How have countries converted public debt in the past?
Friday, March 26th, 2010 at
7:33 am
Charles P Kindelberger mentions in Manias, Panics and Crashes that large-scale conversions of public debt occurred in 1822, 1824, and 1888. He also says interest rate declines were associated with the public debt conversion. Which countries have converted public debt and what did the creditors get in return? Is it correct to assume the debtor’s currency is devalued and the government nationalizes private property to do so?
Rent Back Fast
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Tagged with: Conversions • Creditors • Public Debt • Rate Declines
Filed under: property crash
Het probleem is dat 60% van onze rijkdom door Rothschild en hun bijbehorende families wordt bezeten, en heel wat onze dollar is propped omhoog door China. Wij konden enkel beginnen Euro en heruitgave langzaam te gebruiken die op de goederen van de govtholding wordt gebaseerd. Zijn gaan zijn knoeit geen kwestie wat.
Ik kocht goud, korrel en Euro, omdat de dollar zou kunnen verpletteren.
I wish you had explained what it was converted ‘to’, most of us being ignorant of such things. I have long been an advocate of sound money. I think the problem in this modern age is that we tend to still think of “money” as representing stored value. That is not appropriate in a credit age, where money represents projected future value. Whole different way of thinking.
Fractional reserve banking and the ability of both governments and bankers to conjure “money” out of thin air operate to the disadvantage of those of us who have to already have something of value to trade for “money”, such as our labor. So we think money is something of value which we own. In reality, the creators of money own us.
All wealth boils down to some combination of land, labor and substance. Even intellectual property is useless unless it can be traded for something real. In an age where someone can sit down at a keyboard and rearrange electrons or photons (or laws) to give themselves (or whoever is paying them) command of resources, they rule while we toil.
Sound money, if not gold & silver then perhaps a basket of commodities, is the only remedy. Money must represent substance if there is to be any fairness in trading one for the other.
It would also help if we elected sensible representatives. We will have to assume that the creditors will be screwed, since any ” conversion” will amount to something less than actual payment.