From: Mike Lorrey (mlorrey@yahoo.com)
Date: Mon Aug 12 2002 - 13:12:23 MDT
-- Eugen Leitl <eugen@leitl.org> wrote:
> On Fri, 9 Aug 2002, Colin Hales wrote:
>
> > What's gone is a pile of 'notional value' - the rights to things
> > as yet not done. 0s and 1s in a computer memory. All we have to do
> is
> > 'believe' them back into existence.....this is what the herds of
>
> Nice idea. All it takes is changing the minds of a few 100 millions
> to billions of people. Synchronously. Got a recipe to do that which
> doesn't require a massive neuronanoware infestation?
Well, I seem to recall that one fellow did it 70 years ago with one
speech (well, not completely, but he gave it a good start, and some
people still worship him for it today).
One big problem is that a large portion of this 'accounting fraud' is
simply horse manure being produced for political purposes. Take
depreciation, for example. Moore's Law illustrates that computer
hardware and software depreciates in real terms by 50% every 18 months,
and companies like Enron, Global Crossing, etc were using accounting
standards that recognised this fact. A few democrat senators and
congressmonsters wanting their party to win big in this coming election
only needed to lean on some people at the IRS and SEC to force these
companies to use the old rules of depreciation, that only let you
depreciate at rates of less than 10% a year, and voila, the regulators
have 'discovered' billions and billions of dollars in 'hidden losses'
that the companies 'fraudulently hid' using 'fraudulent accounting
practices' (i.e. recognising the reality of Moore's Law).
This current economic downturn (outside of that produced by 9/11) is as
much a figment of the Democrat party machine as the 91-92 recession (in
that situation, DNC selected head of the FDS&LIC jacked up reserve rate
requirements almost overnight, leading to trillions of dollars in loans
called in and defaulted on in a short span of time).
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