It is May Day and my hero Michael Hudson is proclaiming truth and speaking it to power.
https://www.nakedcapitalism.com/2018/05/michael-hudson-creating-wealth-debt-wests-finance-capitalist-road.html
The "Hudson Manifesto". Appropriately nailed to the door of Wall Street on May Day!
(The preceding line is my summation description of the above link emerging at the end of this blog entry but rightful demands entry at the beginning!)
More about my admiration of this economic truth teller at my last blog post about him:
https://www.blogger.com/blogger.g?blogID=1176829519333181968#editor/target=post;postID=2055551688209402936;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=1;src=link
China will rule!
"China must remain free of rentierideology that imagines wealth to be created by debt-leveraged inflation of real-estate and financial asset prices."
The People's Republic of China might just really be the "People's Republic"
The USA? ...."United States of Renters". Rent everything to the people....including money until the only thing not owned by Finance the debt contract in the possession of the everyone...everyone in the "People"s Republic of Debt".
China's buildup of debt: China's growth is debt fueled.
https://www.forbes.com/sites/johnmauldin/2015/06/16/the-peoples-republic-of-debt/#67d7e6ce11ef
Build it up to the max then declare it null and void as a Jubilee.
Replace it with "People's Cryptocurrency of China"...it is debt free money.
Money is a Social Decision Making Tool. The Greenbsck dollar is a Return on Investment Decision Making Tool. The tool is owned by the Banksters.
May Day.
Power to the People! Michael Hudson describes the problem, the coming conflict between a nation that Rents to Own but the People never own but increasingly OWE!
"China is progressing along this “mixed economy” road to socialism, but Western economies are suffering from a resurgence of the pre-capitalist rentierclasses. Their slogan of “small government” means a shift in planning to finance, real estate and monopolies. This economic philosophy is reversing the logic of industrial capitalism, replacing public investment and subsidy with privatization and rent extraction. The Western economies’ tax shift favoring finance and real estate is a case in point. It reverses John Stuart Mill’s “Ricardian socialism” based on public collection of the land’s rental value and the “unearned increment” of rising land prices."
Michael hits every single nail on the head!
"The result of today’s alliance of the Finance, Insurance and Real Estate (FIRE) sector with natural resource and infrastructure monopolies has been to reverse that the 20thcentury’s reforms promoting progressive taxation of wealth and income. Industrial capitalism in the West has been detoured along the road to rent-extracting privatization, austerity and debt serfdom."
Chinas will win the long game. The only game that the USA can win is a short term one: The same old game: War. Perpetual.
What cannot go on forever will not go on.
A major advantage of a government as chief banker and credit creator is that when debts come to outstrip the means to pay, the government can write down the debt. That is how China’s banks have operated. It is a prerequisite for saving companies from bankruptcy and preventing their ownership from being transferred to foreigners, raiders or vultures.
Michael's Link is Revolutionary.
He is the Michael Wolf of the Economic world.
The hope of the free world rest on the People of the People's Republic of China supporting its government if this is what its country is to do:
"That is not the aim of Western national income statistics. In fact, applying the accounting structure described above would track how Western economies are polarizing as a result of their higher economic rent and interest payments crowding out spending on actual goods and services. This kind of contrast would help explain global trends in pricing and competitiveness. Distinguishing the FIRE sector from the rest of the economy would enable China to compare its economic cost trends and overhead relative to those of other nations. I believe that these statistics would show that its progress toward socialism also will explain the remarkable economic advantage it has obtained.If China does indeed make this change, it will help people both in and out of China see even more clearly what your government is doing on behalf of the majority of its people. This may help other governments – including my own – learn from your example and praise it instead of fearing it."
It is an economic social justice solution to the fundamental problems of the world.
The USA knows only the war solution to problems with the benefit going to not to "We the People" but "We Few Who Finance Everything".
The Clash is Coming.
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