You’re making a coin, so you can make one.” We’re the same way – there’s the problem of trying to keep the value of the money and the value of our money stable at the same time. In our case, we don’t. But that’s only because we’ve made a mistake where the cost of the debt is higher than the value of the money. That’s not to say that we don’t have a problem right now. That’s not to say that we haven’t worked hard in the past, and I’m sure that our members will work harder in the future, but we need to come to terms with our mistakes and the fact that they exist.
I think people sometimes forget that if someone has a million dollars in an account, they can’t keep it that way. You’re saying that we don’t need to keep our money in high-yielding, high-yield bonds. We don’t have such a problem. We’re the ones who have created the conditions that encourage the people with the most money to create the highest-yielding debt and the people who are paying the highest interest rate to buy these debt obligations. The problem is that those people are in a position where the price of the asset itself is going up and the value of the asset is declining. So when they get taxed (and they are in a position that they are going to be taxed), they are losing money all over the city.
The solution? We need to figure out what to do with the people who are losing money. So, we need to find a way to fix it without getting people out of debt. We need to make sure that we don’t keep people hanging on as they get their taxes cut and the interest rate gets lowered. I have a solution for this problem. That solution is what we’re talking about in this meeting. And as part of that solution, we’re going to make sure it doesn’t happen to another city that has a similar problem. And our solution is what a lot of other cities are already implementing.
I know people say it doesn’t work – that it won’t work. This is where I say, stop thinking about your budget for seven or eight years and start thinking about what you will do in one year. In our case, we’ve made these decisions, and you and the people who are coming with you say, “we’ll be fine, it’s already too late.” But if you did the same thing with your budget on the day that
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