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Clifffraser’s Weblog › Edit — WordPress.

The Governments of the world are in debt to the limit, the people of the civilized world are in debt to the limit, industry and institutions are in debt to the limit, but why isn’t anyone asking the question; who are we all in debt to?Who is it that has so many thousands of trillions that they can without hesitation, create a world of individual and institutional debtors?

The answer?

Well it’s those bloody banks again.

I’m sure that President Obama also knows all to well who the culprits are and by what mechanism they acquired such a big pool of money that they can lend with impunity, almost without limit.

It’s probably a truism to say that the current world debt mountain nets the banks at least 10% of the worlds gross GDP annually. For an organization that’s never created a single cent of real wealth, that’s quite an achievement. How much it amounts to does not bear thinking about, what we should be thinking about though is what can be done about it? If anything at this late stage.

The problem is that the banks now have such a fearsome stranglehold on society that it’s not going to be easy to release the pressure or mount any kind of counterattack without damaging society as a whole. Which is why all blighted Governments, tail between their legs, are currently [2008-9], frantically trying to patch up the rabid dog that bit them.

Perhaps that’s why PO, wary of an outright assault on the pernicious banks, is starting by nibbling at their heels with credit card reform and new consumer debt safeguards. Pray to your gods this is just the beginning.

Of course it’s easy to say, why were these measures not thought about years ago when credit cards were invented? One would have thought that any knowledgeable Government ‘think tank’ of Tommy Noddy Economists could surely have predicted the consequences of the creation and blossoming of the credit card era, the belladonna of the debt industry, the ‘devil’s cherries’ with which the bankers have tempted and ensnared everyone.

Good luck Barrack, I truly hope your wisdom can prevail.

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