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Very Hot Topic (More than 25 Replies) China's View of Trump's Trade War! (Read 2207 times)
Jeff
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Re: China's View of Trump's Trade War!
Reply #40 - Aug 2nd, 2018 at 7:54pm
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BobK71 wrote on Aug 2nd, 2018 at 7:37pm:
The great virtue of inflation or default is its honesty...
I am in great need of having you explain what is honest about these things...

Is there any time anywhere where people called fiat money "honest money"?

Or thought sliding out on your debt was "honest" or honorable?
  
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Jeff
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Re: China's View of Trump's Trade War!
Reply #41 - Aug 2nd, 2018 at 7:56pm
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BobK71 wrote on Aug 2nd, 2018 at 7:37pm:
This will also pay untold dividends, and is perhaps the biggest reason the establishment is usually firmly against inflation or default.

This also begs for an explanation or example.
  
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BobK71
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Re: China's View of Trump's Trade War!
Reply #42 - Aug 6th, 2018 at 2:20pm
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I wrote:

The great virtue of inflation or default is its honesty...

Jeff wrote on Aug 2nd, 2018 at 7:54pm:
I am in great need of having you explain what is honest about these things...

Is there any time anywhere where people called fiat money "honest money"?

Or thought sliding out on your debt was "honest" or honorable?


The entire central bank based modern system (or indeed any system that uses public power to distort monetary or financial markets without explicit acknowledgement, as in taxation) is dishonest at the outset, by design, and results in theft, by design.

So it's pretty meaningless to speak of the 'honesty' of any action downstream that interact with such a system.  What we *can* say, though, is that debt annulment by hyperinflation or default is honest in the narrow sense that it acknowledges the worthlessness of the money and debt, cancels them, and allows the system to reset and start anew.
  
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BobK71
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Re: China's View of Trump's Trade War!
Reply #43 - Aug 6th, 2018 at 2:30pm
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Jeff wrote on Aug 2nd, 2018 at 7:56pm:
This also begs for an explanation or example.


France in the mid-1920s did a sizeable devaluation of the franc against gold (and thus other major currencies.)  This was a repudiation of a good part of the debt, in effect.  French growth, employment and stability became the envy of the world from then until the Great Depression.
  
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Jeff
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Re: China's View of Trump's Trade War!
Reply #44 - Aug 6th, 2018 at 5:01pm
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BobK71 wrote on Aug 6th, 2018 at 2:20pm:
I wrote:

The great virtue of inflation or default is its honesty...



Yes, I read that.

Repeating that inflation and default are virtuous because they are honest  doesn't make it any less laughably absurd.

Inflation is a very sneaky tax, and the government lies about how much the Fed is actually creating, which means the Fed can decide how high or low the inflation tax they impose should be, and the government will lie and say your tax is lower than it is. Just like they lie and say your "taxable income" is much higher than it really is. Shame!

It's in the Constitution they say, under the General welfare clause somehow, that allows Congress to give a private bank such huge monopoly power that it can set tax rates on Americans! Angry
  
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Jeff
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Re: China's View of Trump's Trade War!
Reply #45 - Aug 6th, 2018 at 5:08pm
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BobK71 wrote on Aug 6th, 2018 at 2:30pm:
France in the mid-1920s did a sizeable devaluation of the franc against gold (and thus other major currencies.)  This was a repudiation of a good part of the debt, in effect.  French growth, employment and stability became the envy of the world from then until the Great Depression.
Yes, defaulting on their debts has helped quite a few socialist governments to stay alive until the next big government orchestrated economic screw up.

It's the socialism that runs up the debt that the socialists default on.

It's only honest because they say "Honestly, We are The Sovereign Government, and We honestly aren't going to pay you what We owe you".
  
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Jeff
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Re: China's View of Trump's Trade War!
Reply #46 - Aug 7th, 2018 at 7:41am
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BobK71
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Re: China's View of Trump's Trade War!
Reply #47 - Aug 7th, 2018 at 10:04am
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Jeff wrote on Aug 6th, 2018 at 5:01pm:
Yes, I read that.

Repeating that inflation and default are virtuous because they are honest  doesn't make it any less laughably absurd.

Inflation is a very sneaky tax, and the government lies about how much the Fed is actually creating, which means the Fed can decide how high or low the inflation tax they impose should be, and the government will lie and say your tax is lower than it is. Just like they lie and say your "taxable income" is much higher than it really is. Shame!

It's in the Constitution they say, under the General welfare clause somehow, that allows Congress to give a private bank such huge monopoly power that it can set tax rates on Americans! Angry


As I mentioned, I hear you, but the wealth is either gone or has never been there in the first place.  You either acknowledge the fact and move on, or pretend the wealth is still there.  These are your only choices.  I'm only saying the former is far better than the latter.

Another virtue of inflation or default is that it helps expose the system to the public.

I think we've gone through the same grounds here too many times already.
  
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Re: China's View of Trump's Trade War!
Reply #48 - Aug 7th, 2018 at 10:10am
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Jeff wrote on Aug 6th, 2018 at 5:08pm:
Yes, defaulting on their debts has helped quite a few socialist governments to stay alive until the next big government orchestrated economic screw up.

It's the socialism that runs up the debt that the socialists default on.

It's only honest because they say "Honestly, We are The Sovereign Government, and We honestly aren't going to pay you what We owe you".


Not socialist, but a patriotic government who dared to defy the international imperial-money system and do what it thought was in France's best interest, disregarding the false morality upheld by a corrupt world system.

A good part of the false morality was to cloak itself with the moral honor of commitment to debt repayment, while the system was designed from day one to take from everyone by reneging on debt.
  
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Re: China's View of Trump's Trade War!
Reply #49 - Aug 7th, 2018 at 11:35am
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BobK71 wrote on Aug 7th, 2018 at 10:10am:
Not socialist, but a patriotic government who dared to defy the international imperial-money system and do what it thought was in France's best interest, disregarding the false morality upheld by a corrupt world system.

A good part of the false morality was to cloak itself with the moral honor of commitment to debt repayment, while the system was designed from day one to take from everyone by reneging on debt.

If Nixon had never taken the US dollar off the Gold Standard,  there wouldn't be any discussions about GDP-to-National Debt ratios, or Inflation,  or quantitative easing, or quantitative tightening, or bailouts, etc, etc...

Nixon gets my vote for the 2nd Most Short-Sighted President in US history - he did almost as much damage to the country as Wilson, who gave us the Federal Reserve Bank and Income Taxes.
  
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