Author Topic: E. Michael Jones: Pope Francis good with economics?  (Read 19195 times)

Offline Francisco Suárez

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Re: E. Michael Jones: Pope Francis good with economics?
« Reply #60 on: December 15, 2014, 04:26:26 AM »
Why is it the lender's business whether the loan is profitable or not?

They still lose the utility of the money regardless.

If you don't believe the loan is going to be profitable, then don't borrow.  I don't see why the lender is to blame here.

Because rich people are bad and poor people are saints.

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Offline trentcath

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Re: E. Michael Jones: Pope Francis good with economics?
« Reply #61 on: December 15, 2014, 08:25:19 AM »
So you're referring to practices such as local banks taking on loans then immediately reselling to Fannie May?

Amongst other things, yes, the buying and selling of debt or rather the obligation to repay underlying the debt. When its what underlies almost every big corporate transaction and government project in the world its a tad worrying and unrealistic. Surely a world which never lives within its means can't be particularly healthy? I can almost guarantee that every single big merger or acquisition in the last few decades has been financed, to a large degree, by loans and the same goes, to a lesser extent, for a great deal of government projects. It's simply not healthy, particularly when the sums are so large as to become ridiculous e.g. how much is $1 trillion, what does that actually mean? There isn't even $1 trillion worth of gold in the world and there probably isn't even $1 trillion worth of other precious metals or stones either. With such large sums money and debt becomes just long lists of numbers, it has no actual real world application or implications, because no government or company will ever have $1 trillion worth of assets, except perhaps through debts others owe them...
« Last Edit: December 15, 2014, 08:27:31 AM by trentcath »

Offline Greg

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Re: E. Michael Jones: Pope Francis good with economics?
« Reply #62 on: December 15, 2014, 09:02:06 AM »
Who the heck wants metals?  What they heck do you do with them?

People 1000 years ago spent their waking day seeking metals out of the ground because that was the underpinning of the people economic system.

Today, I spend much of my waking hours using LinkedIn to connect to new people and sell them technology to improve their business or set up meetings for CEOs of other companies.

I don't even think about gold or precious stones.  What good are they?

There might not be a trillion dollars worth of metals and stones, but there are easily a trillion dollars worth of corporations.  If LinkedIn or Google disappeared it would make a much larger difference to most business people's lives than gold going to 2000 dollars per ounce or down to 200.