At 21:11 20/05/2013,Mike Spencer wrote:
http://truth-out.org/opinion/item/16468-vast-underclass-must-rise-up- against-global-mafia-or-die
As for grasping "the dark soul of global capitalism" in the above, you wouldn't have been writing without a PC, a product of capitalism. Unless thousands of ordinary folk had deposited small amounts able in a bank to be collected into large investments in the 18th century, then the chances are that you and I would still be on a scale anywhere between a peasant or at most a yoeman farmer who could only afford an iron-tipped ploughshare when he could pay for it with a pig or two.
What's wrong with capitalism is that governments allowed to banks to create credit far below a sensible fraction of reserves (100%). The minimum level recommended by the Bank for International Settlements is 10%. By 2008, this had dropped to 2 or 3% in the case of two or three of Europe's and America's largest banks; in the case of the rest of the large banks it was 0%. Governments made no attempt to bring the banks up to scratch.
What would have happened if governments had done their job? Capitalism would have continued but at a much slower pace. It might have been another few hundred years before PCs and FW came along.
Keith
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