BILLIONS in BANKS. POVERTY at HOME
It can be said that the banking system was rescued in 2008-9 market crash. But what if the system perished in the process of being rescued and nobody noticed. The system theory of fiscal finance with easy money then high interest rates to tighten money has fixated keen minds. Arcane thoughts are made more occult by foggy mathematics.
The structure of central bank national debt income tax supported finance was reckoned as having a life cycle of a century by critical scholars of note at its birth in 1913. Then it would become impossible they said. It has now been a century since the founding of the federal reserve the flag ship model for all finance since 1913. Can we now know what impossible is supposed to look like?
The problem is that no one has explained how the expired life cycle of the financial system will conclude. What will impossible look like? Nearly all pundits are forecasting market doom for now and the near future. Recognizing the system as now impossible for the future is not discussed.
The infatuation with the fiction of interest rates and market indices seems to have calcified thought. The pundits no longer, if they ever did, speak to the human condition as the primary responsibility of markets. The primacy of care for the human condition seems to have been lost in the infatuation with markets since some time in WWII.
Some time between the genocide fire bombing of Dresden and atomic bombs on Japan, the frenzy of markets overtakes thought. Somehow magic became reality. Money could grow without effort. Incomes could happen without work thanks to interest on growing money.
It is fact that the Whiz kidds of WWII, those boy genius that planned the air force destruction on cities left war planning to join corporations. Young MacNamara rose to became Ford motor corp president. Still advancing he become wizzard of war in the pentagon for Viet Nam as Secretary of Defense. Defense contracting became the biggest game in town for smart whiz kids familiar with war.
The theory of central bank finance supported the progress of defense industry. Need money for weapons or invasions or bombing or black operations just issue national debt. The fed will convert the debt into cash. Interest on the debt was easily paid by income tax. Work long enough for a corporation and get a pension of dollars guaranteed each month for life. Then the cycle ended and pensions became a stock market bet in 401k speculation. Put in all you can get back what ever the market can afford. Forget years of service and seniority benefits. Is this what impossible looks like?
Clearly the evidence says that the century of central bank finance has been a feast on the money and trust of of the labor class. They had the fictional vision of neither rich nor poor, just middle class. Leave it to Beaver. A car and a bedroom and a bath for each. The implied secret for a future beyond middle class was education. University was passkey to economic nirvana.
The call to education was answered and the debt is unpayable. Furthermore, it is impossible to be relieved from the debt by conventional findings in court. The middle class that cosigned the loans has to mortgage the house maybe sell the car to pay for an unpayable education. The economy could easily be described as impossible with increasing debt, declining work and wages along with ever rising costs.
The general answer to the existing contradictions in hours wages and incomes and debt is that the victim is responsible for their own circumstance. They should have known better is the response of the unencumbered. Perhaps now the impossible becomes visible and the remedy is shocking. given the failed system has now completed its cycle.
It is no secret that the market depends upon customers. It is now necessary to disconnect incomes from work. Each adult must have a stipend to spend in order to keep the system from coming to a halt. Let us offer $10,000 at age 20, $20,000 at age 30, $30,000 at age 40 etc until retirement at age 50. Implied in this is the need for universal single payer health coverage. No questions asked. No nationak debt created. No central bank interfering.
If the impossible is handled within the bounds of compassionate legislation, the old system can pass away and in future generations be considered too absurd for serious thought. Otherwise the cities and high ways will become testing grounds for audacious larceny and harm.
Many thanks to my advisor, remote viewer and deep trance medium Loco Lola, in past life was first woman Jesuit at 1555 Vatican. She says be sure and read books; MONEY The 12th and FINAL RELIGION and THE AMERICAN CALIPHATE of BIZWOG.