> The banks > do hold cash reserves, which are much smaller than their holdings of > debt, but if all debts to the banks were> cancelled one would also have to limit the liabilities of the banks to > their customers to $x per customer, where x= Cash reserves in $/ N > where N is the number of customers.> This would effectively wipe out most of the money held by the > bourgouisie since $x would be a comparatively modest sum of the order > probably of $10,000.
Hi Paul C:
Wouldn't this also wipe out practically all of the savings of the working class?
One has to remember that in some capitalist nations more than others, workers
are expected to finance their own retirement (and that of other family members)
out of savings. If you do away with much of these savings, the consequence
might be that workers would be required as a practical matter to work more
years before they can afford to retire.
But, perhaps I misunderstood your suggestion ... ?
In solidarity, Jerry
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Received on Fri Jan 23 10:00:36 2009
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