“Some even believe we (the Rockefeller family) are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure—one world, if you will. If that’s the charge, I stand guilty, and I am proud of it.”–David Rockefeller, Memoirs, page 405
Yes about families and no on the recovery. Official pronouncements of national economic wellness conveniently measure success by the growth of Gross Domestic Product (GDP) minus acknowledgment of the destabilizing effect trillions of dollars of debt has on the economy. If money were not the product of a private-fractional-reserve monopoly, economic recovery might indeed be possible.
Given our virtually bankrupt economy, its problems far exceed the simplistic explanation of another round of the boom/bust business cycle. Robert Reich, former Secretary of Labor in the Clinton administration, spoke truth in his recent essay, The Tortoise Economy:
“The underlying problem is structural, not cyclical. There will be no return to normal because normal got us into the hole in the first place. And the normal kind of prescriptions can’t possibly get us out. Until the economy is restructured so more Americans share in its gains, the economy won’t make many gains. We’ll be forever trying to scale a wall that can’t be, because the vast majority of Americans lack the purchasing power to move upward.”
Though readers and clients alike have heard me beat this same drum for nearly a decade, I do appreciate the credibility people like Robert Reich bring to my heretofore voice in the wilderness. Maybe such mainstream voices will help “the vast majority of Americans” dispel any last remnants of denial. To expect recent financial-sector regulations to lead to recovery (giving the Fed new powers) is to expect blood from a stone.
Nothing short of retiring and replacing a central-banking-war-machine system can get the job done.
Yet to retool the current dysfunctional system into a functional one will come at a price. Not only would most people’s lifestyles and comfort zones be disturbed at least in the short-term, but also those at the top of the pyramid who extract endless wealth from the rest of us via interest payments would probably lose the legal right to do so.