carrotwax t1_ivztj37 wrote
I wish there was real awareness of the underlying factors. In our financialized economy (compared with an industrial one), bankers require a minimum interest rate that is higher than the economic growth. We've also made it near impossible for countries or normal individuals (but not corporations or the rich) to declare bankrupcy. To get out of problems like 2008 and the covid economy, more money supply was introduced through "quantitative easing". Where can the money go? Big money doesn't invest in business as much any more - real estate is desired. Then competition drives prices up. Banks like this because most of the housing inflation money goes back to them.
The economy is like a ponzi scheme in the long run. Everyday people pay for it.
No society in history lasted a long time without erasing debt on a massive scale. A good read is David Graeber's book on the history of debt: https://www.goodreads.com/book/show/6617037-debt
Professional-Ad-2031 t1_iw1q3ip wrote
interesting comment, would like to come back to it
carrotwax t1_iw4tm7c wrote
Michael Hudson is a great source if you have time to listen to some of his youtube lectures.
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