Tom Abeles said, in part (and in essence),
" One wonders when the banks will see another service, brokering
those who are indentured via their non-dischargeable credit card debt."
And yet that is the point, isn't it? Tom speaks of "cash", but (depending
on what he means by that), very few people have much "cash". Very rich
people have stocks, bonds, and perhaps property (though that is likely to
be highly mortaged)--which is not "cash". They are often as "cash poor"
as the rest of us and basically rely on their credit-worthiness in order
to obtain goods and services Most ordinary folks (who are not in a barter
or socialized economic system), also rely not on "cash" but on "credit"
(hence debt) in order to consume. Few could live on the cash in hand (or
even in their bank accounts, where it does not sit anyway, but is equally
emphemeral)
As others on this list have pointed out, what has happened over recent
decades is that the interest on consumer credit has impoverished the
former middle class while flowing to and vastly enriching the "financial
class"--but that is all not "cash" in their hands either, since it is as
hard to get cash out of cashless debtors as it is blood from a stone.
It all shows the lunacy of a system which still requires people to "work"
even though their labor is not needed--what is needed is their "purchasing
power." Can't this be achieved without their having to "work for it" if
there are so few truly "needed" jobs?? Janitors? Hamburger Flippers? and
Lawyers for heaven's sake!! Speak of make work!
