Through the banks and governments in league with them, we are heading toward debt slavery on a planetary scale.
This is very long, but overall a very fine assessment of the problems plaguing the world financial system. “The Zombie System: How Capitalism Has Gone Off the Rails.” No country will escape the carnage when everything truly runs off the rails and into the economic ditch.
I understand why such authors choose to use the term “capitalism” even when what they criticize and lament is nothing like the textbook definition of the term. The entire situation has been deformed by an unholy alliance between money-powers and ethically-detached governments across the globe. Instead of promoting freedom and the power of the entrepreneur and saver, the system now is captive to theories that enrich the profligate, greedy, well-connected, and self-absorbed.
In short, what we have is a moral problem of the highest order–no one follows the Golden Rule of loving their neighbor as they love themselves; no one seeks the good of others on a par with—let alone, above—his own.
That failure leads to brilliantly succinct and chillingly accurate quotes such as this:
Many feel that their countries are no longer being governed by parliaments and legislatures, but by bank lobbyists, which apply the logic of suicide bombers to secure their privileges: Either they are rescued or they drag the entire sector to its death.
Rarely has a more accurate summation been penned for a complex situation.
Reagan budget director, David Stockman
…is furious over his country’s transformation into a debt republic of the sort the Western world has never before seen in times of peace. A republic in which going to college is paid for with borrowed funds, as is the next military campaign. A country which hasn’t actually dismantled its gigantic pile of debt since the crisis – $60 trillion – but has merely redistributed it. While the banks were allowed to pass on a large share of their bad loans to taxpayers, the government is in more debt than ever before.
The mountain of debt appears smaller than it is because the Fed keeps interest rates low. At the same time, though, all this cheap money is driving the United States into a risky race against time, one in which no one knows what will happen first: the hoped-for economic boom or the next crash. Experts, like former Treasury Secretary Robert Rubin, believe the current rally in the markets is in fact the precursor to the next crash.
Again, the key problem is that instead of allowing the man on the street to set the value of items in the market, and to largely put his own stamp of approval on what is, and isn’t, “money,” our elites have discovered the power of counterfeiting—fiat notes—that give them the decisive grip on both wealth and authority. The system they have erected upon immoral and self-serving economic theories—primarily developed from the madness of John Maynard Keynes—is beyond what any mere mortal should ever be trusted to handle.
If we want prosperity and freedom to be reborn, it will begin with a new spiritual Reformation, and by putting silver bullets into the heart of Central Banks and their illegitimate power the world over. If we do not, then poverty, societal dissension, and George Orwell’s “boot stamping on a human face – forever” is most likely all we have to look forward to.