It's the Interest, Stupid! Why Bankers Rule the World
A detailed reminder that debt fuels the economy and that, given the deep neoliberal muddy hole in which we dwell, it must continue on its neverending circular journey else the whole system will collapse: more debt, more interest, more debt, more interest. . . . 40% of GDP revenue is generated by interest - making money on money, not from real productive economic activity.
It's difficult to decide which sector to attack full tilt, the fossil fuel industry or the financial sector, since they're both destroying the world.
A detailed reminder that debt fuels the economy and that, given the deep neoliberal muddy hole in which we dwell, it must continue on its neverending circular journey else the whole system will collapse: more debt, more interest, more debt, more interest. . . . 40% of GDP revenue is generated by interest - making money on money, not from real productive economic activity.
It's difficult to decide which sector to attack full tilt, the fossil fuel industry or the financial sector, since they're both destroying the world.
I remain convinced that our nation-state, as supplier of currency (coins and bills) should now be obliged to provide the NEW currency -- digital money transfers. That's the new currency, is it not? Many institutions and corporations will not even DEAL with cash. Why are the banks profiting from digital currency when currency is a basic function of the state? A basic FREE and ACCESSIBLE to ALL regardless of income system of currency (digital) is OWED to Canadians by the Bank of Canada. These "coupons" of polymer are no longer legitimate currency when you go to pay a bill.
ReplyDeleteImposing Austerity on the World’s Most Resource-rich Country http://bit.ly/TQ8Iym Brown here suggests returning to the pre-neoliberal days when we could borrow interest free from the Bank of Canada. Your suggestion complements this argument, I think, in that you are both suggesting a truly "public" banking institution of some sort, not the debt-interest driven private banking system we now have that is so favoured by the government in its service to to private sector financial sector corporations.
ReplyDeleteThanks for commenting.