In Debt We Trust as the Economy Goes Bust: A Return to Serfdom?

[bridgit]

'Last week the Senate Banking Committee began an investigation of credit card companies and that industry’s lending practices of which Chairman, Carl Levin of Michigan said, “Millions of families . . . are kept in debt and are in over their heads not just because of their own purchases . . . but because of the abusive practices and excesses of the credit card companies.” Simultaneously, MSN’s Money Markets Editor, Jim Jubak, published an enlightening piece “Debt Pyramid Threatens To Topple Markets” in which he analyzes the gargantuan February 27 sell-off in world markets and its continuing reverberations throughout the global economy. Whether personal or planetary, a tornado of foreclosures, bankruptcies, missing money -- now arriving on the world stage as a housing bubble, soon devolving into a credit bubble -- is ripping through the United States economy and world markets and will ultimately shatter, splinter, and shred, not only the fiscal fabric of America but is likely to catapult the global economy itself into massive meltdown. Consequently, I’m not holding my breath that Levin or his committee will have any influence on the debt cyclone and the industry that has set it in motion.'

http://www.dissidentvoice.org/Mar07/Baker13.htm

[jaksavage]

1. I believe

It is long overdue on numerous levels
the longer the majority holds their head in the sand
the more painful it will be.

How are your gardening skills?
do you live walking distance to a store? work? etc
debt will sink many ships.

Makes socialism look better and better

[bridgit]

2. the battle cry of capitalism seems 'we should have the freedom to make as much...

money as we are able with as much liberty as is required to count it' but that is a canard imo, an excuse in many cases to simply run rough shod over the dreams of others and in some cases perhaps their own words of support so-called freedom & liberty

i.e. http://wonkette.com/politics/george-soros/george-soros-buys-2-million-shares-of-halliburton-241746.php

[Rydz777]

3. Rock and hard place

We are literally hanging between recession and inflation and may just get the worst of both - stagflation. Continuing trade deficits ("free trade," you know), bloated consumerism on maxed out credit cards, and Bush paying for his miserable war by borrowing money from the Chinese - what a recipe for disaster.

[bridgit]

4. what a recipe indeed...

x(