Thursday, 23 June 2011

Banned again by Rivero's KKKrew- within minutes

Rivero posted a video about "economics". It's full of the usual "dollar as debt" rubbish. I posted the first two entries (Youtube only allows 100 characters or something), and received a reply....a question.

Before I could answer it, I was blocked. Doesn't take long, does it?

What formidable Troof Warriors these folks are! How they love the cut and thrust of debate! Jokers.


Link to YouTube page

What a shock to find the following quote at the uploader's youtube page:
"The Israeli Lobby owns the Congress, media, Hollywood, Wall Street, both political parties, and the White House."
Here's the vid:


I am really tired of this stupid meme - dollars as debt. What a ridiculous idea. I think it comes from Eustace Mullins.

Their idea is that the Fed loans money out, and asks for interest, so the money can never be repaid. Only problem is it simply doesn't work like that.

Here's the rebuttal of the fallacy:
The video repeats the fallacy that not enough interest is created to repay all the debt. This is not true. Actually, when you make a loan payment, only the principal portion is destroyed. The interest portion goes to bank revenue. That money is re-spent in the economy by the bank or its shareholders and eventually goes towards principal on someone's loan payment. All the loans could technically be paid off without creating any more money.

Unfortunately, the video makes this fallacy a central thesis and ties it to unsustainable economic growth and growing economic disparity. I don't disagree with the conclusions, just with the reasoning behind it. I would rather point the finger at centralized nature of the monetary system which inherently allows a few to exert control over the direction of the economy for their own benefit.
Notice there's nothing about the FED there?

The simple answer is that any interest owed to banks is a bank asset. That asset is eventually disbursed as either interest on deposits, wages to bank staff, dividend payments to shareholders, whatever.

4 comments:

Talisman said...
This comment has been removed by the author.
Talisman said...
This comment has been removed by the author.
Real Truth Online said...

fucking hypocrite. you ban ME but yet bitch about being banned by others. lol

the_last_name_left said...

@Talisman - perhaps a cult is a good way of looking at it. I think I'm convinced it's a sort of mental illness, at least.

A bunch of weirdos, committed to holding to their deep prejudice. Bizarre.

I did get your email too, thanks. Busy few days, sorry. I always read stuff that's posted, and even if I disappear for a while, I VILL BE BACK! So feel free to post stuff - don't imagine it will be ignored. ;)

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@Larry - Yes, I bitch when I get banned for ***criticising*** RACISM, ANTI-SEMITISM, HOLOCAUST-DENIAL, FASCISM.

You bitch about my banning you for your puerile, foul-mouthed nonsense.

See the difference? No - and that's why it is no loss banning you.

As much as we disagree, I am happy to engage in dialogue - but you refuse to follow even rudimentary civility. So, no dice. Your behaviour is as it was over 2 years ago.....so don't pretend I'm intolerant. God, who else would publish all your vitriol? Anyway, I don't care - you add nothing except insults and ammunition against yourself. I'm sick of it. You had chances, you chose to spurn every one. "Keep it civil, Larry?" I said. Larry says "%%**!!% you moptherr$%£$"%$%$"!!!!!!" etc.

Bye.