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| Permalink View Article Stats (1 comment) Debt Slavery -- Why It Destroyed Rome, Why It Will Destroy Us Unless It's Stopped by MICHAEL HUDSON Quicklink submitted by Scott Baker (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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Since the Renaissance...bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans. The tendency for debts to grow faster than the population's ability to pay has been a basic constant throughout all recorded history. Debts mount up exponentially, absorbing the surplus and reducing much of the population to the equivalent of debt peonage. To put matters bluntly, the result has been junk economics. Its aim is to disable public checks and balances, shifting planning power into the hands of high finance on the claim that this is more efficient than public regulation. |
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Cream rising to the top
by Mike Preston on Tuesday, Dec 6, 2011 at 10:22:03 PM