Posted 1 year ago on July 4, 2020, 3:42 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
The more we borrow to make life better, or merely to get by,the worse it will become for us. Debtors are born to lose. The inexorable domination by the power of compound interest must concentrate wealth with the rentier class as the bonds of debt tighten around we the people who work for the masters ... the Wall St. Oligarchs.
They are the winners and most of us must always be losers. That's a mathematical certainty. To have just 10 times the average wealth for 10% of the population, 90% of us must have zero net worth. Most of us have negative net worth all of our lives. We are lifelong debtors.
Michael Hudson has seen the inevitable and written more and more clearly than I can ever hope. Since the coronavirus shutdown he's said:
"We are in a situation much like a war- There are winners and there are losers in a war. In this case the winner is the aggressor - the financial sector. Its demands for payment have set the stage for today's economic breakdown. This has been the case throughout history - Finance always has been the great destabilizing factor. Right now, you're having businesses - retail stores, restaurants, hotels, airlines and other businesses that are being closed down or operating at only a small capacity far below break-even levels. These businesses are not able to pay their stipulated rents or mortgage debt service. Their landlords are not able to pay their banks."
The worst losses will occur after the foreclosures start.