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  The Chatter Box : Blathering On
Messages 1 2 

Economics ? by johnnythemonkey on 23 March 2010 3:51am
I'm a bit stupid on such matters.
If all the major economies of the world are in debt, who do they owe the billions to ? The Martians ?

Capitalism never made sense to me.
Re: Economics ? by ev on 23 March 2010 10:32am
It's simple. There's far more money in credits than actually exists.
Re: Economics ? by johnnythemonkey on 23 March 2010 1:20pm
Oh, that's cleared things up for me ev. The next time I owe money to my credit card, I'll tell them that my debt is some of the money that doesn't exist.

Re: Economics ? by Loretto on 23 March 2010 2:40pm
Well said jtm. My brother in Ireland told me a joke that explained the whole cycle of global economics better than any economic geek ever could...

A yank goes back to Dublin Ireland and requests to see a hotel room.
The man who owns the hotel tells the yank he must pay a deposit of 50 Euro and then he can see the room, if the yank doesn't like the room then he gets his 50 Euro back.

The Yank pays and goes to check out the room for himself. The hotel owner remembers that he owes 50 Euro to the butcher, off he runs and pays the butcher the 50 from the yank. The butcher owes the lorry driver for the last delivery, so off he goes with his 50 Euro and pays the lorry driver. The lorry driver owes a "Lady of the night" 50 Euro so he sees her on a street corner and pays her the 50 Euro. The "Lady of the night" (I am struggling with the words prostitute or hooker) remembers that she owes 50 Euro for the hotel room the night before. She goes back to the hotel, pays the owner his 50 Euro, the yank returns to the front desk says he doesn't like the room and the hotel owner gives him back his money.

I wish we had invented another barter system than money. It has caused a lot of trouble.

I'm off to my Journalism class now...hooray!
Re: Economics ? by bIG bLOGGER on 23 March 2010 3:10pm
Loretto: I don't want to spoil your brother in Ireland's joke,but--say the yank had actually LIKED his hotel room,and was happy to stay there..?? What then?

So,it seems we can't really manage without having banks and credit systems,even though they are full of defects and can be exploited.

btw:I like your euphemistic term: "Lady Of The night".....
If you struggle with using prostitute and hooker,I reckon you will agonise over pimp.
Re: Economics ? by johnnythemonkey on 23 March 2010 3:22pm
I understand quite well how capitalism works.
It works for the few.
Enough half-wits are always happy to get what they consider to be lots of yummy crumbs from the table and thus the system continues.
Meanwhile others die and it's explained away in terms that defy belief.
Re: Economics ? by bIG bLOGGER on 23 March 2010 5:04pm
The American Federal Reserve--and its current Chairman Ben Bernanke--are printing dollars presently at a panic rate like the dollar was about to disappear from view altogether.

This policy,which is short-sighted,will have serious repercussions in the markets and for the American economy in general over the next year.

An article has appeared which gives just some insight into this American "creation of money/credit" --at a rate previously never seen in America since its foundation :

Re: Economics ? by johnnythemonkey on 23 March 2010 6:21pm
Listen bIG, which part of my posts suggested that I need elucidation on American capitalism ?
I have a nose.
I know when I smell shit.
Re: Economics ? by Loretto on 23 March 2010 6:57pm
Pimp doesn't bother me big! Does anyone know who invented money? I mean, its just paper really. And who decided how much a house was worth?
Re: Economics ? by Loretto on 23 March 2010 7:01pm
By the way bIG if the yank liked his hotel room well then the 50 Euro was a deposit on the room, he owed the hotel guy the balance. So it was a win win for the hotel guy...who would he represent in the world of reality? The Bankers?
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