“What currently dominates would politics and economics is not a true conspiracy; it’s a mistake. It is a conspiracy of error. We are witnessing the collective pursuit of an inoperable political ideal and an erroneous economic paradigm, built on a totally inadequate, misunderstood and almost unchallenged financial system.”
This quote above is taken from the book ‘The Grip of Death; A study of modern money, debt slavery and destructive economics’ by Michael Rowbothan. Don’t be put off by the title (‘Grip of death’ is actually the literal translation of 'mortgage' - the things that started this whole credit crisis) because this book does a very good job at explaining the roots of the financial problems we are currently facing. Even better, it even offers solutions. I highly recommend reading it.
The insight that the book offers is highlighted by the fact that it was written in 1998; well before the financial crisis that is unfolding around us. The global financial problems are not a glitch in the system that we can fix and move on; we are coming to the point where the money-as-debt system will succumb under its own weight. You simply cannot solve a debt crisis with more debt; although that is exactly what governments are trying to do.
I find it incredible that three years into this crisis, there is still hardly any debate on what money IS; debt. No debt, no money. It is impossible to repay our debts because it would leave us without money. At the same it is becoming impossible to pay the interest on the debts. Catch-22.
We are at the beginning of the ‘end game’ of our financial system. The volatility on the financial markets is just one of the signs that we are reaching the mathematical end of our debt-based casino-speculation financial system.
What we need is a monetary system that is not based on debt. Where a euro in somebody’s pocket doesn’t necessarily mean a euro of debt for somebody else. A system where money is used as a means for trading and storing value instead of runaway speculation and useless financial derivatives. Instead of being the ultimate goal, money should be like oil in an engine used to facilitate transactions.
Want to know more? Read the book. Although it is a bit antagonistic towards our capitalistic system at certain points, it is a great alternative to accepted theory. And to understand where the author is coming from, maybe start by reading the last chapter: ‘A spectrum of opportunity’. Puts the whole thing in perspective…
This quote above is taken from the book ‘The Grip of Death; A study of modern money, debt slavery and destructive economics’ by Michael Rowbothan. Don’t be put off by the title (‘Grip of death’ is actually the literal translation of 'mortgage' - the things that started this whole credit crisis) because this book does a very good job at explaining the roots of the financial problems we are currently facing. Even better, it even offers solutions. I highly recommend reading it.
The insight that the book offers is highlighted by the fact that it was written in 1998; well before the financial crisis that is unfolding around us. The global financial problems are not a glitch in the system that we can fix and move on; we are coming to the point where the money-as-debt system will succumb under its own weight. You simply cannot solve a debt crisis with more debt; although that is exactly what governments are trying to do.
I find it incredible that three years into this crisis, there is still hardly any debate on what money IS; debt. No debt, no money. It is impossible to repay our debts because it would leave us without money. At the same it is becoming impossible to pay the interest on the debts. Catch-22.
We are at the beginning of the ‘end game’ of our financial system. The volatility on the financial markets is just one of the signs that we are reaching the mathematical end of our debt-based casino-speculation financial system.
What we need is a monetary system that is not based on debt. Where a euro in somebody’s pocket doesn’t necessarily mean a euro of debt for somebody else. A system where money is used as a means for trading and storing value instead of runaway speculation and useless financial derivatives. Instead of being the ultimate goal, money should be like oil in an engine used to facilitate transactions.
Want to know more? Read the book. Although it is a bit antagonistic towards our capitalistic system at certain points, it is a great alternative to accepted theory. And to understand where the author is coming from, maybe start by reading the last chapter: ‘A spectrum of opportunity’. Puts the whole thing in perspective…
RSS Feed