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kevthorne
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Negative Interest Rates Are ILLEGAL - Jeff Nielson

- Sprott Money -

Couldn't disagree more - the entire premise is flawed - 'interest' itself is 'getting something for nothing'. The lender has worked, and saved and does not believe the world owes him a living, yet makes a hypocrite of himself, by demanding exactly that, from a stranger, in 'interest'. During my short time working for the Government, the income from this practice was taxed under the heading of 'Unearned Income' - or, something for nothing - somebody else had worked to pay it, not the lender.
Secondly, the fatal problem with the 'interest' theory, is that, although the principal is conjured into existence by the banks, the interest is not, and the whole system eventually results in a deflationary spiral followed by a depression.
This was the case even when the British Empire was on the Gold Standard - as witnessed by John Strachey in his book: 'The Coming Struggle for Power' where he states that (in 1932) 'that if the entire world were made of Gold, there would still not be enough coin to pay down the debt'. I paraphrase here, as I no longer have the book, but, I feel, that the world is in the same position today, financially, and, sadly, may proceed on a yet more violent course than it did in the 30's to 'solve' the crisis we find ourselves in.

Commented 2989 days ago

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Beginning of the headline :We used to live in societies which observed the Rule of Law. Among the many great ironies and perversities of our social/legal devolution is this. Many of our fundamental principles of law (and justice) were such an integral part of our lives that they were taken for granted, and thus rarely discussed in explicit terms. Now, in the Corrupt West, many of these same principles of law/justice have been forgotten – seemingly erased by our lawless governments. One of these elementary principles of... Read More

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