This is the first part of a year end picture of the economy and the cliff by Michael Hudson at New Economics Perspectives. Extremely unfortunate that we are operating in such a pathetic system and are able to do so little about it because people do not understand the system. Failure to understand a complex structure of smoke and mirrors and refusal to enforce regulations as well as banking an finance using their political and media power to misinform the public.
It is a sad situation that Michael describes but unfortunately excellent in its accuracy.
Recently I have been reading about the need for balance in an ecological system. The result of those systems is balance not efficiency. Efficiency is not a determinant of system structure in nature. Factors and forces of balance determine evolution of the structure.
Finance and Banking, actually, to include all the players "FIRE" have created a system designed for efficiency in serving their objective, not designed for balance nor for balance to determine or cause correction to a natural state but efficiency to maintain an unnatural out of balance condition as the norm. The norm that currently benefits the 1% and will continue to benefit them to a greater extent as they become private owners and renters of property that was once public. They have all the money to buy things in the public domain. Where else can so much money be invested for profit return? When government enforces austerity of decreased expenditures and increased taxes taking money out of the money supply what else can it do but sell off the public commons?
The "We must pay our debts" meme stupidity of the Fiscal Cliff is astounding. As astounding as getting ignorant low and middle working class to vote tax cuts for the rich and for the party of the rich through the media propaganda of hate, fear, class division and distortion of the truth.
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