[GJM] James Robertson.....Multiple Personality Disorder?

[robert searle]

Dear Rodney, et al

      I have noticed that "Peter Hogwood" claims to be
a certified accountant in Monroe, Louisanna. Yet,
"Zack Johnson" also claimed the same if I recall
correctly. I know we have had this problem before, and
there has been much speculation in connection with
"Myro" if I remember the Christian name correctly.

Maybe somebody is having a laugh at us at our own
expense...hhmmm...hmmm.....

R.Searle.


      
--- Rodney Shakespeare
<rodney.shakespeare1 at btinternet.com> wrote:

> Peter,
> Thankyou for replying.
> 
> 1.    If  mortgages come from the actual savings of
> Building Society 
> depositors (so that their accounts are at risk) 
> then at least it can be 
> argued that interest (in addtion to the
> administration cost) is a "reward" 
> or something for the depositors.
> 
> But if the mortgage comes from a bank which has
> created the money out of 
> nothing (i.e., simply by making a new computer
> entry) why should the bank 
> charge interest in addition  to administration cost?
> That is highway 
> robbery.
> 
> You are mixing interest with administration cost. 
> Of course, genuine 
> administration cost should be paid for -- a 0% loan
> would also have perhaps 
> a half per cent administration cost (after all, it
> is generally done by 
> standing order and automatic computer entries).  On
> a $200,000 loan half per 
> cent is $1,000 per year which is ample. (NB However,
> half per cent on a 
> declining balance is an annual percentage rate of
> considerably more).
> 
> Paying for genuine administration cost upholds free
> market principle but 
> paying interest does not -- it distorts the basic
> market mechanisms.
> 
> Borrowing $200,000 and repaying $600,000 is an
> outrage which is not 
> accountable to administration cost and nor should it
> be due to inflation. 
> Inflation is not due to the fairies: it happens
> because the banking system 
> endlessly creates money out of nothing.  Your
> reference to "depository 
> money" is a load of nonsense.  Today's money is not
> gold and -- you do not 
> appear to have noticed -- it keeps increasing.
> 
> 2.  You appear to be remarkably sanguine about the
> financial system and say 
> that 10% of the sub-prime loans have failed and
> about 90% percent are 
> current.  If that is so, then God help us -- the
> present crisis  (caused by 
> the failing 10%) will become catastrophic if another
> 10% go down (which is 
> what a lot of people think will happen).
> 
> 3.  Yes, administration cost includes salaries and
> can include an element of 
> risk premium.  But -- to listen to you -- a thing
> called "interest" does not 
> really exist in the real world.  When Nigeria paid
> back eight times the 
> original principal of a loan, there was virtually no
> administration cost 
> because  the administration was done by the
> Nigerians.  Interest is 
> generally a rip-off and a distortion of the market
> mechanisms.
> 
> 4.  I am pleased to note that you think your country
> could be improved. 
> Accusing Steven Nieman of being against the American
> way of life looked very 
> much as if  -- like a Cheyney or a Bush failing to
> mention the Bremer 
> Orders-- you were trying to wrap yourself in the
> American flag instead of 
> debating properly.
> 
> 
> Rodney Shakespeare.
> 
> 
> 
> ----- Original Message ----- 
> From: "Peter Hogwood" <p_t_hogwood at yahoo.com>
> To: "Discussion Forum for Global Justice" 
> <discussion at globaljusticemovement.net>;
> <socialcredit at elistas.com>
> Sent: Saturday, March 22, 2008 11:02 PM
> Subject: Re: [GJM] James Robertson
> 
> 
> > Rodney, my replies are inserted [Reply]:
> >
> > Peter Hogwood
> > Certified Public Accountant
> > Monroe, Louisiana
> > -
> >
> > Dear Peter,
> >
> > With reference to your reply to Steven Nieman on
> home
> > loans.
> >
> > 1.    You appear to be convinced of the virtues of
> the
> > present American 'free market' and refer to
> contracts
> > freely entered into by the parties.  In your view,
> are
> > the "sub-prime" mortgages now damaging the
> financial
> > system freely entered into by the parties?
> >
> > Moreover, do you generally approve of them and the
> > circumstances which produced them?
> > ---------------------------------------------
> >
> > [Reply]:  I generally approve of them but there
> was
> > certainly fraud involved with some of them.  It
> should
> > be noted that only about ten percent of them are
> in
> > default or in arrears, which is certainly a
> > significant number, but which also means that
> ninety
> > percent of them are current.
> > -
> >
> > 2.  If the banking system were to be limited in
> its
> > present ability to create money out of nothing,
> would
> > you think it a good idea for home loans
> (ultimately
> > coming from the national bank) to be issued at 0%
> > interest (but, of course, with an administration
> > cost)?  Plus,  of course, criminal penalties for
> > deliberate falsifications of income and valuation.
> > ---------------------------------------------
> >
> > [Reply]:  "Out of nothing" simply means that
> > depository money is created by contracts written
> on
> > paper, rather than something tangible dug out of
> the
> > ground, like gold.  There is nothing nefarious
> about
> > the phrase whatsoever.
> >
> > I prefer the principle that the purchasers of
> goods
> > and services should generally pay for the costs of
> > supplying them, which would not be the case for
> zero
> > percent loans.  It distorts the very concept of
> the
> > free enterprise economy.
> >
> > What you call administration cost is only one of
> the
> > three important elements of interest that
> borrowers
> > pay for the service called bank credit.
> > Administration cost would I presume apply to
> salaries,
> > wages and ordinary business expenses of the
> financial
> > sector.  The largest element within interest is
> what
> > is effect an insurance premium charged for loan
> > defaults within the particular risk category,
> which is
> > why low risk loans cost less than high risk loans.
>  I
> > understand that you propose something called
> credit
> > risk insurance, but how can you guarantee that
> such
> > insurance would cost less than the insurance
> premium
> > already built into the interest rate?  The
> smallest
> > element in interest is the profit paid to the
> > financial sector.
> >
> > 3.  You ask what planet Steve Nieman lives on.
> >
> > That is a most interesting question.  May I ask
> if,
> > taking account of the failings now becoming
> apparent
> > in the American (and global) financial system, you
> > feel that people in the USA are living on the best
> of
> 
=== message truncated ===




      __________________________________________________________
Sent from Yahoo! Mail.
More Ways to Keep in Touch. http://uk.docs.yahoo.com/nowyoucan.html