Sunday 12 June 2011

Spiralling debt has fuelled the neoliberal version of economic growth - but the party's over


Total US debt has doubled 4 times since the 1970s, making a nice bell curve - well, up until the 2007/08 financial crisis. All this spiralling debt has fuelled the neoliberal version of economic growth, of which asset price appreciation has been a fundamental driver. But at some point the reality that the debt can't be repaid strikes home. The bailouts of banks, the US effectively printing money, is only delaying a collapse of the global economy like nothing seen before. We need to understand and prepare for history changing events.

See Death by Debt by Chris Martenson, which reveals the scale of the debt mountain and points to evidence that the hyper-financialised edifice of the neoliberal economy is on the brink of falling over.

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