"In 1946, the US financial sector owed $3 billion of debt, or 1.35% of GDP. By 2009 this had increased to $15.6 trillion, or 109.5% of GDP."
Z.1 Statistical Release, Federal Reserve Board of Governors, December 2010
The current government debt, remember, the thing everyone says is the problem in this country, is about 46% of GDP. That's everything, in perpetuity...While financial or private capital interest, owe almost $20 TRILLION!!! That's 20 trillion, with a "T".
And if I remember right, when the shit hit the fan and this debt became callable, IMMEDIATELY I might add, what sector of the economy went running to government (you know, that evil thing) to bail their asses out and stop the call on margins, instruments of leverage and debt obligations?
Why, the capitalist sector of the production equation. Das Kapital, the straw that stirs the drink, the ultimate risk gods who champion their right to fail as their moral justification for their "compensation", such as it is (and it ain't too damn bad).
In 1789 things like this would have ended much differently for the perpetrators of leveraged speculation and the collapse of the credit market. Perhaps Jack Ketch could make a comeback.
No comments:
Post a Comment