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Adam Smith: Bankruptcy brings about "liberation of the public revenue."

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JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 12:08 PM
Original message
Adam Smith: Bankruptcy brings about "liberation of the public revenue."
"Bankruptcy is always the end of great accumulation of debt. The liberation of the public revenue, if it has ever been brought about at all, has always been brought about by a bankruptcy; sometimes by an avowed one, but always by a real one, though frequently by a pretended payment."

http://oll.libertyfund.org/?option=com_staticxt&staticf...

Agree with the man.

It's time to declare the bankruptcy of the institutions sucking all surplus value out of the economy.

Let AIG, Citibank, BoA and the rest of the plunder banks die, instead of sucking us to death.

Bankruptcy is not the end of the world, as our rulers treat it: it is a liberation, a new beginning, an opportunity.

Let the financial system crash, so that we the people have the resources still left to start a national bank.

Spotted the quote in this great essay:

The Mathematical Economics
of Compound Rates of Interest:
A Four-Thousand Year Overview
Part I
by Dr. Michael Hudson, ISLET
http://www.michael-hudson.com/articles/debt/CompoundInt...

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G_j Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 01:37 PM
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1. but is that revenue nonexistent?
given all the debt, and "money" that only existed on paper?.
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leftstreet Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 01:40 PM
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2. Yeah, and force the Wall Street f**kers to take credit counseling classes
n/t
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scarletwoman Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 01:49 PM
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3. k&r -- I'm with you, let them crash and burn. (nt)
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JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 11:08 PM
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4. bump
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