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Author Topic: Debtocracy (documentary)  (Read 1386 times)
jtimon
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November 27, 2011, 04:55:58 PM
 #1

An interesting documentary about the legitimacy of the Greek debt.

http://www.youtube.com/watch?v=qKpxPo-lInk

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November 28, 2011, 01:16:37 AM
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Interesting film. Not sure which is worse, the effects of austerity or the fact that so many people, especially in the US, don't realize how bad (and generally not in their interest) austerity is and actually support it. I also think the concept of "odious debt" is a good one. If people did not choose to incur debt, then why should they have to pay it, especially if they did not gain significant benefit from it?

One small/insignificant problem though:
At 0:11:18, Samir Amin - Economist: "There cannot be a currency without a state...the advantage of the US dollar is that there is a state called the USA." So ... Bitcoin does not exist? Or is it not considered a currency?

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jtimon
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November 28, 2011, 02:16:40 AM
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One small/insignificant problem though:
At 0:11:18, Samir Amin - Economist: "There cannot be a currency without a state...the advantage of the US dollar is that there is a state called the USA." So ... Bitcoin does not exist? Or is it not considered a currency?

Probably he doesn't know bitcoin. But he's wrong in that point anyway. Gold can be a currency without a state.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
jtimon
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November 30, 2011, 04:39:47 PM
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People as a whole did choose to incur debt by electing the representatives that would give them the most free shit. Yeah, the smart minority got screwed but I guess that's the fundamental problem with democracy.

I doubt that all the debt taken went to "free shit" for the Greeks. Of course Greek politicians did wrong hiring so many government employees, but the odious debt would be borrowing for bail outs and for letting the state be scammed by banks.
Like when Ireland suddenly discovered they had "hidden" millions in the arcs of the state after having borrowed tons of money at high interest.
Is not only about the fail of the western democracy model, it is about fraud to the state to then exact its wealth.
I recommend you the Keiser report. Max Keiser is not precisely a Keynesian but he doesn't think the whole Greek debt is legitimate.
Gerald Celente is another interesting voice against both the banksters and the growth of the state. He repeats himself a lot but is often funny.
You can say that the bail outs were wrong policies but I prefer to just call them theft.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
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