Please forgive me if the answer should be obvious, or if you've addressed it before, but is this issue closely related to the idea of The Great Taking as described by David Webb? If I read him correctly, the system has be slowly modified to allow most assets to be more or less stolen.
I haven’t read Webb’s The Great Taking yet. I’ve seen it mentioned in Bill Bonner’s comment sections and in a few Goodreads threads. From the outside it sounds pretty “out there.”
But here’s the thing — if you’d asked me just a couple of days ago whether banks could take perfectly safe securities like T-Bills, re-lend them, then have those same securities pledged and re-pledged down a long chain of deals, I would have said: “That’s nuts.”
Turns out, it’s not nuts at all — it’s how the system actually works. So I’ll have to take a closer look at Webb’s arguments before I dismiss them. Thanks for pointing me toward it.
Please forgive me if the answer should be obvious, or if you've addressed it before, but is this issue closely related to the idea of The Great Taking as described by David Webb? If I read him correctly, the system has be slowly modified to allow most assets to be more or less stolen.
I haven’t read Webb’s The Great Taking yet. I’ve seen it mentioned in Bill Bonner’s comment sections and in a few Goodreads threads. From the outside it sounds pretty “out there.”
But here’s the thing — if you’d asked me just a couple of days ago whether banks could take perfectly safe securities like T-Bills, re-lend them, then have those same securities pledged and re-pledged down a long chain of deals, I would have said: “That’s nuts.”
Turns out, it’s not nuts at all — it’s how the system actually works. So I’ll have to take a closer look at Webb’s arguments before I dismiss them. Thanks for pointing me toward it.