A man has assets worth a million dollars. He lost his wallet and handphone in the streets. He writes a promissory note (I.O.U) to the nearest baker for a piece of bread to feed his kids who were with him.
Did he commit a crime?
He would be committing one if despite having assets worth a million dollars he owes two million to others.A ratio of 2:1 is already quite a conservative estimation of the current stituation.
And then this man continues to issue IOUs for his meat, his milk and his gardener, basically giving the butcher, the farmer and the gardener worthless pieces of paper for the services and products they've given the man.
By issuing the IOUs, he bought up the resources of the baker, his meat and his milk for essentially nothing and depriving a honest working man of a gardener to tend to his garden. At the same time he has contributed to inflating the market price by reducing the supply available in the market and defrauded at least 4 other men.
But because the bank still recognizes the man's IOU in spite of his debts because he has been paying off the interest so far, so the bank has to dip into the savings of the mechanic, the pensioner and the IT person in order to pay off the baker, the butcher and the farmer.
So yea, he commits a crime. However, this man has 11 carrier groups and nuclear strike capabilities so the baker, butcher and farmer can't really say no when the man continues to pay for his goods with worthless paper.
I ask only a simple question. I repeat it again.
A man has assets worth a million dollars. He lost his wallet and handphone in the streets. He writes a promissory note (I.O.U) to the nearest baker for a piece of bread to feed his kids who were with him.
Did he commit a crime?
(BTW, which accounting firm are you from that you know for sure the man's financial history, when i didnt even mention his name? I dont. But i do know that his oil fields are worth much. his agricultural plots are worth much. His condo in manhattan alone is of staggering costs.
His bodyguards, impressive to look at, and equally effective in action, is only a deterrence, and will not fight unless provoke, just like anybody else, even the baker. They were not with him when he made the IOU to the baker.
And the baker can reject the IOC and not give him the piece of bread. No need for the baker to theorize convolutedly like you on the supply chain for a piece of bread. He and his hungry kids will just go and find someone else who will.
If you really want to debate, find out the truth, objectively, not subjectively and not based on conspiracy theories or even on anger. These will only cloud your judgement and prevent an open mind to solve problems.)
You wanted to use the man as an example, i merely added in the elements for a more accurate description of the stituation.
The whole idea of this thread is about the US's 8 trillion bailout, since you've used the man as an example i'm going to assume you are referring to the US. If you're not using the man as an example of the US then it's your fault for posting in this thread. You should have started a new thread "Did this man commit a crime?" if you do not want me to have the wrong idea.
Oh i want to debate, but not with you. You've already decided you know the truth and you would not budge on it, that is not a person that can look at things in an objective manner.
Originally posted by Stevenson101:He would be committing one if despite having assets worth a million dollars he owes two million to others.A ratio of 2:1 is already quite a conservative estimation of the current stituation.
And then this man continues to issue IOUs for his meat, his milk and his gardener, basically giving the butcher, the farmer and the gardener worthless pieces of paper for the services and products they've given the man.
By issuing the IOUs, he bought up the resources of the baker, his meat and his milk for essentially nothing and depriving a honest working man of a gardener to tend to his garden. At the same time he has contributed to inflating the market price by reducing the supply available in the market and defrauded at least 4 other men.
But because the bank still recognizes the man's IOU in spite of his debts because he has been paying off the interest so far, so the bank has to dip into the savings of the mechanic, the pensioner and the IT person in order to pay off the baker, the butcher and the farmer.
So yea, he commits a crime. However, this man has 11 carrier groups and nuclear strike capabilities so the baker, butcher and farmer can't really say no when the man continues to pay for his goods with worthless paper.
Why am I not surprised at the above response to this post?
xtreyier, in this context, stevenson meant that the man buying bread is a metaphor for the US. If it's the simple situation which you described, then out of compassion, I wouldn't say its a "crime". But who knows what the 'Law' would decide, especially courts over here?
In his context, it is accurate to say that the US is, and has been, committing fraud all these years for printing Fed notes to fuel its overspending. Even though it has a total debt of $50+ trillion, because the USD is the reserve currency of the world and oil is mostly traded in USD, countries have no choice but to accept USD even if the US was in debt to them already. Having reserve currency status allows the US to have a blank check for all its expenses- military adventures etc.
Would you kindly explain what you mean by "conspiracy theories"? I'm beginning to think that you don't know what the term refers to. As far as is common knowledge, the US has 11 carrier strike groups and the world's 2nd largest nuclear capability. Correct me if I'm not referring to what you meant by "conspiracy theories".
Finally, as far as geopolitics is concerned, big sticks matter a lot. Simple logic will tell you that against an heavily armed opponent, you'll most likely capitulate.
World's wealth as in 2006 at US$37.2 trillion. US debt at $10.6 trillion
any1 would lend another US$8.0 trillion to 1 that is literally bankupt?
Well, if you don't lend, the US economy will collapse possibly making those 10.6 trillion completely worthless.
It's basically playing a game of chicken now, to see who's going to give up first.
Originally posted by Stevenson101:You wanted to use the man as an example, i merely added in the elements for a more accurate description of the stituation.
The whole idea of this thread is about the US's 8 trillion bailout, since you've used the man as an example i'm going to assume you are referring to the US. If you're not using the man as an example of the US then it's your fault for posting in this thread. You should have started a new thread "Did this man commit a crime?" if you do not want me to have the wrong idea.
Oh i want to debate, but not with you. You've already decided you know the truth and you would not budge on it, that is not a person that can look at things in an objective manner.
If you have no wish to seek enlightenment or open your eyes, but to continue living in the darkness of ignorance, that's your life. I can only do so much. It's your freedom of choice, and it comes with a price you will have to pay later.
Enjoy your darkness.