Posted 9 months ago on Dec. 16, 2020, 1:36 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
Most of this is recycled from my May 6, 2020 post entitled "Covid Cover."
"The FIRE Sector [Finance, Insurance and Real Estate] is a system of extraction that concentrates wealth, with the rentier class, at an exponentially increasing rate. The imaginary wealth produced on Wall St. also expands exponentially and damages the real economy of production, distribution and consumption of material goods and services. Each boom and bust cycle (each Wall St expansion and crash) brings us closer to the inevitable end. It's been coming for a long time....
"How does it happen? When the tiny fraction of the population who own most of everything, including the stocks, bonds and other securities, suffer a loss of the imaginary financial wealth (debt of one sort or another that has been created out of thin air) they fear for their real assets. Those consist of the productive capacity for the material goods and services that are the stuff of life for all of us. The Wall St. wealth extraction machine and real economic activity they own, employs, one way or the other, most of We the People. Their fear for the decrease of their hoard drives the elite parasites to slow the real economy with lay offs and production cuts. In other words, their Wall St. gambles went bad. To assuage their fear of greater loss, they take down the real economy and us with them. This is how the mindless 'invisible hand' really works." ... "All this has happened over and over for thousands of years. Mesopotamian kings and priests like Moses reduced susceptibility to the evil by banning interest on debt and declaring Jubilees where individual (but not commercial) debts were forgiven. The opposite of what we do today. The billionaires, not we debt slaves, get the clean slates in this era. Today's middle class, what's left of it since Reagan's reign of economic terror, still think they'll sell their house and retire on the investments they make with the money they gain. But those investments will be regularly wiped out, the money will become increasingly worthless as the overall debt grows and the ultimate crash (when the balloon is too large to patch and reinflate) will either kill us all or we'll take over the production and distribution of the things we must have to live. Either way, "Wall St." will cease to exist."
That was my thought last May. As we see, Wall St has recovered and moved into new record territory. But the real economy is suffering and the real workers are deeper in debt to the owners. Many are facing eviction and food shortage. But the owner/investors in America are a trillion dollars richer since May and the Republicans are refusing to help the truly needy while insisting on liability cover for the truly greedy.
If you still can't see the coming disaster, you're hopelessly foolish!
Video link https://youtu.be/nGBKTOu1YLc