Posted 12 months ago on Aug. 24, 2017, 7:02 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
The most cogent argument for community ownership of the means of survival is that the contemporary domination of the economy by the non productive FIRE sector [the Capitalists] is ultimately unsustainable.
The Dow went over 20,000 into record territory in August, 2017. What's next. The profit taking of course. When those who bought low after the last crash cash in, the sheep who've been buying as prices rose will soon follow. Then comes the drop off and the sharks can feed again, using their recently acquired cash, to buy low again. But even the biggest fish don't seem to know that this [business?] cycle cannot be sustained indefinitely.
Each time around the bubbles have been reinflated with new debt. A good deal of the accumulated wealth of the all time winners is put to work collecting compound interest in the credit market. The debt and concentrated wealth with the creditors and a very small percentage of the global population are what must bring capitalism down in the end.
"According to figures from the Institute of International Finance (IIF), global levels of debt held by households, governments, financials and non-financial corporates jumped by over $US70 trillion in the past decade to a record high of $US215 trillion, equating to 325% of global GDP." - Business Insider
In previous "downturns" more money has been created and loaned. Thus more interest and concentration of wealth, which lead to the next crash. When debt grows to the point where governments and most people can't pay, they won't be paid. At some point debt saturation is achieve and new loans won't be issued. If the creditors don't write it off and start over, deflation kills the economy and most of us with it. If banks and governments create more money to loan, then inflation becomes the angel of death for us and the next [possibly ultimate] crash is hastened.
Many have wondered why people voted communist at times.
"No, no nostalgia. Maybe then as well, many had opened their wings like so many seagulls who were ultimately unable to fly.
"And now? Now as well, we feel like two people: on the one hand the conformist who obsequiously navigates the squalor of his own daily survival, and on the other the seagull, no longer with even the intention of flight, because the dream has shriveled away.
"Two wretchednesses within a single body." - from Giorgio Gaber's "Some People Were Communists"
"...Vive le roi quand même. French royalists who were frustrated with the fecklessness of Louis XVI would open up about his shortcomings in discreet conversations, and then end by saying 'Long live the king anyway!'" - Outis Philalithopoulos on Giorgio Gaber's "Some People Were Communists"