A DIARY OF THE ONSET OF THE GREATER DEPRESSION,
Vulture restructuring is a purging cure for a malignant debt cancer. The reckoning of systemic debt presents regulators with a choice of facing the cancer frontally and honestly by excising the invasive malignancy immediately or let it metastasize through the entire financial system over the painful course of several quarters or even years and decades by feeding it with more dilapidating debt......
Driving this change is a growing concentration of power in the
financial and banking sector. That, in turn, unleashed a process
called FINANCIALIZATION with the economy dominated by a
vast CREDIT AND LOAN COMPLEX every bit as insidious as the
Military Industrial Complex. This Complex is shadowy and
omnipresent, active in funding our politicians and lobbying for laws
that benefit their businesses. At the same time, it is invisible to most
of us. It operates through a fog of shadowy lobbyists, interconnected
institutions and highly legalized (and hence poorly understood)
rules, laws and procedures underpinning the market system and the
high-speed computers that move money and buy/sell orders
around the world in seconds.(xxii) .......
For years I have been referring to the Terminal Triangle: Peak Oil, climate change, and global economic meltdown, the latter explained in Danny's book in terms of the international ramifications of the Greater Depression. And of course, there are "other horsemen" of the apocalypse, as enumerated by Sally Erickson in her recent blog, so I find it impossible to discuss the mortgage crisis without connecting it with the additional impending global catastrophes that spell the end of the world as we have known it......
When I talk about collapse, my second paragraph usually goes something like, "Get out of debt, get out of debt, get out of debt-unless you plan to be an unincarcerated (or incarcerated) wage slave of corporate capitalism for the rest of your life." .........
As I scour the blogosphere, I find almost no progressive voices discussing the dire economic realities of this moment. After all, it's much easier to bash Bush, obsess about clueless, corporately-owned candidates, or blog about green products, green shopping, green living, and all manner of green-wash. Meanwhile, I continue to ask: What have you done to prepare for a post-petroleum world? As the Terminal Triangle becomes ever-more cataclysmic, how will you acquire food, drinkable water, and healthcare for yourself and your loved ones?