From Julian Rose:
Read the daily news, even in a relatively mainstream newspaper, and you cannot fail to notice that an unprecedented event is unfolding in front of our very eyes; the simultaneous collapse of two of the World’s largest economies: the US and European Union.
Both appear to be teetering at the edge of a financial precipice and the great politico-bureaucratic machines that run the show – on both sides of the Atlantic – seem incapable of agreeing what economic medicine might keep this beast on the rails.
They, and we, are now learning that in a finite world no resource is infinite, least of all institutionalised financial wealth whose very existence is dependent upon interest payments made on capital lent to those who cannot sustain the levels of repayments demanded of them. In a ‘debt based’ economy (which ours is) all participants will ultimately land up losers. Continue reading