[lbo-talk] Now available in English: »Is the whole World going bankrupt?«

[Chuck Grimes]

Government debt: What it is and how it functions. «luxemburg argumente», 
English version. Translation of the original German version by Alexander 
Locascio.

http://www.rosalux.de/publication/38962/is-the-whole-world-going-bankrupt.html

This link leads to an introductory few paragraphs that end with:

``It does not attempt to assert that government debt is actually not a 
problem. Rather, it attempts to demonstrate the purposes that government 
debt serves, and when it becomes a problem - and for whom. Because 
ultimately, questions of debt are questions of distribution: some have to 
pay, while others benefit.''

Okay so then what? I already know the non-technical answer. It benefits the 
banks and the elites by transferring the problem of the maldistribution of 
wealth which has been created by the banks, elites, and goverments over to 
public institutions who can not fund their essential activities and 
therefore creat public debit to finance those activities. This transfer 
became a feed back loop by endless nonsense about austerity.

The answer is a revolutionary program that starts with an ultimatum. Either 
submit to heavy regulation, massive fines, and criminal prosecutions to 
transfer the privately held wealth back to public control or face outright 
nationalization. In other words, behave or die.

CG