When all economy is indebted to bankers and almost no enterprise is standing on its own, that is an end of a road to some serfdom.
But that is not really the case: the banks are only middlemen, and deficit-based credit is only part of the problem.
Banks as risk intermediaries have been the instruments through which the rich and powerful have become more rich and powerful. The 90% are only nominally in debt to the banks - in reality it is the other 10% who are on the other side of the banks' balance sheets to whom we are indebted.
The combination of compounding debt and private property (historically in land) can only ever end in one way. For thousands of years this combination has unsustainably concentrated wealth in the hands of the few. That is why kings used to have 'Jubilees' if they wished to keep their heads on their shoulders.
We have turbocharged this combination through institutionalising both greed - through the profit motive - and irresponsibility - through 'free' limitation of liability.
The current system is terminally broken, and it is Time for a Change. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
The 10% are the wealthy in Society who benefit the most from privileged property rights over Commons like land. While some (too many) of the 10% are in Wall Street, most are not. 90% of us are indebted to the 10% via the Banks.
Wall Street serves the Wealthy 10% and applies a de facto Wealth Tax on them. But it's not Wall Street/the City who own most of the land eg in the UK 0.3% of the population owns 69% of the land. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
If they couldn't indebt the planet so easily, what is their wealth for?
... in the UK 0.3% of the population owns 69% of the land.
Why I think Land Reform is needed in the UK allied with a real Green Revolution© -- a change in the way agriculture is done, not just pouring a butt load of petro-chemicals all over the place raping the future to profit in the present.
Wall Street serves the Wealthy 10% and applies a de facto Wealth Tax on them.
They definitely tax most of economic activity, for as much as it is dependent on credit. Government taxes are peanuts.
