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Forum Post: A Wrong Right Turn

Posted 3 months ago on May 2, 2018, 9:31 a.m. EST by agkaiser (2153) from Fredericksburg, TX
This content is user submitted and not an official statement

Financial capitalism has displaced industrial capitalism and must, by the inexorable mathematics of compound interest and other means of extraction of economic energy without material production, reduce the majority to debt slavery and fatal poverty as the minority who rule take more and more of the real wealth for themselves. And the brilliant Wall St architects of extinction are incapable of seeing that they need us to do the work of producing the material necessities of survival.

"... The stock market itself has become extractive. Corporate earnings are used for stock buybacks and higher dividend payouts, not for new tangible investment. ... Corporate America’s financial managers are turning financialized companies into debt-ridden corporate shells.

"A major advantage of a government as chief banker and credit creator is that when debts come to outstrip the means to pay, the government can write down the debt. That is how China’s banks have operated. It is a prerequisite for saving companies from bankruptcy and preventing their ownership from being transferred to foreigners, raiders or vultures...."

https://www.nakedcapitalism.com/2018/05/michael-hudson-creating-wealth-debt-wests-finance-capitalist-road.html

Instead of seeing the inevitable self destruction by the mathematical certainty of exponentially accelerated concentration of wealth due to compound interest on debt, we turn on one another in competition to make ourselves parasites like the elite class that afflicts us. The human race went blind when we abandoned hunting and gathering for agriculture and civilization. Original sin was leaving the garden: the aboriginal lifestyle that put community above individual. When the leaders, the few, the abomination began to dominate for personal gain, we followed and thus abandoned nature and doomed ourselves to extinction. Without a radical change in direction and understanding of the importance of community, the inevitable end predicted by that wrong right turn 10,000 years ago will play out.

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