Fri Nov 9, 2012, 01:29 PM
Democrats_win (6,060 posts)
It's the Interest Stupid! Why Bankers Rule the World
...a stunning 35% to 40% of everything we buy goes to interest. This interest goes to bankers, financiers, and bondholders, who take a 35% to 40% cut of our GDP.
...in the United States, where (interest receipts) composed a whopping 40% of U.S. business profits in 2006. That was five times the 7% made by the banking sector in 1980. Bank assets, financial profits, interest, and debt have all been growing exponentially.
By 2010, 1% of the population owned 42% of financial wealth, while 80% of the population owned only 5% percent of financial wealth.
How to Recapture the Interest: Own the Bank
The implications of all this are stunning. If we had a financial system that returned the interest collected from the public directly to the public, 35% could be lopped off the price of everything we buy. That means we could buy three items for the current price of two, and that our paychecks could go 50% farther than they go today.
Direct reimbursement to the people is a hard system to work out, but there is a way we could collectively recover the interest paid to banks. We could do it by turning the banks into public utilities and their profits into public assets. Profits would return to the public, either reducing taxes or increasing the availability of public services and infrastructure.
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It's the Interest Stupid! Why Bankers Rule the World (Original post)
|Still Sensible||Nov 2012||#2|
Response to Scuba (Reply #1)
Fri Nov 9, 2012, 01:59 PM
Hydra (11,438 posts)
3. I get a lot of flak for saying it
But Wage Slavery is more efficient than normal slavery, which is why we don't use the old form so much now. Mated with credit, and it's all they need to keep normal people yoked.
The stunning thing? People who are being exploited FIGHT to keep the system in place. *shakes head*