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gruffydd

When Are People Going To Wake Up? Financialization Is Driving This Housing Madness!

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Financialization started by Nixon defaulting on gold , replaced by derivatives and unleashed by Thatcher and Reagan, will destroy the global economy. The last time we had financialization on anything close to this scale was during the Venetian empire. When that collapsed in the 14thC we entered the dark ages that lasted over 100 years.

The scale now is much larger.

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Well, once you remove the link between money and anything tangible and essentially make unlimited money and therefore its derivative, credit, possible - then you're obviously going to see an initial boom period as the extra money now in the system floats all boats.

There's always going to be 'extra money' (vs what would otherwise be there) as the people in charge of money and credit creation are obviously going to abuse that for their own benefit. Simple human nature. The primary means of creating 'money' is via credit but when that inevitably fails due to the banks greed and stupidity leading to way too much credit creation, the central banks are called upon to outright print money to back up the bankers promises of payment. Suits the banks, suits the politicians .. so money printing continues unabated. Of course, when that hits its limit things get really crazy.

So long as money is totally abstract, the financial business is always invariably going to focus on how to game the system rather than its stated purpose of providing lubrication for the wheels of production. That's why banksters 'work' so hard - they're not actually adding anything to society through productive work as a farmer or factory worker might do, they are fighting with each other to skim off as much wealth for themselves as they possibly can through manipulating the numbers. In the process, they end up damaging the means of production but this just spurs them to fight harder to keep up their gouging.

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Financialization started by Nixon defaulting on gold , replaced by derivatives and unleashed by Thatcher and Reagan, will destroy the global economy. The last time we had financialization on anything close to this scale was during the Venetian empire. When that collapsed in the 14thC we entered the dark ages that lasted over 100 years.

The scale now is much larger.

Eh? I thought the Dark Ages were the period between the end of Roman rule in Britain in the fifth century until the establishment of the monasteries around the seventh-eighth centuries, known as 'dark' because there was little or no recorded history.

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