Quoting post #6 Eric;
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Originally Posted by I'm Eric, WhoRU?
I have no intention of engaging idiots!! .... massive snip...then- idiots with a private ego driven agenda.
Feel free to post this response if you choose.
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You are posting to the Sui Juris forum - a place where I personally find little evidence of "idiots."
Quoting Eric in post #7
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Originally Posted by Eric
How about changing the structure of where the profits or proceed in interest go to .
Instead of it just going into the banksters pockets and then not recirculating to the economy.
All interest should go to the treasury of the people and then be spent back into circulation and back into the economy.
Then there will not be any reason for armed robbery (All Taxes)! to fund the government.
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A different solution is in existence, but few have heard about the experiment. This experiment was never mentioned in the book BINARY ECONOMICS, which I have, nor would Jeff Gates who wrote the OWNERSHIP SOLUTION give any
lip service by written communication on the University of Colorado discussion series where the primary topics were debt and his book and the solution offered by both BINARY ECONOMICS and THE OWNERSHIP SOLUTION.
Mondragon, and the Mondragon Ownership of the Bank Solution
The Mondragon Cooperative of the Basque region of Spain was started about 1956 with a subscription of roughly $100,000 of local funds which were used to purchase a closed iron foundry. From the inception, the cooperative was designed to be owner operated by the membership with a secondary flow of income from annual profits from the foundry paid to the cooperative membership. Essentially, this is the model advanced by the two afore mentioned books.
However, Mondragon went one step farther. Shortly after the cooperative was started and the foundry put back in business, the Cooperative made application to the government of Spain for a commercial bank charter. This charter was granted. The reader should be aware of the time period which was just ten years after WWII and just 15 years since the Spanish Civil War, and the fact that the Basques have tried to gain independence from Spain both before this time period and after; so the bank charter may have been granted partially for political reasons that I will not speculate upon.
Here is the punch line. The bank charter and bank management were placed into a subservient position within the cooperative. This subordinate position meant that the bank could not venture outside of the immediate region and at the end of the year bank profits were distributed to the cooperative membership. This unique arrangement also translates into the primary customer for the bank is also the owner of the bank. Here in the United States when the Savings and Loan industry was liberalized, construction and real estate operators obtained ownership of these S&Ls just to engage in friendly "loans" which in the end created the so-called S&L "disaster."
The Mondragon management took a different approach. Every new business venture was analyzed for market and profit structure before startup. The one business venture that turned out to be a loser was shut down - essentially liquidated like any other bankruptcy.
The consequence is that today, the Mondragon cooperative has over 50,000 employees, industries on four continents, and they have built a hospital and a university in the home town, and their pension plans are very well funded.
More to follow.