Published on Countercurrents.org, by Peter Goodchild, 18 February, 2009.
It’s just not possible for trillions of dollars to disappear. Money does not disappear. The amount of money is fixed, more or less. Yes, it’s possible for dishonest governments to churn out more bills, but in major industrial countries that only happens to a limited extent, because it reduces the purchasing power of each dollar of savings, and rich people don’t like that.
The money didn’t just evaporate. It went to government pension funds, to the Pentagon, to the arms dealers, to the bank executives as bonuses for the record numbers of fraudulent loans handed out by their underlings, to the owners of sweatshops in distant lands, and above all it went to the rentiers, the ultimate lenders of money. Lending is far better than working for a living – that’s why if you buy a house for $300,000, you’re expected to pay that money back to the bank, along with $600,000 in interest. The only people for whom money “disappeared” were the middle class.
In the meantime, there must be survival strategies for those of us who believe every word that comes out of the TV set, for those of us whose income has half the spending power of our parents’, for those of us who bleed ourselves dry trying to educate children who will be climbing over garbage dumps in later decades.
The ten principles are: … (full text).