America is The Poisoned Chalice
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Joe Schwartz/Jewish Museum May Day Parade, New York City 1936 Neither candidate in the US presidential election has had many specifics to offer on the
[See the full post at: America is The Poisoned Chalice]Do we really want more consumer spending? Or can we not imagine a prosperous society without constantly increasing spending and debt?
The more things change the more they remain the same.
“It’ll have to be back all the way to Henry Ford, paying people more so they can afford what they produce”.
Where did Ford get the money? A: he borrowed it, first from his own investors- and partners’ banks and later from his customers’ banks. The nominal amounts were smaller during Fords’ time but the amounts represented debts in proportion to those today. The Great Depression was the deflating of the debt bubble created on to finance Ford’s industry and all those car makers.
“There was a time when America worked for its money, for its homes, for its cars, its healthcare, for the education of its children. There was a time when America produced and sold enough to be able to afford all that.”
Where did the employers get the money to pay the workers? A: They borrowed the money from their customers’ banks; from the banks of their customers’ bosses’, from their customers’ bosses’ customers’ banks, and their customers’ — and workers’ — banks and from the bank workers’ banks … from daisy-chains of millions of smaller loans aggregated into a vast debt tsunami. Wherever the customers ‘came up short’ they borrowed as they do it today, as they borrowed hundreds of years ago.
Work does not produce money, banks do, Debt is neither a vice nor is an option to be done without, it is the prop for all industry: no debt = no industry.
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