challenging times. Governments are indeed debasing their currencies, the hardships upon their citizens be damned. Very telling that the recently enacted 'Inflation Reduction Act' will increase inflation - as so many sources have pointed out. Sign of the Times, unfortunately. Possibly purposeful? Might be. The United States government has morphed into the Ministry of Silly Hats - and we don't even get to see the silly hats.
I think the U.K. figure might be wrong. It was 2.382 trillion at close of 2021 which was 102% of GDP. I don’t think they’ve borrowed 7 trillion since December. Source (U.K. Office of National Statistics):
This is a huge undercount of the US unfunded federal liabilities in the Medicare and Social Security programs. These approach $100 trillion and are growing fast!
Where are you getting those debt to GDP ratios? Some of them seem higher than they should be, and don't really make sense. Also, Japan seems conspicuously absent.
Joel, I think your US Debt number is only US federal debt, and excludes state, municipal, and private debt. Add up some numbers from here which splits out federal from state debt. https://usdebtclock.org/
Also be aware that Wikipedia sometimes has inaccurate numbers. The US has reclassified "debt" and often doesn't include entitlements in that debt, such as Social Security, Medicare, Medicaid, etc. That debt number is not easy to research as it requires that the researcher find the exact definition of what the US calls debt, and add in anything missing from that debt.
Yes when you add up federal, provincial, and private debt. Some major real estate companies are failing there and they will be unable to pay their debt. Some smaller banks are failing as well. I asked Joel to take a look at https://usdebtclock.org/ which splits out US federal, state, municipal, and private debt.
We are enslaved by the very nature of our money. I also recommend Michael Hudson’s books “Killing the Host’, and “...forgive them their debts”.
The outcome of any system is largely determined by its aims. All "our" systems’ aims were set in motion to serve small self-interested minorities. With time there is a growing divergence of interests between those self-interested minorities and the interest of the rest of us. We are at the end of this divergence process. Without the ability for even smallest systemic reforms, such systems invariably turn to totalitarianism to protect themselves from dissatisfied "mobs". We now find ourselves in terminal stages of these systems. Either we will prevail or will be dead.
I've spent much of the last twenty-five years thinking about how a healthy society should govern itself so I'm always pleased to see people recognising that the current system is fundamentally flawed. But ... where do I start?
The current monetary system is just one aspect of the unhealthy relationship between the state and the individual and it certainly isn't the central problem; rulers levied taxes in other forms long before there was widespread use of money. It's undoubtedly important but treating 'Money' as a key factor in the current Age of Misrule risks obscuring the more important factors. Unless we can envisage social structures that will ensure administrators are genuinely servants of the public, any revolution is likely to lead to a new order that is every bit as dysfunctional as the old one – and quite possibly considerably worse.
I skim read Elliott Freed's essay but it seemed to have a lot of polemic relative to actual analysis. And, to my mind, anyone who writes about money without some discussion of the fundamental incompatibilities between its different functions hasn't begun to understand it. (In short, money performs its function as medium of exchange by circulating, but it performs its function as store of wealth by being taken out of circulation: A Stable Monetary System – https://treasonableman.wordpress.com/constitutionuk/stable-money/ ).
And as Saudi sign a new military agreement with Russia to protect the kingdom, and countries such as Turkey, Venezuela, Argentina, Nigeria and Egypt apply to join the BRICS nations. The dollar is done. So is the west. Russia wants Rubles for their energy. Saudi now accepts the Yuan, Rupee and Ruble. Countries are repatriating their gold reserves from Bank of England. They know what’s coming. China now dumping the dollar, Russia evades sanctions on it by trading in gold. The great reset is nearly upon us. Chaos is coming
If this is debt, who are the collectors?
I have a rough idea of the answer, but I'd love to hear the most succinct. I'm starting to get the idea of playing a sort of "20 questions" with anyone who wants answers to how this economic clusterfuck. Sort of like a customizable red-pilling template.
I think we might have to read the book!
Generally the World Bank make the loans. I think there's another international super large bank as well, the name escapes me.
Just ask Biden to forgive world debt. Problem solved.
We could use a good man like King Canute right now.
Holy cow! I'm literally watching 2 or 3 episodes of Vikings Valhalla a day on Netflix right now. Spooky!
I just checked. Available on Prime, several seasons of it anyway. Thanks for the tip...adding it to my watchlist, stat!
Do you know of Steven Newcomb's work? I am honored to call him a friend but even more importantly, he has studied the "Doctrine of Domination" for most of his life, and his insights are, in my opinion, crucial to understanding of what we are going through today.
Here is my interview with him.
https://tessa.substack.com/p/great-reset-doctrine-domination
Why is it relevant? Who GAF?
If “we the people” were united, we’d declare it’s over! No more debts! It’s all Monopoly money anyways, it has no power, if we stop relinquishing so much of ours for some of that PAPER!
Money is the mother of all “Social Constructs”
We lost our chances, we have allowed mercenary monsters to be created, so now we have no tools for changing realities on the ground... us “sleeping on our watch,” is the reason we now all must always stay awake
Oh yes it does!! Purposeful demolition!
Always a pleasure to join the fray with you, brother. Thanks for sharing another one of my articles.
You keep writing good ones!
Allow me to offer a short video I find very useful in making the point of the article you shared
https://youtu.be/99NeV_0gNHs
Not buying it. In a voluntary exchange economy, the consent of both parties is necessary to enable an exchange. It's indeed true that coercive power may be brought into play, often in an unseen way. It is also true that one party may be at an disadvantage - a man who desperately needs a job and has limited talents and few opportunities at his disposal, may accept a job he does not like - but these aren't due to a power play by the employer. Power plays by employers can and have happened - the chicanery of 'company towns' early in the last century, where prices at the 'company store' magically match the wages being paid, for instance - but these are exceptions, not the general rule.
These are indeed challenging times. Governments are indeed debasing their currencies, the hardships upon their citizens be damned. Very telling that the recently enacted 'Inflation Reduction Act' will increase inflation - as so many sources have pointed out. Sign of the Times, unfortunately. Possibly purposeful? Might be. The United States government has morphed into the Ministry of Silly Hats - and we don't even get to see the silly hats.
I’m not sure what you’re “not buying?” I wasn’t selling. I gifted.
I think the U.K. figure might be wrong. It was 2.382 trillion at close of 2021 which was 102% of GDP. I don’t think they’ve borrowed 7 trillion since December. Source (U.K. Office of National Statistics):
https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/december2021
My source was public and private debt combined. https://en.m.wikipedia.org/wiki/List_of_countries_by_external_debt
Thanks, I looked at the link. That’s a heck of a lot of private debt compared with other countries.
This is a huge undercount of the US unfunded federal liabilities in the Medicare and Social Security programs. These approach $100 trillion and are growing fast!
https://www.realclearpolicy.com/articles/2021/05/05/96_trillion_in_unfunded_us_medicare_and_social_security_benefits_775259.html#!
Where are you getting those debt to GDP ratios? Some of them seem higher than they should be, and don't really make sense. Also, Japan seems conspicuously absent.
My source was public and private debt combined. https://en.m.wikipedia.org/wiki/List_of_countries_by_external_debt
It's down at the very bottom, under the USA.
Ah, and missing Debt-to-GDP.
So are Sweden, Austria, Mexico, and Indonesia.
Yeah, but Japan was the (public) Debt-to-GDP king for a very long time. :)
Joel, I think your US Debt number is only US federal debt, and excludes state, municipal, and private debt. Add up some numbers from here which splits out federal from state debt. https://usdebtclock.org/
Also be aware that Wikipedia sometimes has inaccurate numbers. The US has reclassified "debt" and often doesn't include entitlements in that debt, such as Social Security, Medicare, Medicaid, etc. That debt number is not easy to research as it requires that the researcher find the exact definition of what the US calls debt, and add in anything missing from that debt.
Is there any truth to some of the articles I have seen this week indicating that China's debt to GDT ratio is actually 275%?
Yes when you add up federal, provincial, and private debt. Some major real estate companies are failing there and they will be unable to pay their debt. Some smaller banks are failing as well. I asked Joel to take a look at https://usdebtclock.org/ which splits out US federal, state, municipal, and private debt.
Countries’ debt is largely a reflection of privately owned debt money issuance system.
We are enslaved by the very nature of our money. I also recommend Michael Hudson’s books “Killing the Host’, and “...forgive them their debts”.
The outcome of any system is largely determined by its aims. All "our" systems’ aims were set in motion to serve small self-interested minorities. With time there is a growing divergence of interests between those self-interested minorities and the interest of the rest of us. We are at the end of this divergence process. Without the ability for even smallest systemic reforms, such systems invariably turn to totalitarianism to protect themselves from dissatisfied "mobs". We now find ourselves in terminal stages of these systems. Either we will prevail or will be dead.
I've spent much of the last twenty-five years thinking about how a healthy society should govern itself so I'm always pleased to see people recognising that the current system is fundamentally flawed. But ... where do I start?
The current monetary system is just one aspect of the unhealthy relationship between the state and the individual and it certainly isn't the central problem; rulers levied taxes in other forms long before there was widespread use of money. It's undoubtedly important but treating 'Money' as a key factor in the current Age of Misrule risks obscuring the more important factors. Unless we can envisage social structures that will ensure administrators are genuinely servants of the public, any revolution is likely to lead to a new order that is every bit as dysfunctional as the old one – and quite possibly considerably worse.
I skim read Elliott Freed's essay but it seemed to have a lot of polemic relative to actual analysis. And, to my mind, anyone who writes about money without some discussion of the fundamental incompatibilities between its different functions hasn't begun to understand it. (In short, money performs its function as medium of exchange by circulating, but it performs its function as store of wealth by being taken out of circulation: A Stable Monetary System – https://treasonableman.wordpress.com/constitutionuk/stable-money/ ).
And as Saudi sign a new military agreement with Russia to protect the kingdom, and countries such as Turkey, Venezuela, Argentina, Nigeria and Egypt apply to join the BRICS nations. The dollar is done. So is the west. Russia wants Rubles for their energy. Saudi now accepts the Yuan, Rupee and Ruble. Countries are repatriating their gold reserves from Bank of England. They know what’s coming. China now dumping the dollar, Russia evades sanctions on it by trading in gold. The great reset is nearly upon us. Chaos is coming