At 11:18 PM 1/19/2012, Carrol Cox wrote:
>I agree, esp. with some clarification from an off-list post. But my original
>post is correct also.
>
>It would be interesting if two or three of those on this list who know econ
>would set up a specific form, at least roughly, then try to trace the
>reverberations of that change in the economy. The economy in motion. That
>would produce at least tentative knowledge.
>
>But chatter about it has the same legitimacy as playing euchre; some get a
>kick out of it. Fine. People need their fun. But it does not produce
>knowledge and it has no relevance to political action.
>
>An amateur toss out: Cancel household debt of all families with less than
>60k annual income. If that is silly, craft your own.
>
>Carrol
>
>-----Original Message-----
>From: lbo-talk-bounces at lbo-talk.org [mailto:lbo-talk-bounces at lbo-talk.org]
>On Behalf Of shag carpet bomb
>Sent: Thursday, January 19, 2012 9:50 PM
>To: lbo-talk at lbo-talk.org; lbo-talk at lbo-talk.org
>Subject: Re: [lbo-talk] the Grundrisse and credit
>
>
>but it's a serious question. as i said earlier, it was the topic of dinner
>party conversation once among friends. being totally ignorant of how it
>works, as most people are, what the hell would happen if debt was just
>cancelled. hit the reset button. jordan tells me the question is too stupid
>for an answer.... alrighty then!
>
>At 02:59 PM 1/19/2012, Carrol Cox wrote:
> >Of course the question is not whether or not some form of debt cancellation
> >would be a good thing. That's for chatting.
> >
> >Let's say it would be. Who is going to make 'them' do it. Arguments are
>just
> >art for art's sake. They don't butter any parsnips.
> >
> >Carrol
> >
> >-----Original Message-----
> >From: lbo-talk-bounces at lbo-talk.org [mailto:lbo-talk-bounces at lbo-talk.org]
> >On Behalf Of shag carpet bomb
> >Sent: Thursday, January 19, 2012 1:50 PM
> >To: lbo-talk at lbo-talk.org
> >Subject: Re: [lbo-talk] the Grundrisse and credit
> >
> >but what would happen if we just said, "Ok, if you owe money -
> >everyone, every insitution, every corporation - you no longer own
> >money. Bang. Reset!"
> >
> >The economists usually freak out right? They say, OMG, all that money
> >once paid to servicing debt can be spent on other things. The economy
> >will heat up. All hell will break lose.
> >
> >is that the story? (I'm at work and don't have all email, bunch was
> >deleted off server, so may have missed a fuller answer).
> >
> >
> ><> Doug writes:
> ><>
> ><>> A debt jubilee now would lead to total financial collapse.
> ><>> U.S. households alone hold $47 trillion in financial assets.
> ><>> Imagine what would happen if even 1/4 of those went poof.
> ><>
> ><> Wait, you're talking about cancelling all assets? I thought we were
> ><> talking about debt? Household debt was more like $11.5T as of 2Q11?
> ><> Housing was $8.5T of that, so there's "only" about $3T of unsecured
> ><> debt.
> ><>
> ><> I still say what needs to happen is greater access to refinancing.
> ><> That
> ><> would also incur a hit to bank profits, but it ought to be more
> ><> orderly -- and frankly, fair.
> ><>
> ><> /jordan
> ><>
> ><> ___________________________________
> ><> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
> ><>
> >
> >
> >--
> >http://cleandraws.com
> >Wear Clean Draws
> >('coz there's 5 million ways to kill a CEO)
> >
> >
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> >
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>
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>Wear Clean Draws
>('coz there's 5 million ways to kill a CEO)
>
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