Announcement

Collapse
No announcement yet.

Forget the Fed: The FIRE Economy Rules

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    Re: Forget the Fed: The FIRE Economy Rules

    Necron99 -

    Great read. Reminds me very much of the satirical writing of the British Sci Fi author John Brunner (The Jagged Orbit, Stand on Zanzibar, The Sheep Look Up) from the early 1970's. Not well known but very competent, humorous yet acerbic, tautly woven and masterful within that genre. His character sketches are extremely rich and carefully drawn, verging on kaleidoscopic casts of characters (heavily ironic and very funny) within a Sci Fi genre where genuine caustic humor is a great rarity.

    Your style is a close match for his. Needless to say his writing from 35+ years ago is not dated in the least - it perfectly anticipates the dystopia you also describe. Unfortunately much of his work is out of print but you can still pick easily up the above novels on Amazon used. If you still write or read this genre, he's the best of the lot.

    http://www.sfreviews.net/jaggedorbit.html

    http://www.eyrie.org/~eagle/reviews/...798-836-1.html


    Your own vision of our near future is tautly written and very entertertaining! Needless to say it is also profoundly depressing, which you'll doubtless accept as a great compliment!

    Comment


    • #17
      Re: Forget the Fed: The FIRE Economy Rules

      Lukester, I am very grateful for the reply, as I like to read this stuff -- and you're right, I take that as a compliment! I have an as-yet-unpublished 'thematic sequel' -- doesn't involve the same characters, but is set in the same milleu -- so if anyone can promise me a lucrative book deal with movie options, PM me for the sequel!

      Comment


      • #18
        Re: Forget the Fed: The FIRE Economy Rules

        Originally posted by Lukester View Post
        Necron99 -

        Great read. Reminds me very much of the satirical writing of the British Sci Fi author John Brunner (The Jagged Orbit, Stand on Zanzibar, The Sheep Look Up) from the early 1970's. Not well known but very competent, humorous yet acerbic, tautly woven and masterful within that genre. His character sketches are extremely rich and carefully drawn, verging on kaleidoscopic casts of characters (heavily ironic and very funny) within a Sci Fi genre where genuine caustic humor is a great rarity.

        Your style is a close match for his. Needless to say his writing from 35+ years ago is not dated in the least - it perfectly anticipates the dystopia you also describe. Unfortunately much of his work is out of print but you can still pick easily up the above novels on Amazon used. If you still write or read this genre, he's the best of the lot.

        http://www.sfreviews.net/jaggedorbit.html

        http://www.eyrie.org/~eagle/reviews/books/1-85798-836-1.html
        shockwave rider

        Comment


        • #19
          Re: Forget the Fed: The FIRE Economy Rules

          Gentlemen:

          Back in the good old days.... before banks had computers, that is.....

          Banks operated on a 3% spread. Savings accounts paid 5%.

          There were no fees...

          Banks had tellers.....

          Banks made money.


          So, I don't think you have gone far enough... we need to return to a strict interpretation of Glass-Stegal, with a twist....

          Bank holding companies are abolished. banks cannot own other businesses, and cannot be owned by other businesses, period.

          banks larger than 10 Billion must pay 2% above the discount rate to use the window and operate on a 1% spread .....

          banks between 1 billion and 10 billion 1.5% above the discount rate and 1.5% spread.....

          banks between 500 million and 1 billion on a 1% above the discount rate and 2% spread....

          banks smaller than 500 million at the discount rate and on a 3% spread.......

          Savings and Loans at 0.5% below the discount rate and on a 3.5% spread.....

          Credit Unions on 1% below the discount rate and on a 4% spread.

          Derivatives on financial instruments, including securities of any kind are only tradeable on an open outcry system.
          Derivatives of any kind must meet margin requirements established by the SEC/FED.
          Derivatives of all kinds must be settlable via delivery not in cash. Which means the end of tranches slashes and any kind of exotic manufactured security.
          Derivatives must be marked to market daily, and if no trades occur, commodity rules apply with daily limits and limit down days possible.

          Derivatives cannot be used as collateral for borrowing anything.

          All trades must be entered by hand, computerized trading is prohibited. Orders for traders with networths less than 1 million are executed first.

          Banks cannot trade or originate Derivatives of any kind.

          Rating institutions cannot own anyone, cannot be owned by anyone, must be independent.

          Brokerage houses cannot trade derivatives, only shares, cannot be owned by anyone, cannot own anyone.

          Commodity houses cannot trade shares, only futures contracts, cannot be owned by anyone, cannot own anyone.

          Insurance Companies cannot perform any other function except write insurance, including no pension fund mgmt, no mutual funds, no money market funds.... etc. Expressly, cannot own banks, brokerages, commodity traders, rating agencies, savings and loans, and credit unions.

          Mutual or Hedge or commodity Funds cannot be owned by Brokerages, Commodity Brokers, Banks, Insurance Companies, etc.

          Funds must meet margin requirements which are twice as high as those for individual investors, are regulated by the SEC/FED

          Credit Cards cannot charge more than twice the discount rate.

          Everyone is eligible for a bank account. ( free )

          Everyone is paid via direct deposit to their bank account.( no check cashing scams )
          The IRS rules are changed to provide a guaranteed minimum income, which depends upon life time earnings.
          The US adopts a single payer medical system.
          Bankruptcy is returned to easier rules.
          Credit rating agencies and credit scoring systems are abolished. Banks must do due diligence before offering credit. Same for credit cards.

          INDY

          Comment


          • #20
            Re: Forget the Fed: The FIRE Economy Rules

            Originally posted by goprisko View Post
            Gentlemen:

            Back in the good old days.... before banks had computers, that is.....

            Banks operated on a 3% spread. Savings accounts paid 5%.

            There were no fees...

            Banks had tellers.....

            Banks made money.


            So, I don't think you have gone far enough... we need to return to a strict interpretation of Glass-Stegal, with a twist....

            Bank holding companies are abolished. banks cannot own other businesses, and cannot be owned by other businesses, period.

            banks larger than 10 Billion must pay 2% above the discount rate to use the window and operate on a 1% spread .....

            banks between 1 billion and 10 billion 1.5% above the discount rate and 1.5% spread.....

            banks between 500 million and 1 billion on a 1% above the discount rate and 2% spread....

            banks smaller than 500 million at the discount rate and on a 3% spread.......

            Savings and Loans at 0.5% below the discount rate and on a 3.5% spread.....

            Credit Unions on 1% below the discount rate and on a 4% spread.

            Derivatives on financial instruments, including securities of any kind are only tradeable on an open outcry system.
            Derivatives of any kind must meet margin requirements established by the SEC/FED.
            Derivatives of all kinds must be settlable via delivery not in cash. Which means the end of tranches slashes and any kind of exotic manufactured security.
            Derivatives must be marked to market daily, and if no trades occur, commodity rules apply with daily limits and limit down days possible.

            Derivatives cannot be used as collateral for borrowing anything.

            All trades must be entered by hand, computerized trading is prohibited. Orders for traders with networths less than 1 million are executed first.

            Banks cannot trade or originate Derivatives of any kind.

            Rating institutions cannot own anyone, cannot be owned by anyone, must be independent.

            Brokerage houses cannot trade derivatives, only shares, cannot be owned by anyone, cannot own anyone.

            Commodity houses cannot trade shares, only futures contracts, cannot be owned by anyone, cannot own anyone.

            Insurance Companies cannot perform any other function except write insurance, including no pension fund mgmt, no mutual funds, no money market funds.... etc. Expressly, cannot own banks, brokerages, commodity traders, rating agencies, savings and loans, and credit unions.

            Mutual or Hedge or commodity Funds cannot be owned by Brokerages, Commodity Brokers, Banks, Insurance Companies, etc.

            Funds must meet margin requirements which are twice as high as those for individual investors, are regulated by the SEC/FED

            Credit Cards cannot charge more than twice the discount rate.

            Everyone is eligible for a bank account. ( free )

            Everyone is paid via direct deposit to their bank account.( no check cashing scams )
            The IRS rules are changed to provide a guaranteed minimum income, which depends upon life time earnings.
            The US adopts a single payer medical system.
            Bankruptcy is returned to easier rules.
            Credit rating agencies and credit scoring systems are abolished. Banks must do due diligence before offering credit. Same for credit cards.

            INDY
            Now there's a well thought out and comprehensive piece of banking reform.

            Let's work on getting that in front of Hudson, Paul, and Kevin Philips to see what they think.
            Ed.

            Comment


            • #21
              Re: Forget the Fed: The FIRE Economy Rules

              I agree that goprisko put out a very nice set of high level regulations.

              However I just don't see the entire financial world from banks to P.E. to hedge funds and onwards to consumer credit companies ever letting any piece of this get through.

              Talk about taking a major hit to the profitability.

              I can see the lobbyists lining up now...

              This is right up there with tort law reform!

              Comment


              • #22
                Re: Forget the Fed: The FIRE Economy Rules

                tort law reform has a LOT more support than this would.

                Comment

                Working...
                X