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1  Economy / Economics / Banning Usury will promote cryptocurrencies on: December 17, 2016, 09:54:49 PM

Why not ban Usury?

Before attempting to answer the question, I'll lay out a "best case"
for an economy. The USA has the best data, so it's the choice.

If the USA continues its present course, except that spending
on Defence and they somehow manage to keep the present trade balance
then I suggest the following outcomes in ten years time:
Wages and prices will double, there will be a ten percent increase
in population and in real GDP, and the national debt will increase
from $20Tn to 30Tn.

In real terms, defence spending halves, the trade balance halves,
and the US national debt falls by one third. Pensions and entitlements
increase in line with inflation, and employment remains near it's
present level.

While I expect things will turn out worse than that, if you want to
make a case for banning Usury, you'd best think of ways to improve
economic performance, because present economics relies totally on
the ability to charge interest. Bear in mind also, that when you
strip away things like the power to create debt, you may find that
things like GDP are no more substantial than the imaginings of a
collective delusion.

It seems to me that promoting cryptocurrencies, for example Bitcoin,
promotes the idea of a ban on Usury, because it would be difficult to
have one without the other. I'm keen to hear any views on why that
isn't a good idea.
2  Economy / Economics / Getting the Economy Going on: May 29, 2016, 10:00:40 PM
If it was easy to get the world economy going, somebody would have managed
to do that already. There are two hurdles to get over.

The first hurdle is the financial system, aka Debt. The basics were known in ancient times,
brought about by interest paid on Debt. They built various ways of resolving the problem
into their legal and religious codes, the most well known is the Jubilee defined in Leviticus.
This prescribed fixed intervals for debt forgiveness and for the restoration of property
to its original condition and owner.

Today that would mean declaring every contract denominated in dollars, yen, pounds,
euro, etc null and void, and starting over with Bitcoin. Except that that would not
solve the problem, though the next financial crisis would not happen for 100 years or so.

The next hurdle is oil. That's an oversimplification. The reason there is a glut of oil
is that we cannot afford to burn it, in part because of the Debt problem. If the Debt
problem gets fixed by some "magic", oil production is set to decline at about
seven percent per year, and that will take the world economy down with it. Now,
I'd expect that collectively, we will do a bit better than that decline, but expecting
growth is beyond rational thought.

So there it is, that's my best guess. That's not financial advice, DYOR.   
3  Economy / Economics / Political change in Austria on: May 22, 2016, 08:21:12 PM
It seems that Ing Hofer has a narrow lead in the election for President,
though postal votes yet to be counted could theoretically upset the
final tally.

Just another sign of discontent with the governance of the EU, and
likely to raise risks around the Euro, possibly increasing the
desire to hold gold or Bitcoin.
4  Economy / Economics / Unrestricted Banking and Problem Banking on: August 29, 2015, 07:43:57 PM
Placeholder for definitions
5  Economy / Economics / Learning from Imperial Rome on: December 23, 2013, 12:36:01 AM
Before long, readers will wonder where this thread is going.
Here's the proposed route for "Learning from Imperial Rome":

1. Background and Definitions
2. Augustus
3. Tiberius
4. Claudius
5. Trajan
6. Marcus Aurelius and Lucius Versus
7. Caracalla
8. Aurelian
9. Diocletian
10. Lessons from Imperial Rome

The Executive Summary:
Would a cryptocurrency that resets in 49 years do
a better job than currencies presently in circulation?
Who would believe such an idea?

(BTW I believe there is sufficent prior art to invalidate any
patent application. And I have no plans to introduce a new
cryptocurrency ;-)
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