Category Archives: Equity

Debt: the First 5000 Years – a new book about an old problem

From David Graeber, the author:

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Hello, friendly strangers, I’m delighted to announce my new book….

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DEBT: THE FIRST 5000 YEARS

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is finally, finally out!

http://www.amazon.co.uk/Debt-First-5-000-Years/dp/1933633867

This is a work of scholarship, and politically engaged, but it’s also an attempt to break out of the usual academic and activist ghettoes, and I wrote it that way because I think that there’s a conversation we need to be having, not just nationally but also globally, that we began to have for a few months after the financial crash of 2008, and which has, since, been indefinitely postponed.

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Five Alternatives to the Federal Reserve: why the sun will still rise without the Federal Reserve system

This article is a neat summary of alternatives to ‘debt based’ money, created ‘from thin air’, and unscrupulously ‘sold’ as ‘money’, as if it were Cash, minted by Nation States, when, in fact, it comes from private bank(st)ers.

 

Nationalize the Fed

In this one-minute video Congressman Dennis Kucinich says clearly what Barack Obama should be doing, if the Fed was to operate in the public interest…

Who can dip into the National Debt pot?

According to this article Bailouts expected to add £1.5 trillion to national debt as tax take tumbles in Times Online on February 20, 2009, “official accountancy rules”, few of the nationalised banks’ assets can be counted in the Government’s books.

The big number game continues to be played, to camouflage what is really going on.

Exploiting National Debt mechanisms for Bailout money

Most people don’t understand the significance of the national debt: it is used to increase the money supply, so that people can buy ‘gilts’ and thus obtain interest as passive income.

‘Gilts’ or ‘national bonds’ are issued by the Government, backed by the Nation as an entity. But unfortunately the taxpayers of the Nation do not benefit. Only the people who can buy those papers.

Today’s article in the Telegraph may bring it home: people who are in a position to dip into the money pot, do so:

Government stakes in RBS and Lloyds could add £1.5 trillion to UK national debt

The Global Financial Crisis

Michel Chossudovsky, Professor of Economics and Director of the most impressive Centre for Research on Globalization on a 78-minute video:

The Great Depression of the 21st Century

Causes and consequences of the financial meltdown;
The speculative onslaught;
Financial fraud and the “bank bailouts”;
Bankruptcy of the real economy;
Impacts on employment, wages and social services;
Towards a spiralling public debt;
The economic crisis and its relationship to the Middle East war;
The centralization of corporate power;
The concentration of wealth;
The globalization of poverty.

What are the policy alternatives?

Debt, Credit and Equity

These are ominous words behind which to hide stark realities, above all, of control. Debt and Credit are controlled by banks, equity is controlled by shareholders. Together, they form “institutions” that live longer than their people. They have mission statements, while we, the taxpayers, may be looking for a purpose in our lives.

Money used to be a medium of exchange to facilitate trade. Since it’s virtually only credit by now, it has become a means to control, mainly ownership: access to land, property and other natural resources, rights to ideas and “intellectual property”.

Wealth for all? Millennium Goals? Freedom? Democracy? Stewardship for planet Earth?

It’s a great challenge not to participate in that schizophrenia that we’re are presented with. Still, we live in “interesting” times!