Wed Jun 13, 2012, 06:58 AM
rgbecker (2,999 posts)
Jump start the economy!
Paul Craig Roberts solution to the so-called financial crisis - http://globalresearch.ca/index.php?context=va&aid=31272 -
Everyone wants a solution, so I will provide one. The US government should simply cancel the $230 trillion in derivative bets, declaring them null and void. As no real assets are involved, merely gambling on notional values, the only major effect of closing out or netting all the swaps (mostly over-the-counter contracts between counter-parties) would be to take $230 trillion of leveraged risk out of the financial system. The financial gangsters who want to continue enjoying betting gains while the public underwrites their losses would scream and yell about the sanctity of contracts. However, a government that can murder its own citizens or throw them into dungeons without due process can abolish all the contracts it wants in the name of national security. And most certainly, unlike the war on terror, purging the financial system of the gambling derivatives would vastly improve national security.
(I'm not endorsing the website or anything on it.)
3 replies, 1069 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Jump start the economy! (Original post)
|Egalitarian Thug||Jun 2012||#2|
Response to rgbecker (Original post)
Wed Jun 13, 2012, 02:15 PM
AnotherMcIntosh (11,064 posts)
3. Jump-starting the economy may be contrary to actual policy
as shown by the latest efforts to adopt an even greater "free-trade" agreement. One that some are calling NAFTA on steroids.
Trans-Pacific negotiations have been taking place throughout the Obama presidency. The deal is strongly supported by the U.S. Chamber of Commerce, the top lobbying group for American corporations. Obama's Republican opponent in the 2012 presidential elections, Mitt Romney, has urged the U.S. to finalize the deal as soon as possible.