COLUMN: Movement rallying against economic chimera

The disenfranchised poor of the “Occupy” movement proclaim our capitalistic economy is bereft of ethical structure

By Ron Heusen

The disenfranchised poor of the “Occupy” movement proclaim our capitalistic economy is bereft of ethical structure and in urgent need of a paradigm shift to an equitable and just balance of societal and corporate needs.

Unfortunately, the disheveled appearances of occupiers and their constant challenges to our coveted belief that modern capitalism upholds the ethical Calvinist values of hard work, thrift and moderation, close our minds to their sage advice.

At the heart of modern capitalism are corporations that concentrate inequitable amounts of power through political influence, access to technology and control of money.

Corporations have one fiduciary responsibility, to maximize shareholder profits, which results in the movement of wealth into the hands of a few through the continuous erosion of social contracts with people.

Corporations have rapidly adapted to the fluid competitive nature of global markets that utilize people as disposable resources by discarding them for cheaper alternatives. The modern mobility that comes from advanced technology continuously reconstitutes corporate power to such a degree that they have become immune to the devastating social effects that come from industrial abandonment.

This concentrated corporate power requires vast sums of money, and governments working in conjunction with banks, provide it.

Banks and governments keep corporate money flowing by siphoning it from people, creating money out of nothing and by perpetuating myths about the sustainability of modern capitalism. They insidiously hide the environmental fact that economic growth has to ignore the limits of natural ecological systems.

Furthermore, they garner public support by artificially lowering the real “total” cost of production of goods through corporate tax breaks, subsidies and by ignoring indirect societal and environmental costs.

Governments then worsen the situation by borrowing vast amounts of money to pay for these manipulations.

The veneer of corporate ethicality faced its coup de grace when the world shifted to a debt-based monetary system controlled by the small number of private international financiers running the federal reserve, the nucleus of a matrix of global banks that control world commerce.

A debt-based economy, in part, works like this: when governments need money they use their sovereign power to issue paper bonds (IOU’s) to the federal reserve banking system, which credits government accounts with the value of the bond.

Out of this account, the government pays creditors who then deposit that money into banks, who in turn, retail (lend) that deposited money out into the economy, repeatedly, in a process known as “creating money out of debt”.

The stability of this system is contingent on the economy (money supply) expanding faster than debt, so that interest payments on those paper IOU’s can be made.

Unfortunately expanding economies drive inflation, which reduces revenues, often requiring more IOU’s to pay for government services.

The absolute genius of debt-money is that it literally creates money out of nothing, it requires little to no liquidity base and it operates with impunity in our open loop debt-based economy.

Obscene wealth in the hands of a few, an eroding middle class, increasing poverty, a staggering debt crisis that has sealed our children’s future, increasing unemployment and escalating destruction of our environment has become the Occupy Movement’s rally cry against this economic chimera.

u

Retired Nanaimo resident Ron Heusen writes every second week. He can be reached through the News Bulletin at editor@nanaimobulletin.com.

Just Posted

Nanaimo high school students cut class to attend climate action rally

Extinction Rebellion Nanaimo rally raises awareness, demands action against climate change

Public meeting will explore ideas to battle addiction and crime in Nanaimo

Organizers call for treatment centres, accountability for crimes, citizens’ task force

VIU students empowered to ‘shift the vote’ this election

VIU Students’ Union, B.C. Federation of Students launch ‘Our Time is Now’ campaign

Nanaimo-Ladysmith candidates ‘disappointed’ with prime minister over blackface

Situation a ‘nightmare’ for Trudeau and the Liberals, says VIU professor

RDN transit committee recommends keeping bus loop at Port Drive until summer

Regional District of Nanaimo board to debate recommendation Oct. 22

PHOTOS: Young protesters in B.C. and beyond demand climate change action

Many demonstaers were kids and teens who skipped school to take part

Beefs & Bouquets, Sept. 19

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Nanaimo athletes earn gold, silver, bronze at 55-Plus B.C. Games

Huge contingent of local participants competed in largest-ever 55-Plus B.C. Games in Kelowna

Nanaimo beekeepers take down nest of giant hornets

One nest eradicated at Robins Park, but there are still Asian giant hornets around

Walmart to quit selling e-cigarettes amid vaping backlash

U.S.’s largest retailer points to ‘growing’ complications in federal, state and local regulations

Former B.C. lifeguard gets house arrest for possession of child porn

Cees Vanderniet of Grand Forks will serve six months of house arrest, then two years’ probation

Crown alleges resentment of ex-wife drove Oak Bay father to kill his daughters

Patrick Weir alleged in his closing arguments that Andrew Berry is responsible for the deaths of his daughters

‘I’d do it again,’ says B.C. man who swam naked, drunk in Toronto shark tank

David Weaver, of Nelson, was drunk when he went to Ripley’s Aquarium in Toronto on Oct. 12 2018

How to react to Trudeau’s racist photos? With humility, B.C. prof says

‘We are now treating racism as a crime that you cannot recover from’

Most Read