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View Diary: The Ongoing Financial Collapse (29 comments)

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  •  Agreed, but... (3+ / 0-)
    Recommended by:
    ohcanada, Kcaridad, Pris from LA

    Yes, I think the group of people that Bush represents have behaved in a way that exacerbated the shift in the balance of power among many groups.

    I wonder about something, though: Wasn't some shift in the balance of power all but inevitable?

    The only way for this society to keep on its current track of huge consumption would be through world-class creativity, productivity, and above all, luck.

    So the question is whether Bushco is the problem, or "merely" an accelerant for an existing problem?

    And could any philosophical group either soften the landing or, miracle of miracles, find a way to preserve most of our quality of life as we see it?

    Lenski is a screen-nym, not my surname.

    by lenski on Sat Jul 12, 2008 at 08:51:26 AM PDT

    [ Parent ]

    •  path of least resistance (2+ / 0-)
      Recommended by:
      luvmovies2000, ohcanada

      The problem is why go with creativity, productivity or even luck when you can just keep turning on the debt spigot and borrowing your way out of current problems?

      Ultimately it's the banking system that is at fault. With fractional reserve banking there's every incentive to promote huge—as in mega-huge, gluttonous, pointless, no longer even satisfying—consumption as a way of continuing the creation of that 90% of every loan that materializes out of thin air, since that's the money that is making the bankers and investing class filthy rich. With government helping out as the biggest borrower to keep the war machine running. As I alluded in another thread, you probably couldn't even raise the reserve requirement to something more reasonable at this point without totally crashing the economy. This is like a system run by junkies for junkies—they'll do anything to avoid withdrawal from that debt-based wealth high.

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