In a capitalist economy, if you lend me money and I can't pay you back, it's your problem: You cannot demand that my neighbors pay the debt. But since the rich and powerful protect themselves from market discipline, matters work differently when a big bank lends money to risky borrowers, hence at high interest and profit, and at some point they cannot pay. Then the "the credit community's enforcer" rides to the rescue, ensuring that the debt is paid, with liability transferred to the general public by structural adjustment programs, austerity and the like.
in the time remaining, to help us understand how the man-made system of capitalism will lead to the extinction of our human species, and so many others.
Tuesday, December 10, 2013
Chomsky: It Is All Working Quite Well for the Rich, Powerful
Click here to access the abridged interview that CJ Polychroniou and Anastasia Giamali had with Noam Chomsky posted on Truthout.