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View Diary: The American Enterprise Institute's Big Idea: A "Big Haircut" for most Americans (68 comments)

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    We could call the debt jubilee the "every pension fund and 401k fails" day, since all of those institutions are predicated on private debt.

    (-5.50,-6.67): Left Libertarian
    Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

    by Sparhawk on Tue Aug 20, 2013 at 08:18:37 PM PDT

    [ Parent ]

    •  Hey, you finally got something right sparhawk (0+ / 0-)

      In our current non-convertible fiat monetary system, all new money enters the system as "debt" in one form or another.  Either private debt where banks create new money by extending loans which creates new deposits, or by Govt deficit spending (new money), which even though this is not really debt, we still issue securities (debt).  So if there is no debt, there is no money.

      "The Earth is my country and Science my religion" Christiaan Huygens.................... Please join our Kos group "Money and Public Purpose". The gold standard ended on August 15, 1971, its time we start acting like it.

      by Auburn Parks on Wed Aug 21, 2013 at 06:12:55 AM PDT

      [ Parent ]

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