Blog 34

The Governments of the world are in debt to the limit, the people of the civilized world are in debt to the limit, industry and institutions are in debt to the limit, but why isn't anyone asking the question?

 Who are we all in debt to?

Who is it that has so many thousands of trillions that they can without hesitation, create a world of debtors; individuals, institutions and governments?

The answer?

Well it's those bloody banks again.

I'm sure President Obama also knows all to well who the culprits are and by what mechanisms they acquired such a big pool of money that allows them to lend with impunity, almost without limitation.

It's probably a truism to say that the current world debt mountain nets the banks at least 10% of the worlds gross GDP annually in interest payments alone. For a superorganism that's never created a single cent of real wealth, that's quite an achievement. How much it amounts to doesn't bear thinking about, what we should be thinking about though is what can be done about it? If anything at this late stage.

The problem is that the banks now have such a fearsome stranglehold on society that it's not going to be easy to release the pressure or mount any kind of meaningful counterattack without damaging society as a whole. Which is why all blighted Governments of the world, tail between their legs, are currently [2008-9], frantically trying to patch up and placate the rabid dog that bit them.

Perhaps that's why President Obama wary [understandably] of an outright assault on the pernicious banking sector, is starting by nibbling at their heels with tentative credit card reform and new consumer debt safeguards. Pray to your gods this is just a beginning, not just a token gesture and that other Governments follow suit.

Of course it's easy to say, why were these measures not thought about years ago when credit cards were 'invented'? One would have thought that any knowledgeable Government think-tank of Tommy Noddy Economists could surely have predicted the consequences of the creation of the credit card era and the blossoming of the belladonna debt industry, the 'devil's cherries' with which the bankers have tempted and ensnared everyone.

Good luck Barrack, I truly hope your wisdom is allowed to prevail.