"A heavy progressive or graduated income tax."
"Why do governments claim businesses and
consumption need to be financed by debt?
The answer is really very
The wealthy increase their wealth by lending and they do it
without even having to use their own money by means of the Ponzi scheme known
as fractional reserve banking.
When debtors cannot meet their
obligations, assets are
acquired by the wealthy at fire sale prices who then become even wealthier." -
"The world's biggest economies are reaching an
inflection point where the growth in debt loads is becoming unsustainable." -
"Debt is the source of all
power and wealth for the central banking
system as they do not actually produce any tradable good, such as industry;
nor do they provide any necessary service, such as government.
Interest on debt is the source of income and authority for
the central banking system, and thus, it needs to continually advance credit
and expand debt.
In Marxist theory, the
nature of accumulation
plays a very important part, in that it holds a dual character.
known as accumulation by expanded production,
which, since 1864, has been mostly concerned
with capturing production.
In this case money is made through
extraction of fruits of the production of labor.
nature of accumulation is
accumulation by dispossession,
which is usually framed in terms of relations between capitalist and
non-capitalist modes of production.
This is accumulation derived from
dispossessing someone of something.
The Atlantic slave trade was an
example of accumulation by dispossession, as
Africans were dispossessed of their lives and freedom.
Colonialism is another example,
where resources are extracted, dispossessing the nation of its own resources.
Perhaps it would be helpful to expand upon Marx's
ideas of accumulation by
dispossession in regards to the central
banking represents an example of
accumulation by dispossession.
Money, loaned at interest which debtors are never able to fully repay,
dispossesses them of freedom through interest payments and
Debt is just another word for slavery,
therefore, the the central banking system
itself, functions through a system of
accumulation by dispossession.
Conventional understanding of accumulation by
dispossession describes it as an interaction between capitalist and
non-capitalist modes of production, where the capitalist mode will dispossess
the non-capitalist mode of production.
Central banking, the pinnacle of the
capitalist system and the primary source and avenue of its power, is an
interaction between central banks and ALL modes of production.
Industry/commerce, governments/nations, and individuals/people, are ALL
dispossessed of their
freedom through debt bondage."
- Andrew Gavin Marshall
"Here's the scenario: The
borrower is a retailer that has been in business for 26 years. They have five
retail outlets, employ 90 people, have revenue of over $10 million and are
well-respected members of
their community. In 2007, its bank approved a term loan to expand the
business. The term loan balance is $650,000. They also have a $1 million
working capital line of credit for inventory and they owe $800,000. The loan is
supported by the personal guarantees of the two business owners and UCC filings
on the incorporation assets, which is basically inventory. The last three
years, financial statements reflect a decrease in revenue (sales) and they have
When the bank made
the term loan, the business's financial
statements already reflected losses. Nonetheless, the bank wrote covenants into
their loan agreement that required the business to produce a certain level of
profitability. If the business did not meet this level of profitability, the
loan could be called for "technical default" of the covenant. From day one, the
bank waived this requirement. That is, until this year, when they placed the
loan in their "special assets/workout division" and subsequently
"called" the loan.
The bank demanded
payment in full by April 1.
It is important to understand that this
businmess never missed even one payment on either loan. The owners were working
diligently to reduce expenses. They hired seasoned retail consultants to guide
them through the process of restructuring their business so that they would be
able to remain in business. The owners showed every willingness to work with
the bank and make the changes that would bring them through this economic
crisis with all commitments met as agreed.
The owners were faced with
the realization that the bank was going to close them down. Their new loan
officers, the decision
makers, were in another state and communicated with them through e-mail.
Let's examine the stupidity and short-sightedness of this bank's
decision. If the bank demands payment in full on the loan, they put the
incorporation out of business. The bank will then sell the inventory and
perhaps get 50 cents on the dollar for the inventory. Even so, the bank would
still sustain a loss of $750,000. Additionally, the 90 employees would now be
out of work. And five pieces of commercial property would become vacant and no
longer produce cash flow (rent) to the landlords. If the landlords cannot fill
the space, and don't have the rental income, it is likely that they will not be
able to make their mortgage payments on the commercial properties.
The domino effect
is astounding." - Joe Nocera March 10, 2009
fueled by the Federal Reserve is giving way to debt deflation. The US
and other countries have reached a limit in which scheduled interest and
amortization absorb the entire economic surplus of so many individuals,
corporations and government bodies that new construction, investment and
employment are grinding to a halt. Families,
real estate investors and
corporations are obliged to use their entire disposable income to pay their
creditors or face bankruptcy."
- Michael Hudson 06/08
2009 Treasury Secretary Timothy Franz Geithner, a
protégé of Henry Kissinger, announced
his latest plan which seeks to harness government and private resources to
purchase an initial half-trillion dollars of
debt of investment
Geithner held out the expectation
that the program eventually could grow to $1 trillion.
At the end of
assets, much of it securitized credit-card debt, at just the four biggest
US banks - Bank of America,
JP Morgan Chase and
Wells Fargo - were about
$5.2 trillion, according to their 2008 annual filings.
April 24, 2009 Nonperforming on-balance-sheet assets of
JP Morgan Chase grew 185% over the
past year to $14.7 billion.
Bad assets of
Bank of America
increase 229% to $25.7 billion.
Problem assets at Citigroup rose 128%
to $27.4 billion, and Wells
Fargo jumped 180% to $12.6 billion.
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forged a populace unable to discern propaganda from reality and that this has
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agents who wish to foist a corrupt version of reality on the human race.
Religious intolerance occurs when any group refuses to tolerate religious
practices, religious beliefs or persons due to their philosophical ideology.
This web site marks the founding of a system of philosophy named The Truth of
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buildings and in which each and every individual is encouraged to develop a
personal relation with the Creator and Sustainer through the pursuit of the
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This web site in no way condones violence. To the contrary the
intent here is to reduce the violence that is already occurring due to the
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American social mores and values have declined precipitously over
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preprogrammed into the population through prior corporate media psychological
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destruction of social structures that do not adhere to the corrupt
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directed toward solutions proposed by the corrupt international elite that
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