Heres another David Ellis post from a thread below ( I will ask him to explain a little more about the phrase Ponzi Scheme . I dont think I understand what he means by counterfeit claims on social wealth….and to clarify whether capitalism is really dead, or will they muddle through as they always have done before, unless we are able to take control of what is ours…???): start: By the last 70s the UK economy was stagnant and the state was broke. Thatcher blamed demagogic politicians for building hospitals and school in exchange for votes. She said they could not be trusted with the public finances and so she handed over responsibility for money supply to the private finance sector and the City of London. They, she assured us, would keep the supply and demand for money in perfect equilibrium due to what the monetarists called `enlightened self-interest. Of course, they immediately set about building the greatest Ponzi Scheme in the history of the world churning out trillions and trillions of counterfeit claims on social wealth. The tax take from this Scheme was enormous (Mandys Maoist urgings to the City was `get rich and pay your taxes) and the spending power it generated was historically unprecedented which is why there were so many celebrities in the last 30 years. When the scheme collapsed in 2008 British banks owed their corporate and billionaire creditors the truly hysterical sum of £6.7 trillion. The tax income from the scheme was lost exposing the true extent of the deficit and Britains bankruptcy but in addition the £6.7 trillion was effectively added to the already enormous national debt due to it having been guaranteed by the government. So now thirty years on Britain is not only economically stagnant and sclerotic but financially irrevocably bankrupt and the monetarists are reduced to state printing of money not to pay for schools and hospitals but to bail out the super rich. As a functioning economic system capitalism is effectively dead as hundreds of years of violently accumulated wealth are liquidated even more violently. It is, as it was predicted it would be, a matter of socialism or barbarism. End.
Posted on: Fri, 12 Dec 2014 06:17:24 +0000
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