Title: Mcgowanjm Wire 2012 Source:
[None] URL Source:[None] Published:Feb 26, 2012 Author:Various Post Date:2012-02-26 09:15:13 by A K A Stone Keywords:None Views:1300411 Comments:2390
Debt itself has become the obsession du jour: the problem is not the sufficiency of debt or even its costs but the defective structure within which debt subsidizes profitless waste. We love our waste, it makes us feel human: right now the world’s economies are at the point where debt can just barely stretch to fill the waste gap. We can just barely afford the costs of the debt, provided we put to use every sort of extraordinary tactic to manage them. We add more debt, we borrow our way out of it, we shuffle it around: running faster and faster to remain in one place.
Debts can be managed this way only because the state can always run faster: as long as there is a marginal return somewhere within the debt-y universe the system will continue to lend to itself ever-larger nominal amounts. Unfortunately, the real capital that the debt is supposed to represent diminishes while the claims made against capital increase. The efforts to manage debt by ‘renewing’ it become counterproductive. Adding debt becomes another form of waste with costs that cannot be met.
The only presidential candidate who has vowed to axe the NDAA provisions is Ron Paul. If you support any other candidate, ask why they are supporting the gutting of the Bill of Rights under the Orwellian umbrella of GWOT (global war on terror).
