[-empyre-] Creditism and Debt according to Richard Duncan

Jon Lebkowsky jon.lebkowsky at gmail.com
Thu Nov 29 03:25:21 EST 2012

This is very clear:

"They don’t understand what a large role the government plays—and that if
government spending is reduced, the economy immediately collapses. I think
it would help if they understood that we don’t have capitalism to begin
with, we have a different kind of economy now. This is not a crisis of
capitalism, it’s a crisis of creditism, and we have to work with the system
that we have. And while it would be nice to rein in the bankers, if you
rein them in too hard it’s going to blow up the whole system—the banks are
so worthless that the losses would be enormous, if they were actually
exposed; all the savings in the world would be destroyed as the banking
sector failed. Creditism as a system requires credit growth to survive, and
only the government can provide the credit growth now—the private sector
can’t bear any more debt."

On Wed, Nov 28, 2012 at 4:53 AM, Geert Lovink <geert at desk.nl> wrote:

> highly recommended: the New Left Review interview with Richard Duncan
> http://newleftreview.org/II/**77/richard-duncan-a-new-**global-depression<http://newleftreview.org/II/77/richard-duncan-a-new-global-depression>
> Geert
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