“Credit crunch will ‘shred investment portfolios to ribbons'” by Ambrose Evans-Pritchard, Telegraph U.K., July 2, 2007
“The near collapse of two Bear Stearns hedge funds has lifted the rock on our 21st century mutant capitalism, exposing the bugs beneath to a rare shock of naked light. . . . If you think we are too clever now to let a full-blown slump occur, read the BIS report. “Virtually nobody foresaw the Great Depression of the 1930s, or the crises which affected Japan and south-east Asia in the early and late 1990s. In fact, each downturn was preceded by a period of non-inflationary growth exuberant enough to lead many commentators to suggest that a ‘new era’ had arrived,” it said.. . . So the oldest and most venerable global watchdog is worried enough to evoke the dangers of depression. It will not happen. Fed chief Ben Bernanke . . . will slash rates to zero if necessary, and then – in his own words – drop cash from helicopters. But his solution is somebody else’s dollar crisis. . . . Perhaps governments should simply stop trying to rig the price of money in the first place.”
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/07/02/bcncrunch102.xml
Filed under: In the News |
WEB OF DEBT BLOG 
Though the problem of debt is undoubtedly an important issue there is another more vital dimension to capital. In the future we will be able to control inflation levels, and allow for super-price flexibility necessary for the present capitalist system. This means that theoretically at least we could produce an infinite supply of non-repayable capital which could be used by democratic governments, and to varying extents NGOs. In other words, no taxation at all , or indeed, fundraising in many instances.
Furthermore interest on loans would no longer exist. This could be created by an independent public body without the need of a customer.
Yes, it sounds nuts at first….but remember the technology if properly programmed could do all this! Also, remember virtually all the money of the world exists as computer information transmitted from one account to another.
For more data to the above ideas see the kheper essay on TRANSFINANCIAL ECONOMICS….this is the coming revolution.
R.Searle.