Modern Capitalism – The Marxist View: Part 10A

 

Treachery!! Предательство!!

The feared “Soviet” secret service, the KGB, was always controlled by the the CIA (Central Intelligence Agency of the USA). As such, the CIA — KGB played an insidious and decisive role in the destruction of the Soviet Union.

The KGB’s successor in conspiracy, the “Russian” secret service FSB (ФСБ — Федеральная служба «безопасности» России) is likewise controlled by the CIA.

Among the manifold CIA – FSB tasks in stifling Arnold Lockshin is to block almost all commentaries sent in response to my material on the internet.

Arnold Lockshin, political exile from the USA living in Russia

ФСБ — Федеральная служба «безопасности» России — по приказу своего секретного постоянного хозяина — американского ЦРУ блокирует почти все отправленные мне комментарии.

И это далеко не всё.

Арнольд Локшин, Политэмигранта из США

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In order to raise additional money to cover excess spending, Congress increases the size of the National Debt by issuing securities typically in the form of a Treasury Bond.” US federal government debt already is substantially above the approximately $15 trillion US GDP (gross national product).

Today’s Federal Debt is about $18,525,925,890,000 (now over $20 trillion — AL). The amount is the gross federal debt issued by the United States Department of the Treasury since 1790. It doesn’t include state and local debt, and it doesn’t include the so-called unfunded liabilities of entitlement programs like Social Security and Medicare» (http://www.usgovernmentdebt.us).

In spite of relatively low interest rates, in 2014 the US had to pay out over $430 billion in interest on the national debt (National debt of the United States – Wikipedia).

In Japan, the debt/GNP ratio is even higher. “The Japanese public debt exceeded one quadrillion yen (US$10.46 trillion) in 2013, more than twice the annual gross domestic product of Japan” (Japan public debt – Wikipedia).

Unless hyperinflation rears its ugly head – as it did in the German Weimar republic in the 1920’s – these debts are unpayable. At some point, the scheme will blow up.

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Unsustainable debt is a feature of the modern US economy, extending well beyond the federal government. In the long run, debts either have to be repaid or the money has to be drastically devalued. Or the economy suffers a crashing default – nonpayment of loans.

Total US debt soars to nearly $60 trn, foreshadows new recession

America — its government, businesses, and people — are nearly $60 trillion in debt, according to the latest economic data from the St. Louis Federal Reserve. And private debt — not government borrowing — is the biggest reason for the huge deficit.

«Total US debt at the end of the first quarter of 2014, on March 31 totaled almost $59.4 trillion — up nearly $500 billion from the end of the fourth quarter of 2013, according to the data. Total debt (the combination of government, business, mortgage, and consumer debt) was $2.2 trillion 40 years ago.

 

‘In 50 short years, debt has gone from being a luxury for a few to a convenience for many to an addiction for most to a disease for all,” James Butler wrote in an Independent Voters Network (IVN) op-ed. “It is a virus that has spread to every aspect of our economy, from a consumer using a credit card to buy a $0.75 candy bar in a vending machine to a government borrowing $17 trillion to keep the lights on’ ” (Russia Today: June 18, 2014).

It is impossible to create real, long-term value by printing scraps of fancy paper or by pushing electronic buttons. Yes, at some point the scheme will blow up. And blow up big!

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