One more year til 2012, the final leg of this crazy journey...and then who knows what? We may still be winding towards a new age, one preferably more devoid of nazis, corporate thugs, and thieves. All the best.
A Jubilee year against impossible to pay off debts is now overdue?The alternative ,is decades of Debt Peonage to the national debt bondholders and continuing bankster bailouts and third world like economic depression .This is a failed Ponzi debt crisis of capitalism ,where the falling rate of real physical world profits could not and now cannot possibly pay off in real wealth profit incomes, the demands of old invested capital. There is an overproduction of accumulated competitive capital and overproduction of goods that cannot be sold at a sufficiently high rate of profit to service past debts private,company and government let alone the trillions of derivitive bet losses held by the banksters and financial elite gameplayers.Including Hedge funds some of whom have played on behalf of people seeking retirement funds that will lose their shirts and some their underwater mortgaged houses. Already California spends more on its jail system and warder job creation schemes(Three strikes and your out Etc.) than its spends on higher education even though most of the students are already themselves debt slaves to the student loan usury system and face increasing difficulty in finding well paid jobs to pay the loans back.California cannot afford to keep paying for the US “free world” criminal system that jails more people proportionally than any other country in the world.So a jubilee year is an inevitable necessity ?Debtor’s prisons as a deterrent? who’s taxes are gonna pay for the jails and all the highly paid warders?Debt peonage to usury is like the old sharecropper debt system for both blacks and whites living in perpetual debts to the “Man” .seehttp://www.nakedcapitalism.com/2010/11/stoller-a-debtcropper-society-2.htmlquote:A lot of people forget that having debt you can’t pay back really sucks. Debt is not just a credit instrument, it is an instrument of political and economic control.It’s actually baked into our culture. The phrase ‘the man’, as in ‘fight the man’, referred originally to creditors. ‘The man’ in the 19th century stood for ‘furnishing man’, the merchant that sold 19th century sharecroppers and Southern farmers their supplies for the year, usually on credit. Farmers, often illiterate and certainly unable to understand the arrangements into which they were entering, were charged interest rates of 80-100 percent a year, with a lien places on their crops. When approaching a furnishing agent, who could grant them credit for seeds, equipment, even food itself, a farmer would meekly look down nervously as his debts were marked down in a notebook. At the end of a year, due to deflation and usury, farmers usually owed more than they started the year owing. Their land was often forfeit, and eventually most of them became tenant farmers.They were in hock to the man, and eventually became slaves to him. This structure, of sharecropping and usury, held together by political violence, continued into the 1960s in some areas of the South. As late as the 1960s, Kennedy would see rural poverty in Arkansas and pronounce it ’shocking’. These were the fruits of usury, a society built on unsustainable debt peonage.Today, we are in the midst of creating a second sharecropper society”…and quotes.. Today, the debts do not involve liens against crops. People in modern America carry student loans, credit card debt, and mortgages. All of these are hard to pay back, often bringing with them impenetrable contracts and illegal fees. Credit card debt is difficult to discharge in bankruptcy and a default on a home loan can leave you homeless. A student loan debt is literally a claim against a life — you cannot discharge it in bankruptcy, and if you die, your parents are obligated to pay it. If the banks have their way, mortgages and deficiency judgments will follow you around forever…Unclogging our constipated economy is not a complex problem ..Debtcroppers have no power, except to stop paying their debts.
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Happy New Year Scott. Thanks for all the work you do on this blog. It is one of my daily reads. Much love to you!Heartland Country Girl
Thanks for this wonderful blog. I read it literally everyday!
Happy New Year EA! I am a long time follower, visit this blog several times a day!Thanks for a great blog and all your hard work!
I read it this blog every day, too and so do my friends. Just referred it to a neighbor yesterday, too- told him to google "coming depression".Thanks for all you do. Happy New Year!
Happy New Year EA! I am a long time follower, visit this blog several times a day! This is true for me also.Thanks for a great blog and all your hard work!May your new year be blessed.
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