[P2P-F] crucial text on democracy and debt by Michael Hudson (everyone should read this)

Wed Dec 7 10:17:35 CET 2011

hi apostolis,

my understanding is that compound interest is a primary cause (one of the)
of infinite growth, but not the only one. Merely tacking monetary design
would not change the other factors leading to infinite capital
accumulation. Nevertheless, it's an important part of any mix of measures
to contain the infinite growth dynamic, and in this context, a renewed
drive for debt bondage, leading to the destruction of the welfare state
model.

Michel

On Wed, Dec 7, 2011 at 10:11 AM, Apostolis Xekoukoulotakis <
xekoukou at gmail.com> wrote:

> I dont understand your question very well. If you are refering to the
> historical basis of debt bondage the article suggests that it is.
>
> I would search for the reasons that interest rates were created. Interest
> rates are like a kind of clothe. We have to understand that it is a clothe
> and not be misguided by the fashion of the era.
>
> If we removed interest rates from the economy, would we have stopped the
> unending cicle? This is as important today as ever before.
>
>
> 2011/12/6 Michel Bauwens <michel at p2pfoundation.net>
>
>> <My only concern is that he might consider debt as only the obligation to
>> return money with interest in the future in exchange for some product or
>> service.>
>>
>> that's the basis of debt peonage / bondage is it not?
>>
>>
>> On Tue, Dec 6, 2011 at 10:50 PM, Apostolis Xekoukoulotakis <
>> xekoukou at gmail.com> wrote:
>>
>>> +1
>>>
>>> ''Debt has been the main dynamic driving these shifts – always with new
>>> twists and turns. It polarizes wealth to create a creditor class, whose
>>> oligarchic rule is ended as new leaders (“tyrants” to Aristotle) win
>>> popular support by cancelling the debts and redistributing property or
>>> taking its usufruct for the state.''
>>>
>>> My only concern is that he might consider debt as only the obligation to
>>> return money with interest in the future in exchange for some product or
>>> service.
>>>
>>>
>>>
>>> 2011/12/5 Michel Bauwens <michel at p2pfoundation.net>
>>>
>>>>  http://michael-hudson.com/2011/12/democracy-and-debt/
>>>>
>>>> (i only disagree with his analysis of the feudal ages, serfs were NOT
>>>> indebted, and it was not a continuation of the undefeated roman oligarchy)
>>>>
>>>> Michel
>>>>
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>>>
>>>
>>> --
>>>
>>>
>>> Sincerely yours,
>>>
>>>      Apostolis Xekoukoulotakis
>>>
>>>
>>>
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>>
>>
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>
>
> --
>
>
> Sincerely yours,
>
>      Apostolis Xekoukoulotakis
>
>
>
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