Must watch and/or read as they explain so much of what we don’t understand. Mainly how the economic system is rigged against us.
Killing the Host Paperback
How financial parasites and debt destroy the global economy. Professor Hudson continues the discussion on the financialization of capital and its global effects. KILLING THE HOST exposes how finance, insurance, and real estate (the FIRE sector) have gained control of the global economy at the expense of industrial capitalism and governments. The FIRE sector is responsible for today’s economic polarization (the 1% vs. the 99%) via favored tax status that inflates real estate prices while deflating the “real” economy of labor and production. The Great 2008 Bailout saved the banks but not the economy, and plunged the U.S., Irish, Latvian and Greek economies into debt deflation and austerity. This book describes how the phenomenon of debt deflation imposes austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.
- today’s rich are now paying a lower tax rate than middle-class Americans.
- One of the biggest reasons the federal debt has exploded is that tax cuts on wealthier Americans have reduced government revenue.
- The wealthy used to pay higher taxes to the government. Now the government pays the wealthy interest on their loans to finance a swelling debt that’s been caused largely by lower taxes on the wealthy.
- So, the real problem isn’t America’s growing federal budget deficit. It’s the decline in tax revenue from America’s wealthy combined with growing interest payments to them.
- Both are worsening America’s already horrific inequalities of income and wealth.
- What should be done? Reduce the debt by raising taxes on the wealthy.
IN AN age of widening inequality, history has taught us that throughout history, economic inequality has only been rectified by one of the “Four Horsemen of Leveling”: warfare, revolution, state collapse and plague.
Since we are presently still going through a plaque and with the Ukraine/Russia conflict building momentum towards WW3, and the West in decline gasping for air while desperately squeezing the masses for every last dollar and drop of blood to stay afloat and on top it would appear for all intents and purposes revolution and state collapse are imminent. Therefore not one but all Four Horsemen are at our door ready to kick it in. Heaven help us all….
If so, then all I have to say is, may the last oligarch be strangled with the entrails of the last politician.
What government is good at is collecting taxes, taking away your freedoms, and killing people. It’s not good at much else.