“You can’t borrow yourself out of debt any more than drink yourself sober.”
Bill Still on the on-going debt problem and the solution proposed by L. Frank Baum in the Wizard of Oz.
Comment:~ The solution proposed is not a magic bullet. Money printed by Treasury, whether in the form of banknotes (“scrip”) or tally sticks, is still Treasury debt; Treasury effectively borrows when the currency is issued in payment and settles when the notes are presented in payment of taxes. It also debases the currency, though not as fast as debt created by the banks. This video serves as a reminder that we still have not solved the global debt problem — merely postponed the inevitable by issuing further debt.
Sorry, but I can’t understand how this video got an award. It completely rewrites european history and is enlessly repeatative – the only thing missing is a free set of steak knives. The point about tally sticks was interesting but I am not sure that the back story can be trusted after watching their massacre of Roman history.
Interesting but flawed, hence my comments.
Agreed. Interesting but interpretation of history is a bit one-eyed. Hence my earlier comments.
THIS IS A POWERFUL INSIGHT INTO THE DEBT PROBLEM OF THE WORLD AND WHAT IT COULD MEAN TO US.
A LONG BUT POWERFUL STATEMENT THAT IS WORTH CONSIDERING AND TOLD IN AND INTERESTING WAY WITH REFERENCE TO THE WIZARD OF OZ. Its a new twist on the problem for me. A great conspirisy.
IF YOUR CONCERNED ABOUT YOUR DEBT OR THE DEBT OF YOUR CHILDREN, TAKE A LOOK AT THIS AND KEEP THE IDEAS FLOWING.
Its interesting how kids are being load up with a HEC debt from Uni before they start work.