georgephillip
Diamond Member
Is the US borrowing its way to Fascism?
20th century versions of the merger of state and corporate power (Germany, Japan, Italy, and Spain) interacted differently in each country's particular history and conditions.
If it comes here, the Federal Reserve will play a key role:
Richard D. Wolff - The U.S. Is Borrowing Its Way to Fascism | Brave New Europe
"Today’s crisis-ridden capitalist economy is more dependent on credit than at any time in the system’s history.
"More than ever, credit sustains the purchasing power of consumers and of government programs.
"Capitalists depend on that purchasing power..."
"Once it was mostly private entities—rich families, banks, insurance companies, and pension funds—that were the chief lenders to corporations. They bought and held the corporate bonds and IOUs.
"Now those private lenders increasingly sell their corporate bonds to the Federal Reserve.
"That happens when the corporate loans get packaged into asset-backed securities sold to the Federal Reserve.
"More recently, the Fed has undertaken the market purchase of exchange-traded funds (ETFs) composed of corporate bonds and of corporate bonds direct from their private issuers."
Some Things Never Change
Renegade Inc - Michael Hudson: He died for our debts, not our sins | Brave New Europe
20th century versions of the merger of state and corporate power (Germany, Japan, Italy, and Spain) interacted differently in each country's particular history and conditions.
If it comes here, the Federal Reserve will play a key role:
Richard D. Wolff - The U.S. Is Borrowing Its Way to Fascism | Brave New Europe
"Today’s crisis-ridden capitalist economy is more dependent on credit than at any time in the system’s history.
"More than ever, credit sustains the purchasing power of consumers and of government programs.
"Capitalists depend on that purchasing power..."
"Once it was mostly private entities—rich families, banks, insurance companies, and pension funds—that were the chief lenders to corporations. They bought and held the corporate bonds and IOUs.
"Now those private lenders increasingly sell their corporate bonds to the Federal Reserve.
"That happens when the corporate loans get packaged into asset-backed securities sold to the Federal Reserve.
"More recently, the Fed has undertaken the market purchase of exchange-traded funds (ETFs) composed of corporate bonds and of corporate bonds direct from their private issuers."
Some Things Never Change
Renegade Inc - Michael Hudson: He died for our debts, not our sins | Brave New Europe