BBCnews 24 -on t.v. anyway- has taken to giving a slot by the resident economist "explaining" the present credit crisis in Europe, the U.K., the world.
I am quite disturbed because it appears to be pure propaganda.The salient and very basic fact is the underlying cause of our present crisis is not to do with "the economys`" present difficulty in paying back the poor banks who have lent everybody else "their" money; but that they have their hands on the tap supplying credit and insist on a certain profit before parting with it. It is not in any real or meaningful sense their money. It only aquires value when the rest of society does the work that validates it. 97% of present money is digital. A touch of a computer screen in the banks created it -nothing more. All money started as credit therefore the controllers of credit control the whole money supply.
We are in growth, 0.5% or so. Yet we have appalling recesionary problems. What sense does that make? Nature knows limits. Our crazy economic system knows none. The need for say 2% growth before everyone is ok. is because the banks and financial institutions have to take their massive cut first.
THESE are the rudiments of the problem.
With the econmic situation so grave the
"explanation" you are offering for the present crisis is nothing more than propaganda.
Thank you, Sylvan.
Monday 7 November 2011 12:52PM
BBCnews 24 -on t.v. anyway- has taken to giving a slot by the resident economist "explaining" the present credit crisis in Europe, the U.K., the world.
I am quite disturbed because it appears to be pure propaganda.The salient and very basic fact is the underlying cause of our present crisis is not to do with "the economys`" present difficulty in paying back the poor banks who have lent everybody else "their" money; but that they have their hands on the tap supplying credit and insist on a certain profit before parting with it. It is not in any real or meaningful sense their money. It only aquires value when the rest of society does the work that validates it. 97% of present money is digital. A touch of a computer screen in the banks created it -nothing more. All money started as credit therefore the controllers of credit control the whole money supply.
We are in growth, 0.5% or so. Yet we have appalling recesionary problems. What sense does that make? Nature knows limits. Our crazy economic system knows none. The need for say 2% growth before everyone is ok. is because the banks and financial institutions have to take their massive cut first.
THESE are the rudiments of the problem.
With the econmic situation so grave the
"explanation" you are offering for the present crisis is nothing more than propaganda.
Thank you, Sylvan.