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Why Must Lenders(banks) Swallow Bad Debts?
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Dan
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Joined: Dec 31, 1969
Posts: 318
Location: USA
PostPost subject: Why Must Lenders(banks) Swallow Bad Debts?
Posted: Tue Feb 03, 2009 4:29 am

The only Rule of Liability for bad debts an exchange(XC) based society that uses a debt backed currency, i.e. "This note is l;egal tender for all debts public and private." is to make all lenders, especially banks, swallow bad debts; OR the Quantity of Goods & Services XCed will decline by much more than the percentage of MONEY SPENT ON MAKING LENDERS WHOLE.

This follows from my refutation of Ronald Coase's Theorem, "The Problem of Social Cost" Journal of Law & Economics October 1960.
Coase's Theorem...........

IMPLICATIONS For Present World Economy[align=center]

Until we make the lenders and banks who made the dishonest, illegal, and stupid loans swallow the bad paper, the world economy can not recover. The huge price increasesz brought about by excess credit demand must fall so that smaller incomes can afford to reinvest and start up procuction again.

1. When you hear the words "to big to fail", the bank or corporation is to big and must be split up, its assets sold at bankruptcy auction; so a new honestly capitalized bank can begin making loans instead of paying off its inept and dishonest owners and lenders.

2. A liberal bankruptcy law ,must be passed ASAP, i.e. in the USA must go back to the pre 2006 law without exceptions. You go bankrupt, you keep nothing except $5000 in personal assets and an old car. The lender will be more careful in the future.

In reality, using out federal, state and local governments to favor big corporations is l9iterally insane. They have behaved like wannabe aristocrats. An aristocracy is the antithesis of a society of equal citizens before the Law.

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