Debt or Taxes – the battle of our time

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Debt or Taxes – the battle of our time by Golem XIV on NOVEMBER 23, 2011 in LATEST ....................................................................................... Debt is to the free market and its political agenda as taxes are to democracy. Both are THE ultimate source of power for their respective worlds. Taxes are what gives governments their power. Debt is what gives banks and the financial system its power. It has no other. ..................................................... The power to tax your future work and wealth is what gives the government a guarantee of income and therefore of power stretching away in to the future. Debt does exactly the same for the world of private finance and ‘free markets’. Debt and taxes are in direct competition. They are both claims on the future, our future. ... .......................................................................... .... The competition is not just financial it is crucially political. Paying taxes supports the workings and power of nation states and ties us all to the nation state and to the politics of democratically electing governments. Taking on private debts whether personally or collectively, replaces loyalty to and concern for the nation state with concern for the banks and the private financial system they make up. Whichever of the two claims we are persuaded takes precedence and is the most important, takes hold of the reigns of power and has the final say in what we do today and where we are headed tomorrow. The system of private finance and debt is right now claiming that precedence and our politicians are helping them. We are being betrayed. ............................................................................................... ....... We are no longer making financial decisions within the context of a democratic system based upon nation states. We are choosing between that 19th century system and a new private-debt based system in which neither the nation state nor its democratic traditions have any standing nor power. The decisions that are being made for us and around us, often in spite of our voiced concerns, are transferring power from the nation state system to the private global financial system. From governance to management. From democracy to oligarchic technocracy. ............................................................................................... ....................... Bailing out the banks and the wider system of private debt finance is a directly political act. Though that is not being made clear. Perhaps it is even being deliberately disguised. We are told bailing out the banks is purely a matter of practical and expedient necessity. A temporary financial matter. It is not. It is a fundamental shift in power.