Title: Nomi Prins - Debt Will Ultimately be Destructor of the System Source:
[None] URL Source:https://www.youtube.com/watch?v=5uAmHS-Tc64 Published:Jan 20, 2018 Author:Greg Hunter Post Date:2018-02-27 06:39:35 by BTP Holdings Keywords:None Views:500 Comments:3
Two time, best-selling author Nomi Prins says global debt levels are at record highs. Prins contends, “These are levels that they have never been, and they are all at their historic highs. That’s why debt will ultimately be the destructor of the system. In order for that to happen, the cheapness of money that allow states, municipalities and corporations to continue to borrow at these cheap levels has to go away. . . . At some point, there will be a mistake. There might be a tiny smidge of an interest rate hike at some central bank, probably the Fed, which ripples throughout the system as a mistake, not because real growth has happened, and that’s why interest rates have been raised. That will incur defaults throughout the system. People will incur personal defaults, and that will cause problems in the mortgage market . . . then it becomes a knock-on credit crisis, and then banks start not to lend . . . . Then we have the makings of a broad crisis.”
Join Greg Hunter as he goes One-on-One with former top Wall Street banker Nomi Prins, two time, best-selling author of the upcoming book titled “Collusion: How Central Bankers Rigged the World.”
#1. To: BTP Holdings, Tatarewicz, Lod, Ada, farmfriend, Octavia (#0)
We have a debt based currency which requires us to take out a loan and pay interest before we can have money. William Paterson was the first Governor of the Bank of England. He said, "the Bank of England hath the benefit of interest on moneys it creates out of nothing."
A Depression is a period in time when Unpayable Debts are cancelled en masse. Under our system, when a debt is either repaid or cancelled in bankruptcy court, that loan (money) is withdrawn from circulation. In the 19th century what historians now call the Long Depression was then called the Great Contraction. It was called that because in a Depression you can lose a third of your money supply. And that sudden loss of money is what causes the loss of jobs that most people associate with a Depression. 3 million Americans starved to death in the last Depression.
The kings of ancient Sumer and Babylon ended Depressions by cancelling debts. When the Hebrews got to Babylon, they copied the idea and wrote about it as the Jubilee. But they never implemented a Jubilee. We need a Jubilee. Arrest the Bankers. Seize their assets to fund Debt Cancellation and to fund pensions. Issue a non-interest bearing currency like Lincoln's Greenbacks and ban fractional reserve banking.
Arrest the Bankers. Seize their assets to fund Debt Cancellation and to fund pensions
Most bank assets are surpluses accumulated by wealth/service producers. Those incurring debt have not produced enough wealth to pay it off. Cancelling debt looks too much like a commie scheme to redistribute wealth.
In a cyber age the entire money system is a progress-stifling redundancy. Much better to have teams of computer programmers determine people's needs then mobilize trained personnel and resources to ensure everyone's basics of food, shelter, etc., are met, assigning merit points to those meeting goals successfully, allocating merit points for perks beyond basics. Neither politicians, government bureaucrats or the private sector can readily meet everyone's needs within a system based on money. Computers can be programmed to arrange for personnel training, make people/machines available to do whatever is needed domestically or abroad. Money is just a primitive bookkeeping system open to criminal activity; none working in it produce any wealth. Rather than have entertaining political clowns determine society's directions have head hunters recommend a talented board of directors the same way corporations do.