rosy wrote: ↑Wed Mar 12, 2025 6:43 pm
Good luck. You'll need it - the whole thing is nothing more than magical thinking and will not work.
The fractional reserve banking system is not difficult to understand. Not understanding it does not mean that the increase in the money supply created by lending doesn't exist, or that loans don't have to be repaid. Amd redefining common words does not make utilities free.
Courts are open to the public; if there were judgments dismissing repossession applications because of any kind of ULC arguments they would be in the public domain.
I spent 15 years at the highest levels of global finance. Though I specialized in capital markets (i.e., stocks), I have more than passing familiarity with the banking system. More importantly, I know intimately the mindset of Wall Street/Bay Street/City of London people because I was one of them. Many of them are extremely smart and extremely fast-moving. Yeah, many of them are also amoral sociopaths, but that doesn't negate their brainpower. The show "Billions," while amped up for entertainment purposes, will give you some insight into those folks.
If anyone in the real world of finance thought that there was a loophole in the rules
that would allow them to skip out on repaying debts, then they would have done this not only for their own mortgages and utility bills but to borrow trillions of dollars to invest in the market.
There is zero chance that this loophole would have gone unexploited for so long. At the very least, analysts who invest in bank stocks would note an increase in loan writeoffs, decreased profit margins or other indicators that they're giving away money. And analysts who follow utility stocks will note increases in bad debt writeoffs or other indications that customers aren't paying for electricity. You can't hide flows of money moving to odd places for very long. Eventually, someone will figure out what's going on and use it to gain an advantage over other investors.
People like "kanenas" are classic Dunning-Krueger examples. They think that because they don't understand something that any university economics student can easily grasp, then that is sufficient to prove some sort of conspiracy.
Amusingly, that sort of fool thinks that a gaping hole in the system could go decades before some half-literate peasant manages to figure out what hundreds of thousands of really smart Wall Street types have not. They have no idea how smart people who are good at finance actually are (though they're equally clueless about how hard it is to be good at any other complex endeavor like medicine, science, sports, etc.). It's simply adorable.
"Kanenas" is probably going to go back to his friends on Facebook and tell them how his intellectual brilliance outshone the doubting cynics at Quatloos.
