Thanks to William Shepherd:
In David DeGraw’s study of the true state of the USA entitled The Economic Elite vs. The People of the United States of America, he argues that the American middle class is being eliminated by a rapacious economic elite, who make up just one percent of the population and represent nobody but themselves. The process did not begin with sub-prime mortgages and the credit crunch but has been accelerated by both…and by Obama’s coerced responses to them, which have benefited Wall Street at the expense of Main Street.
David DeGraw lays out a thoroughly researched case…including truly shocking statistics on the state of the richest nation on the planet…and suggests a way to connect the dots and explain what is going on.
An 18-page 14000 word article by David DeGraw…see attached Word version…has been posted on the cesc website at http://cesc.net/adobeweb/dispatches/economicelite.pdf. The cesc version can also be accessed via the William Shepherd bookmarks at: http://delicious.com/williamshepherd/dispatches .
This blog post puts the EU and Greece excellently into the general debt perspective of our system, with central banks and governments as its key players, in a mortal embrace.
Remember: the money supply of a nation consists of
- Cash issued by government as notes and coins – interest-free – raising seigniorage as income
- Credit issued by banks at interest.
The budget deficit of a government consists of the difference between income and expenditure.
Government income consists of taxation and borrowing, since seigniorage has more and more decreased and is being ignored in general budget figures.
- In the UK, the hole of the budgetary deficit is filled by …
- Public Spending Borrowing Requirment (PSBR).
I.e. the tightening of public debt spirals is built in; with every annual budget – according to seemingly “good” and even “golden” fiscal rules.
And that means: dependency of governments by supranational bureaucracies such as the EU. Euroland is the first of such “world regions” that the Single Global Currency Association and other questionable groupings of the global financial elite are advocating.