Daily Kos: The fraud that is ‘Fix the Debt’

Mr. Gregg also sits on the boards of Honeywell and IntercontinentalExchange, a company that has warned investors that a tax on financial transactions would lower trading volume and curtail its profits. The two companies paid Mr. Gregg almost $750,000 in cash and stock in 2011.

via Daily Kos: The fraud that is ‘Fix the Debt’.

2 Responses to Daily Kos: The fraud that is ‘Fix the Debt’

  1. hannah January 11, 2013 at 4:26 pm #

    Let’s put it this way. Every dollar in circulation is a certified IOU. Dollars certify debts in the same way that birth certificates certify births and tell who’s related to whom. Dollars tell us there’s an obligation that someone has undertaken. So, when more people acknowledge their obligations in a formal way, more currency (in our case dollars) is going to be needed, especially in a growing nation. That we would have an artificial limit on debts is sort of silly — as silly as a chastity belt. Though, for sure, there are some people who resist obligation and, for some reason, these same people don’t want to share. They are the takers or, more primitively described, thieves. Because the alternative to debt is definitely theft.

    • BobRobertson January 16, 2013 at 1:34 pm #

      The problem of seeing the FRN as an IOU, is that they don’t actually owe anything. They’re irredeemable. Turn in an FRN for “redemption”, they hand you an FRN.

      it’s an entirely fiat currency.

      I wish the FRN actually was a obligation, at least it would be worth -something-.

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