Now if we assume that all world government debt is the lower estimate given- imagine forty times that amount: Forty trillion dollars would be a row of forty foot shipping containers 50.8 miles long.
And that's in $100.00 dollar bills. One dollar bills would require 100 times more space, or a row of forty foot shipping containers that would stretch for 5,080 miles.
The simple fact is that there are not enough resources, not enough real value, in all of the Earth to pay that debt. All of the gold, all of the oil, all of the gems and minerals and land and water and homes and livestock and art and treasure- everything you could pick up or touch- would not be enough to make up the value of that debt, with interest. If no further debt where incurred by any government on Earth, and each government devoted 50% of all taxes collected to paying the current debt- the payments would never end because the amount paid would not even cover the compound interest charges, so the principle would remain. Forever and ever.
Amen! It is a faith, mutually agreed to, loved, honored, defended, with it's own justifications for being, it's own reality, and we are all believers.
There is no collateral on all that debt- except for the promise of value derived over time with interest. In-so-far as all the physical resources on Earth are not adequate to equal the insane amount required to make good on this debt- the only thing of value remaining is labor. Labor- your work, what you do to make ends meet, to earn "money,' to buy the essentials of life like shelter and food.
All other value has been subsumed. Your lifetime, spent laboring to acquire essentials is the only thing of real value remaining in the world.
There is a word used to describe a person whose labor is directed by another, whose labor is for the benefit of another, whose reward for that labor is to receive the bare essentials necessary for life.
That word is "Slave."
Who do we all this debt to- who's holding the paperwork on this mortgage? Who controls all the resources, all the labor? Who directs that labor, and who benefits from it?
A handful of multi-billionaires. The ruling elite.
Are you thinking what I'm thinking, Pinky?
There is no schism between the ruling elite. They are not Democrats or Republicans or Third Parties, they are the Owners. And this is not conspiracy theory. You don't need to postulate some archaic secret organization hell bent on subverting the world.
The simple fact is that as more and more resource coalesces into fewer and fewer hands enlightened self interest becomes of benefit to all of this small group. What's good for one billionaire is good for all of them.
The results are in. The Wealthy have won. That's a fact. Persistence of vision applies to societies as well as to the function of biology. Things appear to be the same, but with just a little effort and research it becomes abundantly clear that what we believe to be true, and what is actually true represents a massive blind spot. This blind spot allows for a great deal of freedom for those who control the resources, the media, and the economy.
They've won. But it doesn't mean the battle is over. We must accept that there is no hope to win if we allow them to choose our weapons.
There will be no change if we continue to accept that their economy is real, and their debt is real. No change will be brought to a plutocracy by asking the elite to relinquish their power through the process of voting, or protesting, or letter writing.