onsdag 1 oktober 2008

Dennis Kucinich on finanskrisen

[Tack för tipset - du vet vem.]

Här har vi en av de bättre skriverierna gällande finanskrisen i USA och orsakerna därtill. Jag hoppas ni klarar av engelskan. Dennis Kucinich var f.ö. även bloggaren Mikael Wälivaaras favorit på UUAA-radio.
Hur som helst så för Kucinich i många fall en mera radikal reform politik än Ron Paul. Men eftersom Kucinich var så chanslös i valet valde jag att stöda och föra fram Ron Paul. Bägge herrar har f.ö. samarbetat en hel del i kongressen.

Här har du en del av det Kucinich skriver:

Here is a very quick explanation of the $700 billion bailout within the
context of the mechanics of our monetary and banking system:

The taxpayers loan money to the banks. But the taxpayers do not have the
money. So we have to borrow it from the banks to give it back to the banks.
But the banks do not have the money to loan to the government. So they
create it into existence (through a mechanism called fractional reserve) and
then loan it to us, at interest, so we can then give it back to them.


This is the system. This is the standard mechanism used to expand the money
supply on a daily basis not a special one designed only for the "$700
billion" transaction. People will explain this to you in many different
ways, but this is what it comes down to.

The banks needed Congress' approval. Of course in this topsy turvy world, it
is the banks which set the terms of the money they are borrowing from the
taxpayers. And what do we get for this transaction? Long term debt
enslavement of our country. We get to pay back to the banks trillions of
dollars ($700 billion with compounded interest) and the banks give us their
bad debt which they cull from everywhere in the world.

Who could turn down a deal like this? I did.

The globalization of the debt puts the United States in the position that in
order to repay the money that we borrow from the banks (for the banks) we
could be forced to accept International Monetary Fund dictates which involve
cutting health, social security benefits and all other social spending in
addition to reducing wages and exploiting our natural resources. This
inevitably leads to a loss of economic, social and political freedom.

Under the failed $700 billion bailout plan, Wall Street's profits are Wall
Street's profits and Wall Street's losses are the taxpayers' losses. Profits
are capitalized. Losses are socialized.

We are at a teachable moment on matters of money and finance. In the coming
days and weeks, I will share with you thoughts about what can be done to
take us not just in a new direction, but in a new direction which is just.

Thank you,

216-252-9000 877-933-6647

PS Watch the 47 minute 'Money as Debt' animated documentary in


. This is a useful, though by no means definitive, introduction to the topic
of debt and the monetary system. Let me know what you think.

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