"A heavy progressive or graduated income tax."
2 Communist Manifesto,
Karl Heinrich Marx
"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
are acquired by the wealthy at fire sale prices who then become even
wealthier." - John Kozy
"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
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:
borrower is a retailer that has been in business for 26 years.
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.
also have a $1 million working capital line of credit for inventory and they
The loan is supported by the personal guarantees of the
two business owners and UCC filings on the incorporation assets, which is
The last three years, financial statements reflect
a decrease in revenue (sales) and they have sustained losses.
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
From day one, the bank waived this requirement.
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.
hired seasoned retail consultants to guide them through the process of
restructuring their business so that they would be able to remain in
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.
the stupidity and short-sightedness of this bank's decision.
bank demands payment in full on the loan, they put the company out of business.
The bank will then sell the inventory and perhaps get 50 cents on the
dollar for the inventory.
The bank will still sustain a loss of
Additionally, the 90 employees will 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
"Asset-price inflation 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
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
March 23, 2009 Treasury
Secretary Timothy Franz
Geithner, a protégé of
announces his latest plan which seeks to harness government and private
resources to purchase an initial half-trillion dollars of
debt of investment
Geithner holds out the expectation that the program will eventually could
grow to $1 trillion.
At the end of 2008
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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