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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal>> <b>On Behalf Of </b>John Clark via extropy-chat<br><b>Subject:</b> Re: [ExI] Even India and Haiti do it better<o:p></o:p></p></div><p class=MsoNormal><o:p> </o:p></p><div><div><div><p class=MsoNormal><span style='font-family:"Arial",sans-serif'>On Thu, May 7, 2020 at 7:15 PM spike jones via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org">extropy-chat@lists.extropy.org</a>> wrote:<o:p></o:p></span></p></div></div><div><div><p class=MsoNormal><o:p> </o:p></p></div></div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><p class=MsoNormal><span class=gmaildefault><i><span style='font-family:"Arial",sans-serif'>> </span></i></span><i>suddenly the lenders stop lending, and start wanting to borrow. That sends the interest rates thru the roof.</i><o:p></o:p></p></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div><div><div><p class=MsoNormal><span style='font-size:13.5pt'>>…We've heard all that before, people have been saying deficit spending will produce ruinously high interest rates for 2 centuries....</span><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><span style='font-size:13.5pt'>John K Clark<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Ja. A Ponzi scheme is a great investment until it suddenly isn’t anymore.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>My question: what happens when it isn’t anymore? SR suggests we print more money. This approach has been taken before:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><a href="https://www.amazon.com/Zimbabwe-100-Trillion-Dollar-Note/dp/B00U1ZMYGC">https://www.amazon.com/Zimbabwe-100-Trillion-Dollar-Note/dp/B00U1ZMYGC</a><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><a href="https://mashable.com/2016/07/27/german-hyperinflation/">https://mashable.com/2016/07/27/german-hyperinflation/</a><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><a href="https://www.aljazeera.com/ajimpact/venezuela-currency-worth-craft-paper-money-191224144545023.html">https://www.aljazeera.com/ajimpact/venezuela-currency-worth-craft-paper-money-191224144545023.html</a><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>So we could tax the super high-paid. But there aren’t that many of them: the big sports stars and a few CEOs make a lot money, but that isn’t a drop in the bucket.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Are there any other ideas? If economies open up and Covid cases go way up, or if economies don’t open up in spite of the risk, we will need other ideas, lots of them.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>spike<o:p></o:p></p></div></div></div></div></body></html>