Michael Hudson: Oligarchy will never cancel the debt we owe

[don]

Michael Hudson

[BadJuju]

Re: Michael Hudson: Oligarchy will never cancel the debt we owe

We all get to go back to being slaves again. At least those of us that survive.

[ProdigyofZen]

Re: Michael Hudson: Oligarchy will never cancel the debt we owe

Michael Hudson

Iceland cancels debts: http://www.bloomberg.com/news/2013-1...-recovery.html

[don]

Re: Michael Hudson: Oligarchy will never cancel the debt we owe

Iceland cancels debts: http://www.bloomberg.com/news/2013-1...-recovery.html

Size matters . . .

[ProdigyofZen]

Re: Michael Hudson: Oligarchy will never cancel the debt we owe

Size matters . . .

1.25 billion is I think 9% of their GDP. That is a lot.

[gwynedd1]

Re: Michael Hudson: Oligarchy will never cancel the debt we owe

Paradoxically it will be when the Oligarchs become so few that they become established rivals. At one point the masses can become the only ally. In their own domains they will have a little use for a rentier as we do. For example if you owned an island, who is the only rentier they would tolerate? That is the cycle. When you own it all you cannot steal any longer. All you can do is prevent theft. Democracy may fail , but that does not mean that rentiers have a better fate.

[Forrest]

Re: Michael Hudson: Oligarchy will never cancel the debt we owe

Paradoxically it will be when the Oligarchs become so few that they become established rivals. At one point the masses can become the only ally. In their own domains they will have a little use for a rentier as we do. For example if you owned an island, who is the only rentier they would tolerate? That is the cycle. When you own it all you cannot steal any longer. All you can do is prevent theft. Democracy may fail , but that does not mean that rentiers have a better fate.

What is the actual percentage of population of the oligarchy as oppose to debt slaves? 10%/90 percent seems a bit lopsided. And those within the oligarchy, are they all not still including Aristocrats, Gentry, and Burghers/Farmers? Those that own their own stuff debt free, have the ideas, run the companies that use the debt slaves, etc?

[gwynedd1]

Re: Michael Hudson: Oligarchy will never cancel the debt we owe

What is the actual percentage of population of the oligarchy as oppose to debt slaves? 10%/90 percent seems a bit lopsided. And those within the oligarchy, are they all not still including Aristocrats, Gentry, and Burghers/Farmers? Those that own their own stuff debt free, have the ideas, run the companies that use the debt slaves, etc?

I think 10% is a very large oligarchy. There is still much to be gained to act parasitically. I would guess that it would need to get to more like .00001% before it would get to the point that they realized they are the host itself. If state power were restored we would be able to hasten that eventuality. I would rather have an oligarch gobble up a state rather than piece meal around the country.