If Europe wants to save you look at North Dakota
John Passali
A resounding cultural vacuum. This is what prevents us from seeing the reality, in this absorbing a series of empty platitudes without rhyme or reason. And so, this maneuver prepared by our government, we must say what we have already said of European Greece to rescue: needless, therefore harmful.
The Futility of fiscal space is implicitly admitted by the same commentators, advocates of the need for this operation. As Guido Gentili, in his speech on Il Sole 24 Ore on Wednesday 26 May, which at one point escapes the truth: "The crisis has forced Europe to take note of a state of emergency escape routes which do not are still unclear. "
"It is not clear," which is a way as any to say we do not know what we are doing . Now, a simple concept should be emphasized, and brought to its simple consequences: a maneuver like the one approved, it will only depress the market economy of tomorrow, making it impossible to repay that debt that is precisely the ultimate goal of the maneuver.
to convince us that we "must" pay are all took to the field. Fra Giovanni Sartori, in which the intervention of the May 14 article in Corriere della Sera it this way: "The derivatives around the world are those? It is not known, nor does it reveal. But they are even finished in the portfolios of some of our local government. The very bulk, the situation. Why? What does it mean? It means, for the West, that the sixties onwards, we began to spend more than they earn, on top of our resources. "
And no! At least OTC derivatives are known to be about 600 trillion dollars globally: that is about 12 times the GDP of the world. And this should be sufficient to prove that there is no "cut the waste" that can operate, the debt is simply unsustainable. And then the usual old story, "we have lived beyond our resources." Does anybody know what would say this level of "our resources"? No, there is none, because that level simply does not exist.
And why that level does not exist? Because if all money is debt, pay the debt with this money you can not, regardless of the "resources" that can be produced. The banks do not accept zucchini, potatoes and beans to pay off debts. They do not accept movable or immovable property. Accepted only money, that same money that the banking system produces exclusively and only in debt. Consequently, any opportunity to pay past debts with a certain currency is closely linked to the possibility of extending the debt with the same currency for the future.
Moreover, as we never have to pay a debt to one thousand seven hundred billion? With what money? All the money circulating in Italy is approximately one hundred thirty billion. Sure, there are only cash, there are current accounts. But even those have been created since our real assets as collateral: if we use them to pay our debts, then we should give our real assets to the banking system.
And even in cases fantastic pagassimo whole account, then we could save money as the currency? With the debt generated by the banks: we will return again to borrow. This does not include households and businesses that have their debt, so that the total debt of the Italian system is about 216% of GDP, close to 200% of countries like France and Germany.
Giavazzi's words in his speech last Wednesday's Corriere della Sera appear like those of an alien who knows nothing of economic reality and the genesis of the crisis. From his ideological vision, can afford to say that "investors realize that an active use of fiscal policy was essential to tackle recession. If we're slowly coming out is mainly because some countries, primarily the U.S. and Britain have responded to the crisis by increasing public spending and reducing taxes to support the demand. " In fact, the reality is the opposite: the total debt the U.S. is equal to 350% of GDP, while that of Great Britain is at 254% of GDP. And the serious political crisis that regards the United Kingdom are informed enough, while the most serious internal crisis the Obama we know little or nothing. In the U.S. are developing serious social conflicts, and multiply the situations of political conflict between states.
Beyond that, there are 32 states in bankruptcy. Are insolvent. Unable to pay unemployment benefits, have asked the central state the necessary liquidity. Here are the list of states most indebted, with the amount of their claims, in millions of dollars.
In total it is 38 billion dollars. But, says the priceless Giavazzi, "responding to the crisis by increasing public spending and reduce taxes to boost demand," and not even realize that with the planned maneuvers, European states are doing just the opposite : cut costs and seek new revenue preparing the next Depression. In fact, in the U.S. and Britain now governs l’alta finanza, proprio quella salvata da Obama a danno delle casse dello Stato, generando uno fortissimo scontento tra le fila dei suoi sostenitori. E il piano della finanza angloamericana è molto semplice: affossare l’euro e affossare l’Europa, per far pagare a noi il conto del loro debito. E possono riuscirci, e ci stanno riuscendo, perché l’unica differenza tra la Grecia e gli Usa è che gli Usa hanno una stampante (“the only difference between the US and Greece is that we have a printing press”, l’affermazione del commentatore Bill Fleckenstein a Bloomberg).
Del resto, c’è una situazione che ci aiuta a spazzare via il luogo comune che con i cutting wastage can solve the debt problem. The fact that, worldwide, there is one state that is not in debt (apart from trivial exceptions, countries with vast natural resources that is in excess of the needs of the population). All are in debt, without exception. All that can be wasteful? All corrupt? All inefficient?
not true, there is some exception. Like the North Dakota . This is a state on the border with Canada, without significant resources, cold, with a population that does not reach 650 000 inhabitants.
yet, has no debt. This graph says it all.
La fonte del grafico è la Federal Reserve Bank of Filadelfia. Dal 2000, il Prodotto interno lordo del Nord Dakota è cresciuto del 56%, il reddito personale del 43%, e i salari del 34%. E lo Stato ha un attivo di bilancio di 1,2 miliardi di dollari. Com’è possibile?
Facile la soluzione: lo stato possiede la Banca Centrale. Per legge, lo stato deve depositare tutti i suoi fondi nella sua banca, e la stessa ha come missione lo sviluppo di servizi finanziari che promuovano l’agricoltura, il commercio e l’industria nel Nord Dakota. La stessa effettua prestiti agli studenti (circa 184 mila in corso) e acquista bond municipali. La banca è guidata by a Governor, elected by the people.
us? How did we kick us into this mess? He explains Alan Greenspan, Fed Governor for over twenty years: the ability of central banks to create money from nothing is "the ability to induce the players in the industry to employ its debts [central bank] as money" (A . Greenspan, Fostering Financial Innovation, entitled The Cato, Washington 1997).
A currency debt, this is the rock that keeps us thoroughly, and prevents any possibility of healthy development of the economy. And the only option is a debt-free currency. A coin distributed free, a coin owned by the popolo per definizione.
*************************
Confesso che sono totalmente disorientato. L'unica certezza che ho è che siamo in prossimità di una crisi economico-finanziaria senza precedenti, al confronto della quale il crac del 1929 apparirà una sciocchezza . Leggendo articoli su ogni fonte possibile vedo con grande preoccupazione che nella mia stessa situazione si trovano gli economisti del mondo: le loro teorie e le loro ricette sono in totale contrasto le une con le altre. L'articolo sopra riportato da Il Sussidiario ha un grande merito: a sostegno della sua tesi il giornalista porta un esempio concreto e tangibile: il bilancio in active area of \u200b\u200bNorth Dakota.
The concept of debt-money is interesting and deepened.
The only certainty I have is that the policies would be devastating kaynesiane : the U.S., in my opinion, took the wrong direction with the famous stimulus that has already missed the minimum required under each goal. Even European countries, while choosing the most virtuous policy of cuts, have not had the courage to dare, and slaves of the usual electoral concerns, have made moves to be insufficient, good only to depress the economy.
0 comments:
Post a Comment