Guaranteed. Death, Taxes, And Now DEBT: Black Folks Continue To Lose
Debt has become so commonplace that TV Commercials frequently advertise companies offering to help you boost your Credit Score; just so you can borrow more money, and go deeper into debt. Whether it’s your personal debt, or your nation’s debt, DEBT is guaranteed.
Usury, the name for the practice of money lending/debt creation, is forbidden in Christianity and in Islam. So why has Usury been practiced worldwide, for thousands of years? Because that’s where money is, ‘literally’ made. For specific details, please see the following.
I thank an honest human being, who goes by the moniker indi.ca on medium.com, for posting, on March 2, 2023, an essay with the headline:
Raising Interest Rates Is Just The Rich Stealing From The Poor” — The Economic Equivalent of Blood-Letting
Here is an excerpt of his essay regarding debt, interest and taxes.
In the future, insomuch as we have one, people will look back on raising interests like we look at blood-letting. Doesn’t work, makes things, worse, and shows no understanding of the complexity of the systems involved. I won’t get into the abstract theology and unproven assumptions of mainstream Why not? economics. I’ll just talk about the impact of raising interest rates on the real economy.
What Are Interest Rates?
Interest rates are just the rate of private taxation. The government gives money to the rich (banks, primary dealers) and allows them a certain rate of usury. Interest rates are just the amount the rich are allowed to tax the poor. I say tax because it’s all charges for nothing. Credit card interest rates to just pay your bills, rates on home loans to live, rates on education loans to even participate in the economy, all things that should be publicly supported are instead privately taxed. Please see the following:
Rich people are given assets through privatization and monopolization and are then allowed to tax the poor mercilessly. All they have to do is give ‘donations’ and ‘speaking fees’ and director’s seats to ostensibly democratic governments and the whole fraud is openly bought and paid for. I’ll repeat, interest rates are just the private tax rate. It’s what the oligarchs that actually run the place are allowed to tax the poor.
I know this because I am rich and, unlike most people, I have savings and investments.
What Does Raising Interest Rates Actually Do?
“Now according to orthodoxy, these extreme interest rates should be money-supply killers. But if that were true, higher interest rates would slow the growth of the money supply. However, higher interest rates are associated with a faster expansion of the money supply.” — Blair Fix
Most economists have never run firms and don’t actually measure or test any of their assumptions. Raising interest rates doesn’t actually reduce inflation, it increases it. Raising interest rates is just trickle-down economics and it doesn’t work. It’s just the rich pissing on the poor and calling it rain.
Capitalism continuously produces never-ending cyclical vagaries in the marketplace that add to the agony of the masses, and inure to the benefit of the ruling elite, As my mother used to say, “they make money, coming and going; and going and coming.”
As people like Blair Fix and Tim Di Muzio laboriously document, cost-plus accounting simply passes higher borrowing costs onto consumers. As Di Muzio goes into in detail:
My research suggests that in the short run, raising interest rates could actually make inflation worse, as business cost increases from rate hikes get passed to consumers. But in the medium to long term, when businesses can no longer raise their prices further with any success, they might simply shut down production and lay people off; which will mean fewer consumers with money in their pockets, and so fewer profits for firms; which will lead to yet more firms shutting down, etc. — the familiar deflationary spiral of a traditional recession.
The good news, if you can call it that, is that when firms see a depression coming they tend to lower prices. The bad news is that you’re now in a recession, with all the mass unemployment and shuttered workplaces and lack of investment that implies. Thus, the Fed will have succeeded in lowering prices, by annihilating the economy. It will have fixed a stubbed toe, by amputating the foot. And what’s worse, given the deep roots of the present inflation in supply chain issues, there’s no guarantee a recession would even lower key prices at all. An interest rate hike is a non-solution at best, and fuel to the fire at worst.
…Raising interest rates leads to massive demand destruction, which is just a fancy way of saying people go without and starve.
This is like drawing someone’s blood and saying look, they don’t need oxygen anymore, it worked. It didn’t fucking work. The patient is dead and only the leeches are doing well. It’s a farce. In Sri Lanka, 90% of households can’t guarantee nutritious food for their children while asset owners are earning 30% doing nothing. And we’re told this is necessary, that this is the only way to ‘fix’ the economy. It’s just the same people that wrecked the economy helping themselves even more.
I end with the ending from the essay.
…From austerity and rate hikes in the White Empire, from the center America on out, to IMF imposed deprivation and starvation over the south, including my country Sri Lanka; all of them are applying monetary theory as avidly as medieval hacks applied leeches, with no understanding of what’s really going on.
What is happening all over the world are real problems. Real war, real sickness, real lack of industrialization/productive work, real climate collapse. Simply changing the rate money-lenders bleed the poor doesn’t do anything about any of these problems, it just bleeds the poor.
Thank you indi.ca for making my case that Africans of the Diaspora should vacate America immediately, if not sooner. It is time for our Exodus from America, and a return home to Africa, ‘the birthplace of “Homo Sapiens.”
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Thank you for your time, attention, and indulgence.
I await your response.