As we survey the world scene of worsening poverty and the growing enslavement of entire peoples to corporate power, several common denominators emerge from this heaving sea of human misery.
October 13, 2006 (Press Release) --
As we survey the world scene of worsening poverty and the growing enslavement of entire peoples to corporate power, several common denominators emerge from this heaving sea of human misery.
The most marked of these is the prevalence of debt. Debt has become a mire from which the people of this planet are increasingly unable to extricate themselves. Despite fantastic efforts, involving tremendous sacrifice and hardship, they are sucked ever deeper.
By "people" we mean all people. Most people, as individuals, are personally in debt. Most businesses are in debt, many so much that they no longer operate on profit margins but on the size of their outstanding loans and overdrafts. Most, possibly all, major corporations, the giants of the world economic stage, are likewise so insolvent they can only appear solvent on paper by voraciously plundering assets, which they can offset against their mounting debts. Virtually all governments the world over are so overwhelmed by national or Third World debts, they see no hope of ever becoming solvent.
The bigger and more prosperous the nation, the more heavily mortgaged it seems to be. The United States is the most indebted nation on Earth: its combined national, private and commercial debt to the banking institutions is around $22 trillion -- many times all the dollars in its economy. Virtually every nation is in a similar condition and the total world-wide debt to the lending institutions is many times greater than all the money in existence. The debts can never be paid off!
Any nation that resolved to settle its debts would have to transfer all the money in circulation in its economy into the accounts of the lending institutions. It would thereby plunge its people into poverty and bring its economy to a catastrophic standstill as money is removed from general circulation -- and it would still wind up with a massive, unrepayable outstanding debt.
If we look at nations such as Argentina, Peru, Brazil, Mexico or Guatemala, we see that this is precisely what has happened. Money -- spending power -- leaves the home economy and winds up in the possession of international banking cartels. Massive internal shortages of money result, causing a steady decline of living standards, infrastructure, solvency and economic activity.
DEBT MAKES NATIONS SUBSERVIENT TO CORPORATIONS
In a world economy dominated so thoroughly by debt at every level, the world's creditors -- and those organisations they favour with easy access to credit -- become the dominant powers. Thus we witness, with a sense of helplessness in the face of forces beyond our comprehension or control, the steady take-over by corporate and banking interests of the entire economic life of nations. We witness, in every nation -- Third World or not -- a growing subservience of national governments to corporate and banking powers that are so interwoven and co-ordinated as to be a coalition.
As in any relationship between borrower and lender, the lender is senior
As we survey the world scene of worsening poverty and the growing enslavement of entire peoples to corporate power, several common denominators emerge from this heaving sea of human misery.
The most marked of these is the prevalence of debt. Debt has become a mire from which the people of this planet are increasingly unable to extricate themselves. Despite fantastic efforts, involving tremendous sacrifice and hardship, they are sucked ever deeper.
By "people" we mean all people. Most people, as individuals, are personally in debt. Most businesses are in debt, many so much that they no longer operate on profit margins but on the size of their outstanding loans and overdrafts. Most, possibly all, major corporations, the giants of the world economic stage, are likewise so insolvent they can only appear solvent on paper by voraciously plundering assets, which they can offset against their mounting debts. Virtually all governments the world over are so overwhelmed by national or Third World debts, they see no hope of ever becoming solvent.
The bigger and more prosperous the nation, the more heavily mortgaged it seems to be. The United States is the most indebted nation on Earth: its combined national, private and commercial debt to the banking institutions is around $22 trillion -- many times all the dollars in its economy. Virtually every nation is in a similar condition and the total world-wide debt to the lending institutions is many times greater than all the money in existence. The debts can never be paid off!
Any nation that resolved to settle its debts would have to transfer all the money in circulation in its economy into the accounts of the lending institutions. It would thereby plunge its people into poverty and bring its economy to a catastrophic standstill as money is removed from general circulation -- and it would still wind up with a massive, unrepayable outstanding debt.
If we look at nations such as Argentina, Peru, Brazil, Mexico or Guatemala, we see that this is precisely what has happened. Money -- spending power -- leaves the home economy and winds up in the possession of international banking cartels. Massive internal shortages of money result, causing a steady decline of living standards, infrastructure, solvency and economic activity.
DEBT MAKES NATIONS SUBSERVIENT TO CORPORATIONS
In a world economy dominated so thoroughly by debt at every level, the world's creditors -- and those organisations they favour with easy access to credit -- become the dominant powers. Thus we witness, with a sense of helplessness in the face of forces beyond our comprehension or control, the steady take-over by corporate and banking interests of the entire economic life of nations. We witness, in every nation -- Third World or not -- a growing subservience of national governments to corporate and banking powers that are so interwoven and co-ordinated as to be a coalition.
As in any relationship between borrower and lender, the lender is senior
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