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"The Great Reset" plan by the World Economic Forum
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<blockquote data-quote="Hypno" data-source="post: 1351285" data-attributes="member: 12416"><p>I read a lot of financial blogs and have seen references to a reset, but folks are very imprecise about what is meant, and I still struggle to discen what they expect.</p><p></p><p>Davos seems to be pushing for more socialism, not a reset.</p><p></p><p>In ancient times, and as recent as about 500 years ago, a reset was a debt jubilee. I think the pre-Christ Greeks or Jews did it every 50 years. But its unclear if this was an actual forgiveness of debts or a just a moral concept. Wikipedia has an article on jubilees but is very non-specific on the details. Another author suggests that there was not actually a forgiveness of debts. <a href="https://theconversation.com/the-debt-jubilee-an-old-testament-solution-to-a-modern-financial-crisis-11816">https://theconversation.com/the-debt-jubilee-an-old-testament-solution-to-a-modern-financial-crisis-11816</a></p><p></p><p>Not surprisingly, the ancient idea of a jubilee has been resurrected by the hate-America crowd. What they are really calling for is the abrogation of contracts, which would be a giant monkey wrench to commerce. Also, realize that people are far more interconnected in todays' econcomy and debt was the exception rather than the rule up until about 100 years ago with the development of mortgages and consummer credit.</p><p></p><p>Liz Warren has called for forgiveness of student loan debt, but what does that do for folks who already repaid their debt, or younger people about to incur such debt?</p><p></p><p>While the lefties have a point that debt can be an anchor on an individual and a clog on the economy, there already exists an orderly bankruptcy mechanism in the U.S. for most debts, other than alimony, most student loans, certain taxes, fraud, certain luxury goods, and debts relating to malicious or willful injury.</p><p></p><p>So I'm not really sure what people mean by a great reset.</p><p></p><p>In the U.S., FDR devalued the dollar about 50% versus gold in 1933 and made the dollar no longer exchangeable for gold for U.S. citizens., and then Nixon in 1971 said no one - not even foreign governments - could exchange dollars for gold. This is effectively a breach, although in the U.S. no one calls it that. Gold in 1933 reset from $20 to $35 an ounce, and the market reset it from $35 to $800 an ounce between 1971 and 1980.</p><p></p><p>The most likely scenario is that we will likely see the acceleratin of money printing and handouts, whether Yang type checks for nothing or the Fed pumping up the stock market. This will cause inflation which means that when those debts are repaid they are repaid with dollars that buy less. I guess you can call that a partial, indirect reset. I don't really see how anything else is practical.</p></blockquote><p></p>
[QUOTE="Hypno, post: 1351285, member: 12416"] I read a lot of financial blogs and have seen references to a reset, but folks are very imprecise about what is meant, and I still struggle to discen what they expect. Davos seems to be pushing for more socialism, not a reset. In ancient times, and as recent as about 500 years ago, a reset was a debt jubilee. I think the pre-Christ Greeks or Jews did it every 50 years. But its unclear if this was an actual forgiveness of debts or a just a moral concept. Wikipedia has an article on jubilees but is very non-specific on the details. Another author suggests that there was not actually a forgiveness of debts. [URL]https://theconversation.com/the-debt-jubilee-an-old-testament-solution-to-a-modern-financial-crisis-11816[/URL] Not surprisingly, the ancient idea of a jubilee has been resurrected by the hate-America crowd. What they are really calling for is the abrogation of contracts, which would be a giant monkey wrench to commerce. Also, realize that people are far more interconnected in todays' econcomy and debt was the exception rather than the rule up until about 100 years ago with the development of mortgages and consummer credit. Liz Warren has called for forgiveness of student loan debt, but what does that do for folks who already repaid their debt, or younger people about to incur such debt? While the lefties have a point that debt can be an anchor on an individual and a clog on the economy, there already exists an orderly bankruptcy mechanism in the U.S. for most debts, other than alimony, most student loans, certain taxes, fraud, certain luxury goods, and debts relating to malicious or willful injury. So I'm not really sure what people mean by a great reset. In the U.S., FDR devalued the dollar about 50% versus gold in 1933 and made the dollar no longer exchangeable for gold for U.S. citizens., and then Nixon in 1971 said no one - not even foreign governments - could exchange dollars for gold. This is effectively a breach, although in the U.S. no one calls it that. Gold in 1933 reset from $20 to $35 an ounce, and the market reset it from $35 to $800 an ounce between 1971 and 1980. The most likely scenario is that we will likely see the acceleratin of money printing and handouts, whether Yang type checks for nothing or the Fed pumping up the stock market. This will cause inflation which means that when those debts are repaid they are repaid with dollars that buy less. I guess you can call that a partial, indirect reset. I don't really see how anything else is practical. [/QUOTE]
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