As Marx famously said: What the bourgeoisie produces, above all, are its own gravediggers. Global markets are skittish, thereÕs blood in the streets, terrorists under every bed, mass paranoia and the banks are reporting record profits as they pump up the death, err, debt quotaÉa system out of control? hmmmmÉwell are we entitled to ask the question: what value our labour? Globally 90% of money is created by the banking system through debt. Is it any wonder that the US Federal Reserve ceased the publication of, or in fact has hidden, M3 money supply data, which would expose intranscient inflationary money/debt creation? Perhaps these blindfolds and smokescreens will sustain the marketÕs greed for some time to come.
In the meantime, the wealth created by legitimate labour is being siphoned off and inflated away in a seemingly exponential concentration of wealth. Note the increase in (identified) billionaires in the last 4 years, from 476 to 946; Forbes has hailed 2006 as the richest year in history, we should ask: for whom and how? To the crocodile tears of the rich over poverty we should say: If you want to know about poverty, throw all of your money away! The reality of money mechanics is that those who manufacture problems, war mongers and risk managers, are the lovers of money, we, the consumers, are enslaved by an addiction to it.
Professor Dr Pinhead, BA (Hons.), MA, MSc, MBA, DD, D.Litt, PhD, RICF
March 2007